Enterprise transformation

John Owen () and Willem van Rijn ()
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John Owen: Capco, Postal: London, http://www.capco.com/
Willem van Rijn: Capco, Postal: New York, http://www.capco.com/

Journal of Financial Transformation, 2003, vol. 9, 77-84

Abstract: After many years of ‘tinkering around the edges’, financial institutions of today are finally waking up to the fact that they must undertake a total transformation of their operations and technology into efficient, cost effective, customer friendly, and controlled environments. The technology and management barriers that have slowed this transformation are finally breaking down and the rise of the offshoring and outsourcing phenomenon has fueled this move into a ‘second wave’ of transformation programs. To achieve the planned benefits, transformation requires a re-assessment of an organization’s overall operating model. We believe that, in order to transform, organizations will now have to embrace new operating models, understand where value is created, and where others might better do so. But, above all, they will require major improvement in management’s execution and migration skills. This article explores the fundamental question of why most financial services companies have not undertaken the massive process and organizational change required to really make the most of these second wave opportunities and what are the key challenges and opportunities?

Keywords: Transformation; new operating models; financial institutions (search for similar items in EconPapers)
JEL-codes: G21 (search for similar items in EconPapers)
Date: 2003
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Persistent link: https://EconPapers.repec.org/RePEc:ris:jofitr:1333

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