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Report: Global banks and the transformation illusion slowing progress

Digital transformation is not a new concept. But it’s also not an easy feat.

Even the biggest banks with the biggest teams and budgets are struggling to keep pace.

What is holding banks back?

To get to the bottom of this issue, we spoke to over 300 banking leaders and managers at global banks. We set out to learn where they are in their transformation journey, their perception of progress, and where they prioritize time and resource. 

The free report, which you can download below, details our findings.

Key statistics

  • 20% of customers are lost by banks due to poor customer experience
  • 64% of banks admit that slow digital transformation has directly resulted in them missing out on winning new customers
  • 74% of banks are attempting to accelerate their digital transformation this year due to economic uncertainty.

Download the report today

Group 297

"Banks often mistake transformation for innovation. Innovation is a linear series of marginal improvements.True transformation is a non-linear step-change in improvements, beginning with a material improvement in customer experience.

Banks might convince themselves that releasing an app or going digital means they've been on a journey of transformation, but the reality is that very few banks are undergoing true change at their core.”

Antony Jenkins, CEO and Founder of 10x Banking


The study comprises two respondent groups, posing 13 questions to 156 banking leaders and 12 questions to 158 product managers, business analysts, and project managers within banks across the EMEA and APAC regions. The research was conducted by international research consultancy, Censuswide, and commissioned by 10x Banking. The study seeks to understand the decision-making process within the world’s leading banks regarding digital transformation, specifically their ability to adopt new technologies, respond to market change, roll out new products, and prioritize resource appropriately.