| |NOVEMBER 20228CIOReviewIN MY OPINIONBy Evangelos Vayias, Technology & Digital Transformation Director, DEMO Pharmaceuticals S.A.Two years since the global outbreak and still there must be few unconvinced of the importance and necessity of digital transformation. Organizations in many sectors had already launched ambitious digital initiatives before 2020, but now observe a renewed sense of urgency, as digital technologies are rapidly evolving. Rather, they continue to accelerate, creating an endlessly expanding universe of opportunities for re-imagination and re-invention of how we serve our customers, how we operate our businesses, and how we create value for our shareholders. The early movers, Telcos and banks have been indeed among the first sectors to undergo extensive transformation journey, harnessing internet to create new business models and pioneering in their adoption of digital technologies. They have succeeded in shifting the vast majority of their customers to use their mobile applications as the primary means of interaction.Privileged to have worked in digital transformations in both sectors, in this article I will share similarities, differences, and significance of digital transformation for telcos and banks.Starting with the similarities, both banks and telcos are legacy bureaucratic organizations ­ being usually among the oldest institutions in every country, frequently stemming from old state monopolies. They have a product or service indispensable for our daily living and business activities and yet their customer experience processes have been frequently accused of being poor. In addition, they are under pressure from many sides, competition, regulators and even shareholders trying to maximize their value return. It is no coincidence that both have undergone heavy consolidation during the last decade.Digital transformation is of great importance to banks and telcos for three reasons. First, owing to the shift in consumer behavior towards the DIGITAL TRANSFORMATIONS IN TELCOS AND BANKS: DIFFERENCES AND SIMILARITIES IN THE CHALLENGES AND THE APPROACHEvangelos Vayias
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