Case Study Title: XYZ Bank$$s Cloud$-$Driven Digital Transformation

Background:

XYZ Bank, a medium sized bank, faced increasing competition from both traditional banks and fintech startups. To stay competitive, improve operational efficiency, and enhance customer experiences, XYZ Bank decided to embark on a digital transformation journey.

Description:

XYZ Bank aimed to digitize its processes, streamline operations, and enhance customer engagement. The focus was on adopting modern technologies to improve agility and responsiveness. As XYZ Bank transitioned to digital channels, managing cybersecurity risks, data privacy, and compliance became critical. Balancing innovation with risk mitigation was a key challenge.

The bank sought cost savings through cloud adoption. Moving away from legacy on$-$premises infrastructure allowed for scalability, efficiency, and reduced capital expenditures.

XYZ Bank chose a hybrid cloud approach, leveraging public cloud services $($e$.$g$.,$ AWS, Azure$)$ for scalability and private cloud for sensitive data.

The IT Team of the bank made a plan and got it approved by CTO to start implementing the projects relating to cloud implementation.

Internally, employees faced resistance to change. The bank needed to motivate staff to embrace digital tools and new ways of working.

After two years of starting the digital initiative, the XYZ bank could not achieve its objective and had to re$-$evaluate the initiatives. The return on investment also could not be determined to showcase the management.

Case Study Questions:

What are the critical factors missing which led to failure of the digital initiatives?

As a CEO of XYZ bank, how differently could you have handled this situation?

What strategies should XYZ Bank use to motivate employees to embrace digital transformation?

What are the factors which should be covered before embarking on these types of initiatives?