Responsible Investment Management and Advisory Services

Building People’s Capacities is Key for Successful Digital Transformation

Properly preparing staff within financial services providers (FSPs) is one of the key success factors for digital transformation. Last October, Triple Jump Advisory Services (TJAS) organized a business breakfast in Barranquilla Colombia with business partners to discuss the importance of capacity building for digital transformation. Nearly 90 participants from 45 different business partners participated in the event

According to Triple Jump’s Juan Luis Podestá , who presented the findings from recent TJAS research, the top three obstacles to implement digital solutions are: i) inadequate fintech provider selection, ii) lack of relevant skills to manage digital projects, and iii) connectivity and technology issues. TJAS digital transformation services support FSPs to tackle these issues, through developing digital strategies, building innovation and digital competences to keep abreast with rapid changes in the digital area, and guiding digital solutions implementation.

The keynote speaker of the event, Claudio Querol from Axus, highlighted that from the three main components on digital transformations (people, process and technology), most firms that failed or obtained mediocre results neglected the component of people. Firms often fail to set out the roadmap for building the skills and capabilities of individuals who will implement and experience such digital transformation. The CEOs of Crezcamos (Colombia) and Credisol (Honduras) shared their experience and learnings in developing capacities to strengthen digital competencies of their staff.

The specific skills that are most relevant are customer-centric thinking, agile project management, data analytics (turning data into actionable insights), information and communications technology proficiency, and digital collaboration (connecting a broader network of participants through digital technologies). Triple Jump will scale its support building and refining of digital competences for FSPs to contribute to the success of their digital transformation.