A digital transformation is taking place in Andorra

A digital transformation is taking place in Andorra

MoraBanc is a long-established institution and perhaps this is why it understands that when stepping into the digital future, you must consider people’s ability to adapt and change to the world around them.

It was Philip Kotler, the father of modern marketing, who observed that the adoption of new technologies alone cannot transform an organisation. Add a lot of new tech to an old organisation and all you get is an old organisation that costs a lot more to run. If it’s real transformation you want, then new technologies are just one piece of the puzzle.

MoraBanc is an old organisation. Today one of the largest banking groups in the European principality of Andorra, it dates back to 1938, when its founder, Bonaventura Mora, opened the exchange bureau Comptoir Andorran de Change.

In 1952, it became a bank proper, part of a nascent banking sector that grew up in response to Andorra’s changing fortunes in the wake of the Second World War. There have been plenty of changes at MoraBanc in the nearly 70 years since it became a bank but those of the last six – heralding the organisation’s transition to digital – have been arguably the most significant.

Digital transformation – a process that began six years ago when MoraBanc successfully implemented a technological platform to revolutionise client relations in Andorra, and continues today – has never been about adopting new technologies alone. It is about leveraging these new technologies to transform business models, the client experience, operational processes, organisational culture and the way teams are led. Digital transformation is about much more than technology.

People are the key
You can incorporate new technologies, from big data to artificial intelligence to cloud computing – but unless they are used effectively by people with the talent to develop them, people ready to prioritise client experience, true transformation will remain elusive.

In the turbulent world of modern finance, banks cannot afford to ignore digital transformation in its broad sense, incorporating not just technology and processes but business models, new markets and client experience. People, of course, are central to every one of these. There is no room for complacency in the competitive world of Andorran banking – those who cannot adapt will be left behind. Banks must adapt to clients’ needs, demands and expectations in an environment that is volatile, uncertain, complex and ambiguous. It is a difficult journey, but one full of opportunities for those organisations able to use the full potential of digital environments, creating differentiated value propositions and seeking alliances with new players, from fintech to proptech.

TEXTO PROPIEDAD: https://www.worldfinance.com/banking/a-digital-transformation-is-taking-place-in-andorra