Five years ago, Niels van Daatselaar was heading a commercial banking team at Rabobank in the Netherlands, when he got wind of an in-house competition called Moonshot. The contest encouraged bank employees to trade in their suit and tie for “startup style jeans and trainers” and devise innovative ideas for transforming everyday banking and business processes.
“The pandemic has been the black swan event that accelerated the need for digital adoption,” says Shabeer. But even though more companies recognize the need for digital transformation, studies in recent years by McKinsey & Co. and Everest Group found that a large majority of such projects fail to reach their stated goals. “The largest IT project will fail to transform a process if leaders fail to define the right performance benchmarks and measure against those benchmarks.”