Only 17 percent of banks have succeeded in digitally transforming at scale, according to the 2019 Innovation in Retail Banking report. 

Legacy technology and system integration challenges are perceived as the biggest barriers to digital transformation, followed by time and cost required to bring concept to reality. The report found that the majority of banks are not confident about how digital transformation has successfully impacted their organizational objectives. Only 39 percent of banks believe their digital transformation strategy has had high or very high impact in accelerating product and service delivery and 33 percent say it has helped enhance innovation processes.