Digital transformation in financial services is a balancing act between innovation, oversight, agility, and governance. Banks spend over $600 billion annually on technology, yet productivity gains often fall short. The true challenge, says David Fapohunda, is ensuring each initiative delivers measurable business outcomes while maintaining resilience and trust.
“In too many boardrooms, digital initiatives are driven by trends, not outcomes,” says Fapohunda, Managing Director at Barclays. “Before you invest in automation, AI, or a platform overhaul, ask, what problem are we solving? Technology must be aligned to business outcomes, or it’s just expensive disruption.”
With over 25 years leading global transformations across 6,000 employees and billions in assets, Fapohunda knows sustainable innovation begins long before implementation. Drawing on experience guiding $90M modernization initiatives, he views digital transformation as a set of deliberate choices that align technology with business purpose.
For executives navigating this landscape, he advises starting with clarity: define success in business terms and measure progress against it. This focus on outcomes reframes transformation from a technology project into a value creation strategy, one especially relevant in financial services where customer experience, compliance, and operational efficiency intersect under tight regulatory scrutiny.
Designing with Risk, Not Around It
One of the most persistent misconceptions Fapohunda encounters is that innovation and risk management are opposing forces. He disagrees. “In banking, innovation can’t come at the cost of control,” he says. “Resilient risk frameworks must be embedded into digital transformations from the start.”
Fapohunda recalls leading programs where risk, compliance, and technology teams co-developed solutions from inception rather than in sequence. “I’ve seen Know Your Customer modernization and fraud detection initiatives succeed because analytics, operations, tech, and compliance officers were all at the table. If risk is layered at the end, you’re setting yourself up for rework, delays, or worse, regulatory consequences.”
By designing with risk, not around it, organizations can accelerate transformation without compromising governance. This collaborative model also builds trust internally, an essential ingredient for complex global initiatives.
People First: The Human Factor in Transformation
While technology enables change, people sustain it. In one large-scale initiative, Fapohunda led operations restructuring across three continents, pairing new digital platforms with targeted upskilling. Teams were trained in AI literacy, process redesign, and data interpretation to ensure technology complemented human judgment rather than replaced it.
“Human-centered design ensures transformation sticks and scales,” he explains. “If your workforce isn’t empowered and aligned, even the best tools will underperform.”
Data as the Bridge Across Silos
After establishing alignment among people and process, the next challenge is unifying the organization through data. Fragmented information remains one of the most persistent barriers in financial services, and Fapohunda sees data not just as an asset but as connective tissue between business units. “The best transformation strategies make data the common language between technology, risk, and operations,” he says.
In his work integrating intelligent automation into customer servicing, real-time data became the catalyst for collaboration. Risk teams gained visibility and confidence while operations teams moved faster and more accurately. “It’s not about having more data,” Fapohunda says. “It’s about making data actionable, visible, and trusted.” For boardrooms aiming to de-risk digital transformation, this means elevating data governance to a strategic capability.
Turning Complexity into Strength
Digital transformation in financial services is inherently complex, but that doesn’t have to mean chaos. “With the right strategy, risk frameworks, and human-centered execution, transformation becomes a source of strength, not exposure.”
That perspective defines Fapohunda’s leadership philosophy: purposeful innovation grounded in clarity and collaboration. As organizations confront rapid technological shifts and evolving regulatory demands, his approach offers a blueprint for moving fast while staying safe. “Keep innovating with purpose,” he says. “Lead with vision, discipline, and passion.”
To learn more about David Fapohunda’s work in AI enablement and digital transformation, connect with him on LinkedIn or visit his website.
