1. The ECB conducted a survey of banks in the Single Supervisory Mechanism on their digital transformation strategies and fintech usage.
2. The ECB identified six focus points for evaluating digital transformation strategies: digital strategy and KPIs, digital business, investments and resources, governance and cooperation, use of innovative technologies, and risks/challenges.
3. Based on the survey responses, banks' digital transformation efforts are heterogeneous. Most have digital strategies but struggle to quantify impacts. Priorities include improving customer experience, achieving efficiencies, and addressing challenges around skills, legacy systems, and risks like cyberthreats.