Empty Promises? Cutting through the noise of Digital Transformation

It’s a lyric born from heartbreak, but it captures a sentiment many in financial services will recognise: the growing disconnect between bold promises and actual delivery.

In a market awash with sleek, AI-driven solutions claiming to revolutionise compliance, risk management, and client onboarding, expectations are sky-high. Demos dazzle. Sales decks persuade. But when implementation begins, reality often disappoints. These tools are rarely a plug and play, as these solutions are not on their own a silver bullet.  Without tackling the underlying operational and data issues, even the smartest tech can become little more than a costly letdown.

What we consistently see is that these problems aren’t isolated - they’re systemic. Issues span departments and systems, revealing structural gaps that no software alone can solve. And at the heart of it all? Data.

A flawed onboarding process or a manual transaction monitoring system isn’t just a technology gap - it’s a data quality issue. And when data is unreliable or fragmented, it quickly becomes a governance issue, a cultural issue, and ultimately a strategic one. Automation won’t help if it’s built on shaky foundations.

Too often, the missing link is a coherent data strategy. Amid the noise around RegTech and AI, many firms still battle with legacy systems, siloed platforms, and inconsistent practices. You can’t automate chaos. You can’t layer innovation over confusion. And transformation can’t be bought off the shelf.

Getting data right starts with fundamentals: What are you asking? Where are you putting it? What are you doing with it? These aren’t just technical questions - they’re strategic imperatives. Without clear answers, even the most advanced tools become little more than expensive placeholders.

This is where our approach differs. We don’t offer quick fixes or one-size-fits-all solutions.  We work with clients to diagnose root causes, develop tailored risk methodologies, and build data strategies aligned to real business goals. We help senior leaders cut through the noise, ask the right questions, and make grounded, sustainable decisions.

Take our work with firms implementing the Golden Record Principle to meet GFSC financial crime standards. By consolidating data from CRMs, onboarding platforms, and monitoring systems into a single, trusted source, these organisations achieved a consistent view of risk across all relationships. The result? Stronger due diligence, better risk management, and richer insight into customer behaviour and market trends.

In certain ownership models there can be stakeholder pressure to optimise for short-term efficiency - streamlining operations, cutting costs, and polishing the profit and loss statement to enhance attractiveness for sale. But beneath the surface, these businesses may be grappling with under-resourced teams, cultural misalignment, and customer dissatisfaction. These issues are often masked by temporary fixes and disconnected systems. However, buyers are increasingly aware of this dynamic. Our Deals team regularly see this during due diligence, identifying the long-term risks of inheriting operational debt disguised as digital maturity.

We also understand the fatigue. Many firms have already invested in tools. They’re navigating group-mandated platforms, budget constraints, and regulatory pressure. But transformation doesn’t have to mean starting from scratch. It means leveraging what you have, integrating wisely, and fixing the foundation. Because eventually, the inefficiencies compound. The admin burden grows. Today’s buyers are savvier. They see through temporary fixes dressed up as digital maturity.

The message of Empty Promises resonates because it’s universal. We’ve all been sold something that didn’t deliver. But in business, the cost of disappointment isn’t just emotional—it’s financial, operational, and reputational. At KPMG, we help clients move beyond the noise. Beyond the hype. Beyond the empty promises. We help them build systems that work, frameworks that last, and strategies that scale.

Because transformation isn’t about chasing the next shiny object. It’s about understanding your business, owning your data, and making smart, sustainable decisions. Empty Promises might make for a great blues song. But in business? They’re just expensive noise.

At KPMG, our Advisory team - drawing on deep expertise in Risk and Regulatory Consulting and Digital Transformation - work closely with regulated firms across the Crown Dependencies to tackle these challenges head-on. Whether it’s supporting remediation projects, redesigning risk frameworks, or advising senior management on governance and compliance, we’ve been at the centre of some of the most complex transformations in the sector.

Whether you’re preparing for sale, scaling for growth, or simply trying to get your house in order - KPMG can help you build a foundation that lasts.