is this the game changer for Banks?
Banking touch’s every part of our lives, whether we are checking a balance, paying for online purchases, or arranging for a loan. we expect the same seamless secure personalized experience and to make this happen Banks have been making a quantum leap towards the digital transformation. It has become Banks' top priority to provide its customers with a great and flawless digital experience.
Banks these days are operating more like technology companies, becoming digital platforms that harness data-driven intelligence and provide banking and related non-banking services. As per Gartner’s report, almost 2/3 of the financial intuitions feel that enhancing their digital customer experience was their top strategic priority.
These strategic priorities can be broadly classified under.
The above 4 strategic priorities are for banks when moving towards digital transformation.
So where can Banks drive digital transformation?
Banks drive Digital Transformation mainly in the following areas.
In order to drive these digital transformations, Banks have to make use of technology and innovation. When it comes to technology, there is no silver bullet. However, it is the combination of what you do with technology and how you embed it in the business process.
Most financial institutions will depend on technologies such as AI, ML, IOT, BigData, Blockchain, robotics, and any kind of data analysis & predictive analysis depending on the business processes and model.
The future of the Financial institutions which undergoes the digital transformation will become:
1. Highly automated: Using technology to remove manual interventions
2. Personalization: To create personalized solutions for customers that meet their immediate and future financial needs by building personalized products that will be based on data insights
3. Data-driven intelligence: A powerful way to develop insights that will assist FI’s in deepening relationships is through analysis and evaluation of electronic financial transactions
For Banks, this is the time to move from reactive traditional IT management to a proactive approach if they have to survive in this competitive digital age.
