Advancement of Digital Banking

Banking CIO Outlook | Friday, February 08, 2019

Digital banking nowadays is befitting for many reasons. As adoption of it is growing very rapidly the banking sector has to transform itself to be enabled to personalize engagement of the customers by enhancing the customer-experience as never before.

AI-driven Banking: Artificial intelligence (AI), machine learning, and predictive analysis are making the banking sector digitalized. These processes enable customers having features like bill payment reminders, expenditure analysis, recommendations on savings, credit management and plans of investment through mobile applications (apps). The apps make customers engaged with banks regularly and continuously. Banks can now provide virtual assistance to the customers with the help of AI which saves their time and money by allowing customers to solve issues at home or workplaces.

Simplification: Customers sometimes find it difficult to access their accounts and billing related problems through online banking. Banks should aid customers with the simplest user interfaces. Also, transparent transactions processes attract customers to enhance mobile banking more.

Digitize customer engagement: Banking nowadays is going towards a completely paperless experience with self-service capabilities. Banks should adopt an approach to deploy into the mobile channel service. Technologies are helping the deployment by collaborating platforms, and introducing optical character recognition (OCR) based automatic reading and filling of data.

Hyper-personalization: Customers should have control of what they observe and what they choose to do in the mobile application. Banks should apply machine learning algorithms and tools to make target-based customers. The techniques allow banks to come up with options to customize their mobile banking usage. They help banks to understand the lifestyle of each consumer and design pro-active product offerings. This will lead to higher customer satisfaction eventually.

See Also: Top Banking Technology Companies

Mobile-friendly Approaches: Customers expect to be offered a more simplified approach that saves time. Banking organizations should focus on transforming paper-intensive complex processes. They should drive for faster credit decision making, instant payment options, and integration with third-party vendor services to enrich their mobile banking apps.

Beyond traditional: Banks should integrate with third-party service providers as car dealers, merchants, and insurance companies to help consumers to view their institutions as holistic service providers instead of only a financial services organization. 

Weekly Brief

Read Also