Banking in Digital Era Moves towards Uncovering Unexplored Possibilities!

Banking CIO Outlook | Friday, July 05, 2019

Digital transformation has the potential to change the work process of the financial system for better and secure service delivery. 

FREMONT, CA: The digital transformation is exploding with advantages and opportunities in recent years. The unstoppable revolution undoubtedly benefits various industries, including the financial sectors like a bank. The digital era in the financial system results in better service delivery, reducing the time in transaction activities, optimizing the banking process for individuals, and delivers layers of security to the capital. In the pool of advantages, the banks and financial institutes also have to face specific challenges like active technology foundations, effective data-driven decision making, implementing a secure and complex network across the branches. Here are the solutions!

•  Technology Foundation

Deploying the applications and transformation of legacy systems in the IT infrastructure to implement the new technology can be a slow process and a bit expensive. The human workforce may take a little longer to learn, execute, and adjust in the unique nature of their job. Regular technical training for the bank faculties and economic graduates may reduce the hesitations. Introducing a dedicated department of digital expertise can support the existing employees in financial institutions.

•  Huge Data Bank

The automation idea to improve the efficiency of the banking process and the customer experience can be delivered with technological supports. The vast data banks of the customers are generally available in the paper applications and processed manually by the banks to secure the data. An open portal or platform to fill the accurate data by the customer for the banking process leads to customer awareness.

•  Secure Digital Infrastructure

To safeguard the health of the economy, the banks require a tight and complex security structure. Although there are certain technologies which promise to deliver a highly secure network, the financial institutions cannot afford any risk in a particular point. As the technology offers easy access for both the bank and the customer to interconnect digitally, it may get trick from the users’ side to secure their credentials all the time from the unknown threat.

Regardless of the concerns of the financial sectors on technological advantages, the institutions have already set a stepping stone towards benefits. Introduction of net banking, different payment portal, mobile applications for instant queries about the bank accounts, real-time/ instant payments are proving to be a perfect start to accept the digital transformation.

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