Championing Digital Transformation, The Future of Banking is Here!

Banking CIO Outlook | Thursday, July 04, 2019

Banks are rushing to take advantage of business opportunities available through digital transformation, managing the uncertainties created by the current digital economy.

FREMONT, CA: The banking industry is in the arms of the digital race. A study has shown that banks globally invest 9.7 billion USD in enhancing digital banking capabilities. Some financial businesses are dragging their feet, not preparing for the transformation that is happening at every level in the banking business. New technology and new competition mean heightened customer expectations for account opening and beyond. Financial sectors that are not ready to accept the change are even more vulnerable than before. Those without a best-in-class digital experience are missing out on critical market share to competitors.

Financial technology businesses have begun obstructing the market with cryptocurrency. Forward-thinking banks have acknowledged these market disturbances by extending their in-house inclinations while others have partnered with fintechs to produce innovative digital offerings. Banks have to engineer the digital experience offered to make emotional connections, which can ultimately translate into sticky interactions and more profitable customers.

Digital transformation looks distinctive in every industry and every organization. It's the amalgamation of digital technology into every area of business. This end-to-end alliance also helps provide a more hassle-free, engaging customer experience. It makes room for additional business transformation with the latest digital technologies like blockchain and artificial intelligence.

The banking business is among the most data-driven of enterprises. Regulatory and insurance requirements anticipate banks must store several years of transaction data. The difficulty is knowing how to translate that learning into meaningful insights. Banks will need to expedite their digital transformation and reconfigure every channel to serve every need customers have. Only this level of change is likely to toughen banks' emotional ties with users and earn them a prime spot in the list of customers' favorite brands.

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