Digital Revolution in Retail Banking to Boost the Number of Happy Customers

Banking CIO Outlook | Friday, August 30, 2019

To achieve customer satisfaction and stay advanced, retail banks are leading the digital drive for good.  

FREMONT, CA: Digital transformation is more than just about improving efficiency or controlling costs. The future of banking is highly influenced by how people interact and do business. Banks are working vigorously to address evolving consumer expectations. They have benefited from their investments in data analytics and cloud. Primary enablers of next-generation tools like machine learning and artificial intelligence provide a foundation to develop a proactive strategy. Technology has seamlessly improvised the banking sector with efficiency. The novel technologies gear up retail banking to welcome higher productivity and ROI.

While the security and cost-efficiency are influential motivators for banks, the real value of digitalization is what it can do for the customer. Digital banking makes life more comfortable for customers, so why not embrace it? Tech-savvy millennials drive the current ecosystem and are more likely to become the customers of retail banking. Retail banks should implement and adopt digital transformation quickly to provide better customer experiences.

In an increasingly competitive market, banks are striving to meet rising consumer expectations by enhancing the customer experience. As banks frequently look to modify digitally, a focus on increasing the top-line, becoming more efficient, optimizing expenses, and developing new products is driving their efforts. Customers are used to personalization and convenience from retail and e-commerce, and now they seek similar multi-channel efficiency. The rise of fintech has forced banks to expedite the adoption of digital technology. Fintech is bringing a fresh wave of technologies that help integrate digital with data analytics to set new industry standards.

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