Digitalization is the New Norm and Financiers are Ready to Welcome the Smart Future

Banking CIO Outlook | Thursday, June 27, 2019

The Millennial Financiers are already using technology to obtain and retain a competitive edge over their peers—and to put it at the forefront of their company.

FREMONT, CA: Digitalization of financial services is driving established players with growing expectations towards addressing increasingly connected customer demands. Banks and other financial service providers are eager to jump on the digital bandwagon, rushing to fulfil the requirement of customers.

When creating a new app or website, financial services suppliers will need to introduce design thinking around the entire client trip. Providers of financial services cannot develop unless they know how beings communicate with technology—the gap between technology and humans during the design thinking stage is crucial.

With the explosion of information accessibility, many financial services companies are exploiting the enormous information potential to understand their clients better to provide more targeted and precise financial alternatives; however, it is not simple to use information efficiently. Data science drives better informed, more appropriate decision-making—if data researchers can interact with the remainder of the bank efficiently.

Cloud will be one of the largest financial services topics in 2019, and this will move into the retail and corporate banking industry. Cloud can result in cost savings, flexibility, and a better distribution of resources for banks. With ideal agility and cloud-based innovation, financial services can attain higher efficiencies and profit from on-demand infrastructure that allows clients to gain a start-up mindset.

Blockchain finally finds its place within the infrastructures for the global financial market. This stance has changed in the latest years, and many banks are experimenting with blockchain or investing in it. 2019 will be the year for the implementation of blockchain across commodities, funding and post-trade processing. Better accessibility, increased transparency, reduced expenses, enhanced safety, and faster transactions are all component of solutions that blockchain technology can deliver to finance sector companies.

Now more than ever, financial industries need to employ courageous and creative thinking to satisfy the requirements and preferences of the contemporary customer. A main first step would be to concentrate on strengthening their digital and analog capacities as carriers adapt their capacities to how and when customers want to participate.

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