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The entire face of the banking industry landscape has greatly altered in the last few years. With the emergence of financial technology companies, the market has begun to get disrupted now with more latest technologies like the blockchain. Various banks with a forward-thinking mindset have responded to these disruptions and have started to expand their in-house potential. Some other financial institutions have developed partnerships with fintech vendors and introduced new digital offerings.
Enabling digital transformation into all areas of business has created a positive effect on how enterprises are streamlined and deliver better customer experience. The workforce of banking has also been greatly impacted after embracing digital transformation that resulted in the layoffs and staff reduction. There is also the growing demand for data scientists with experience in banking, but such qualification is not easy to find in today’s market. The industry has now got to discover new workforce models that can be useful in educating the current banking staff to perform better and also recruit new talent.
Banking is one of the most data-driven industries and thus, there is a need for banks to meet various regulatory and insurance requirements, which include storing years of customer transaction data. This leads to translating that classified information into useful insights.
Today innovative and personalized offerings along with stellar customer service are the result of advancements in technologies. There is already the implementation of ATMs, card readers, and sensors, along with IoT with mobile apps, that has made transaction all too easy. Few banks have already started to use the secured capability of blockchain to improve the business processes as compared to the traditional banking methods. The technology is also useful in reducing the processing time from three to four days to minutes.