Trend-Watch in the Current Digital Banking Ecosystem

Banking CIO Outlook | Monday, July 08, 2019

See how the wave of technological transformation impacts banking practices and drives them towards flourishing.

FREMONT, CA: The world, closely following developments in the financial sector, is a witness to the transformation that it is undergoing. Digitalization has stepped in, and companies in the banking sector are marching towards digital products, processes, and services. A shift in consumer behavior is also very evident as connectivity is reaching new peaks regularly, and convenience is becoming an integral factor. Some of the key takeaways from the way the financial industry has fared are discussed here.

•  More Banks in the Digital Space

In a few years from now, one can expect to see all banks being fully digitalized. Even now, the numbers are pointing at how banks are prioritizing digitalization for a variety of reasons. There are also many other branches that are looking forward to the transformation and have already initiated the process.

•  More Digitalization for Personal Users

There is some discrepancy between how banks are treating personal consumers and businesses when it comes to digital experiences. While most of the facilities for personal banking are seeing a surge in digitalization, the same cannot be said about business banking services. Business lending and has a lot of potentials, and banks should move into this space fast.

•  Traditional Wealth Management Welcoming Modernization

New entrants into the market have done well to take customer convenience to the next level in the wealth management sector. The apps that these companies have created cater to modern customers who demand effortless services.

•  Mobile Phones Play a Big Role

The kind of devices used has also changed. Previously, customers accessed digital services through laptops and desktops, but now smartphones do the job. Having mobile compatibility is integral to the success of any feature or service that a bank offers.

Sometimes there are concerns regarding whether the cost of transformation will be overcome or not, but returns of digitalization are almost assured in most cases.

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