What is a Digital Transformation in Finance and Banking Services?

Money was invented before 5000 years back, are we not using it? Bank was invented 300 years back, are we not using it? Similarly, 7 million people are actively using Digital banking & financial services make real-time transactions. All this is made possible because of the phenomenon that is Digital Transformation.

Digital Transformation adoption appears to be slow in BFSI industry due to conservative and traditionalist institutions that dominate the industry. However, new arrivals are rapidly and actively adapting to the changing dynamics. With most Banks and Payment Services Providers now having ready mobile apps and digital banking channels.

According to the IDC estimates the economic value of DX has reached to almost $19 trillion or more than 20% of global GDP. Companies are seeing the need to focus on creating convenient and digital solutions for their employees and externally for their customers.

Digital Transformation is inevitable for organizations, it’s true that digital transformation is revolutionizing every industry, some have already adopted it, and some are still adapting to it. IDC predicts that, by 2020, 30% of Global 2000 companies will have allocated capital budget equal to at least 10% of revenue to fuel their digital strategies”.

Importance of Digital Innovation in Banking sector

Let’s have a quick note on the importance and developing new solutions.

  • Faster Performance
  • High Standardization
  • Highly automated functions
  • Improved customer and employee experience
  • Insight-driven functions
  • Better Service Delivery

Digital Banking Inspiration from FINTECH Disruptors

Peer-to-Peer payments

AI and Machine Learning

Mobile Tech with a Twist

Robo Advisors

With understanding the above points it’s clear that the bank and fintech creates a new relationship for start-ups and can be a win-win situation from both sides. Let’s find how digital transformation can be helpful for the user in retail banking.

Digitizing Retail Banking

If we talk about enterprise portal development market then, the enterprises will increase the integrated solutions that seamlessly combines the portal capabilities to deliver operational services across the entire business. On another hand, a social collaboration platform will be evolving rapidly to provide exceptional customer experience. If you’re looking for enterprise portal development or digital experience platforms then KNOWARTH technologies will help you bridge the gap between your employees, systems, and customers.

Let’s work together and develop the best possible portal solutions by adding exceptional customer experience.

Anblicks is committed to bringing value to various industries using CloudOps, Data Analytics, and Modern Apps.

Anblicks is committed to bringing value to various industries using CloudOps, Data Analytics, and Modern Apps.