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
Digital transformation in banking 2019 will incorporate various practices for fintech start-ups. More emphasis is been done to digitalize the business process and better prepare for the future of banking. This transformation will illustrate an increasing desire to become a digital bank. You can also find out some of the digital trends and stats in banking sector and how marketers see future opportunities.
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
This could undertake cash and checks as the primary way to send or request money with only use the mobile banking app. This generation will add a new beginning for the bank to be more convenient and paper-free payment approach.
AI and Machine Learning
There’s no doubt that the coming generation in financial and banking services will actively use the AI-based system to study customer’s profile and analyse their moods. Whereas, Machine learning will help executive and manager to perform jobs with greater ease than before.
Mobile Tech with a Twist
It’s not new that mobile tech will embrace the banking sector, but the twist is how the mobile platform is offering services to help customers and manage their money in a better way. It is all about the transparency and how the customer puts in control of their financial health.
The Robo advisors will offer computer-generated financial advice in place of human financial advisors where technology can create an automated investment plan directly to the consumer without interruption of a middleman.
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
Digital Transformation in retail banking will help to provide a better customer experience across digital and physical channels. Customers can improve their knowledge by adding native mobile apps, create corporate portals and other online banking sites. Moreover, there are lots of opportunities that come along with cross-selling and up-sell products which will be based on richer customer insights. With this, customer can drive up revenue for your bank and insurance.
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.