Digital Transformation in Banking Sector

The term digital transformation has more implications than computers or software applications. It is also about the mentality. For example, traditional banking involves the human recording of data as well as the storage and maintenance of massive inputs in various paper files. Such data may be stored in computers or official systems these days, but that is just one part or the beginning of digital transformation. Banks and other firms in the sector must add digital speed and automation to human interactions. For a comprehensive digital transformation strategy, the banking sector must focus on achieving four factors which are:

Redefining Consumer Experience: Banking or financial organization’s digital transformation strategy should begin with developing case studies or user-case-stories. Critical points in the customer journey need to be identified. That is, proper research needs to be conducted on the target audience and it should be combined with accurate knowledge of the latest available technology. All these need to be documented and a plan must be formulated for digitizing consumer experience from beginning till end. For example, what tools or technologies can be used to attract new customers, what can be used to categorize different types of customers and what could be required to offer effective as well as accurate banking services? These can be done through the development of mobile applications which encourage additional customer interaction.

Utilizing Power of Big Data: Massive amounts of data are recorded, stored and utilized in the banking industry. This could mean years of transaction data as well as details of banking consumers. Big Data Analytics along with Big Data technologies can translate that information into meaningful insights. Information about every customer at any point of time can easily be accessed from a single platform. There hence will no irregularities in data from different sources. For example, information of individual consumers of a bank will be the same in every system and can be uniformly accessed by all its branches. Banks can also use these sources of information to provide a higher level of service and create more value. In addition, disruptive technologies such as artificial intelligence, blockchain and IoT can be utilized to map every customer journeys and gain a competitive edge.

Implement a New Operating Model: The key to this is customization of what is offered to customers. It must be considered that digital transformation in the banking sector can be defined as replication of customer experiences that is provided through physical banks, on digital platforms such as mobile application, web applications, websites, and IoT applications. Customers hence should be able to enjoy banking with 24/7 access from the comfort of their own homes. Blockchain technology is another concept that can be very useful for the banking sector. It allows multiple parties that may not know each other from different geographical locations to have simultaneous access to a constantly updated digital ledger that cannot be altered. That is, different branches of a banking group can be updated with each other’s information without the need for sharing emails, posts, telephone calls, or even having direct visits. It is already is used across the United States, but there is still a lot more to explore. Other technologies, such as machine learning, can help automate manual processes, of benefit to trading, fraud management, and customer segmentation activities.

Develop Digital Strategies: This has two portions. Storage of data and getting the message across to customers; existing as well as new prospects. Regarding storage of data, shifting locations to cloud platforms such as Amazon Web Services and Microsoft Azure is highly recommended. Traditional methods such as registers and paper records are always open to erosion and/or unauthorized tampering. Computer systems along with other hardware can be hacked and are also prone to unexpected events such as natural calamities or fire. Cloud storage is the perfect solution for all these. Data will always remain safe and can be easily accessed anywhere, anytime.

In summary, these are the main components that firms in the banking sector must consider for digital transformation. But it cannot be completed without the right IT Vendor. We can be of assistance for this. SGS Technologie is an experienced software development and data engineering company headquartered in Jacksonville (Florida) with fully furnished bases in Tallahassee (Florida) and Frisco (Texas). We have provided services such as web application, development, mobile application development, web designing, search engine optimization, as well as digital marketing to government and private firms for more than 17 years. Reach out to us for more discussions on the ways we can be of assistance.

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Digital Transformation in Banking Sector

187

Redefining Consumer Experience: Banking or financial organizations digital transformation strategy should begin with developing case studies or user-case-stories. Critical points in the customer journey need to be identified. That is, proper research needs to be conducted on the target audience and it should be combined with accurate knowledge of the latest available technology. All these need to be documented and a plan must be formulated for digitizing consumer experience from beginning till end. For example, what tools or technologies can be used to attract new customers, what can be used to categorize different types of customers and what could be required to offer effective as well as accurate banking services? These can be done through the development of mobile applications which encourage additional customer interaction.

Implement a New Operating Model: The key to this is customization of what is offered to customers. It must be considered that digital transformation in the banking sector can be defined as replication of customer experiences that is provided through physical banks, on digital platforms such as mobile application, web applications, websites, and IoT applications. Customers hence should be able to enjoy banking with 24/7 access from the comfort of their own homes. Blockchain technology is another concept that can be very useful for the banking sector. It allows multiple parties that may not know each other from different geographical locations to have simultaneous access to a constantly updated digital ledger that cannot be altered. That is, different branches of a banking group can be updated with each others information without the need for sharing emails, posts, telephone calls, or even having direct visits. It is already is used across the United States, but there is still a lot more to explore. Other technologies, such as machine learning, can help automate manual processes, of benefit to trading, fraud management, and customer segmentation activities.

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