The banking sector has evolved a lot during the pandemic. It would be correct to say that during this crisis, leading banks have achieved digital transformation that could have taken four to five years in a matter of just a few months.
However, there could still be some banks that are lagging behind in implementing digitalization initiatives for a host of reasons. In this post, we will discuss the aspects that banks can use to successfully achieve digital transformation.
Any such major initiatives require ownership from the top management. This approach towards digitalization will remove the bottlenecks typically faced at the implementation phase. A top to down approach will also increase ownership for such measures.
The customers in the banking industry have now come to expect a lot from banking institutions. Instead of generalized financial products and solutions, customers now want solutions to their financial issues that are specific only to their circumstances.
Customers of the banking industry now want banks to offer most of the service stack via mobile banking applications. So, banks will have to come up with highly capable and versatile apps that fulfill the customer’s banking needs from a single solution.
Banks tend to have a lot of customer data such as past preferences and spending habits. Based on this huge data set and by leveraging Artificial Intelligence (AI), banks can design customized financial products for each individual customer and maximize profitability.
Alongside all the above steps, the capacity and skill set development of the human resources is equally important. Therefore, banks will need to leverage the expertise of professionals with sound knowledge of technologies such as Cloud Computing.
The above steps, when combined into a cohesive whole, have the potential to not only attain a successful digital transformation, but also elevate customer experiences to a whole new level.
https://www.dincloud.com/blog/ingredients-of-a-successful-digital-transformation-in-banking
