No internet connection
  1. Home
  2. General

The scope of improvement in banking digital transformation

By Lisa Williams @wlisa9871
    2021-03-10 08:58:33.688Z

    Banking organizations started investing in the digital transformation of their operations at the beginning of the last decade. Large amounts of investments and resourceful efforts have gone into the process. However, there is no denying the fact that no other operational makeover has benefitted banks, such as digital transformation. The most visible benefit of digital transformation is that it has brought banks and their customers closer.

    Today, bank customers need not wait for days and even for hours to connect with their bank. All they have to do is log into their websites or open the mobile application. Information about their bank accounts or policies is readily available on the website and application. It can be received via e-mail or SMS just within seconds. It would not be wrong to say that the digital medium would be the primary way banks will interact with their customers in the future.

    The brilliant development of digital technology in strengthening the bank-customer relationship does not mean that all scope of improvement has been fulfilled. There are several aspects that banks can improve to make the banking experience better and more delightful for every customer. The good thing is that several leading banking organizations have already started working on the second phase of banking digital transformation.

    The most remarkable aspect of the second phase is the employment of artificial intelligence. It will analyse customer interactions and make intelligent decisions through machine learning. It will give rise to an arrangement in which customers can interact with intelligent robots of banks who will assist them through complex banking processes without even letting them feel that they are interacting with machines. This will save a lot of money for the banks by allowing them to cater to the customers 24/7.

    Another aspect of digital banking almost every bank is working on currently is the fortification of transactional security. Since banking digital transformation has made it extremely easy for customers to access their accounts and indulge in transactions via their mobile phones, it has opened up ways for frauds and hackers to manipulate bank customers. So, improvements are being made while developing multi-level authentication of bank customers before undertaking any transaction.

    The day is not far when banking digital transformation will overcome all its shortcomings and offer a secure, convenient, and seamless banking experience to customers.

    • 0 replies