Check What The Financial Services Industry Explain Us About Digital Transformation
If you work in the world of digital transformation and digital services, you’re looking towards a busy and eventful future. With many brick-and-motor bank giants looking to drop their hundred-year mindset to survive in our digital age, these banks have noticed ways to serve customers with ease before they become extinct.
However, customers are already bombarded with options when it comes to catering to their banking needs and preferences, which means that even the most established banks need to put in the work to stay relevant in such a competitive industry. So given what big banks are up against, here’s a look at some of the digital strategy services that your bank will most likely apply to their services to keep business thriving.
Digital Transformation in the Financial Services Industry
There’s a wide range of ways your financial institution can make your banking easier. Such digital service delivery and Digital Transformation Services that have proven successful (or have been tested on customers) are:
Digital Transformation Lifts The Curtain
In the event you sent off a submission form or an online application, did you presume that it was being processed automatically? If so, how upset were you when you found out that the digital submission was sent to an individual who may have not read the information in its given format — and had you question whether or not you may have been better off sending it through the mail?
Well, the banks of today are going through a transitional phase where the back-end needs to be as up to date as the front end. Since business is as efficient as its least efficient area, it’s up to the financial services and banks to update their digital consulting processes that have been around for decades.
Big Data
Big data runs the world, so it only makes sense that banks should hop on this train as well. Financial institutions and banks require these learning tools in order to accurately serve customers quickly. Long story short, big data saves time, saves money, and serves customers efficiently in the long run.
AI Wealth Management
With artificial intelligence playing a major part in almost every industry, expect to see more automated wealth managers. That’s right, a wealth bot handling your finances. By utilizing algorithms, an AI bot will be able to calculate the best opportunity for loans, decipher the best interest rates, and discover the best investment opportunities for you. If you need to stay on top of your finances, an AI bot for banking is the best type of assistant one can have. If you have a business yourself, an AI bot for banking is what you may want to help your business reach new heights.
Blockchain
Although blockchain isn’t something everyone understands, expect to hear more about it in the coming future. Although it may not be through bitcoin or cryptocurrency, blockchain will become a major asset when it comes to loan processing, escrow services, digital payments, and most areas where currency or valuable information needs security.
Mobile Applications
Sure, banking applications are nothing new, but how bank applications operate with third parties is where things are going to get interesting. This includes financial budgeting applications, financial managers, unconventional lenders, and other financial services that may not be offered at a typical bank. However, this all depends on the type of information the banks share, what businesses the bank is willing to partner up with, and the type of services they may be able to offer their customers directly (to eliminate any need for a third-party or a middleman.) For example, Banks threw their hat into the ring with Zelle, an application that was intended to compete with PayPal, Cash, and Venmo. So given the circumstances, the future of what your bank app offers and what third-party apps offer is going to be interesting.
Mobile Pay
More often than not, most people can find their phone on their person faster than they can their own wallet. Heck, more people tend to leave home with their phone and forget their wallet altogether! So given this common circumstance, more and more customers are demanding that the mobile payment option should be available at the checkout. Yes, there are plenty of businesses that do accept mobile payments, but this is a small number in comparison to the businesses that do not participate in such an option. So given the circumstances that many of us find ourselves in when we discover that we’ve left our wallet behind at checkout, expect to find more businesses willing to accept mobile payments. With many businesses going paperless and individuals leering towards banking on the go, expect more banks to incorporate such features in their applications and banking privileges.
Mobile Banking
Think about it: When was the last time you’ve had to step inside of a bank to speak with a teller? With today’s advances in banking technology, many have the ability to apply for loans, transfer funds, or deposit checks from their mobile devices. As far as mobile banking is concerned, it’s the application with the easiest interface that will win. The average brick-and-motor bank business can fit into your pocket, with what was once a building can now be run on simple overhead. The bank customers of today no longer necessarily require a building with hours of business; Customers want simple applications, little human contact, and access to their funds 24/7. Expect to see more mobile pay, text-to-save, or mobile banking become the new norm in how we access our bank information and pay bills.
Considering the information above, it’s an exciting time to witness the digital transformation in modern banking. With banks making the process of accessing and withdrawing funds in favor of the customer, it makes one wonder how they managed to bank previously with all the minor inconveniences that we all were used to. No more making plans to rush to the bank during business hours, no more waiting in lines, and no more being stuck outside of a closed bank wondering the status of your account. With today’s banking advances, one can transfer funds from one account to another on a holiday… without having to change out of your pajamas. Working smarter and not harder is the theme for digital banking today, with the customer being the individual reaping the rewards.
