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    The Digital Transformation Roadmap for Digital Banking

    With digital revolution happening, the banking industry has embraced various technologies and digital strategies to serve their customers. The digital banking leaders have focused on becoming more tech-savvy and client centric by adapting to a disruptive model for IT and people. As customers prefer carrying out tasks on their phones or tablets and as financial services go omnichannel, the mobile experience is becoming crucial and necessary for the leading banks to consider. Moreover, to keep up with the fast-changing markets, banks need to have well-managed operating models.

    Earlier, the customers used to login into the bank’s website to look at their current liabilities and assets. Banks would analyze their requirements and analytics algorithms and suggest investment options or borrowing options to them. A portal open to the customers would give them an idea of the current financial market and its impact on their financial position. This procedure involved a lot of manual intervention lacked visibility and took a lot of time.

    Digital revolution changed the banking processes to a great extent.

    Here we will see how the evolving digital journey has become more agile and improved visibility in day-to-day business and benefited the banking industry. Following changes in trends have helped the banking sector in going digital.

    Mobile banking:

    Retail banking going digital is not a new trend. Online solutions and services have been in practice since long and implementation of multichannel strategies, and high usage of internet has led to the development of digital banking. Mobile has become the customers’ touch point and hence is the cornerstone for the progress of digital strategies. To meet customers’ expectations, mobile banking systems have used smart and easy-to-use interfaces and better services. Banks stay connected to their clients online and through other modes to build and strengthen customer relationships. To gain more customers and increase sales the digital banking leaders must focus on generating more app or web traffic. Adapting and innovating on various new technologies helps the banking industry in keeping pace with the technology and providing reliable and better services to the customers.

    Agile Operating Models:

    The leaders in the digital banking industry follow various approaches and methodologies to boost up their sales and enhance customer experience. They focus on meeting clients’ requirements and anticipating them. Using methods that are a mix of both IT and marketing lets them deliver solutions as quickly as possible. Agility in the banking operation also leads to faster time-to-market and flexibility in all the operations. Adopting an agile operating model for learning the needs of the customers makes digital banking profitable.

    Customer Engagement:

    Convincing customers and influencing them to change the traditional mindset is a key challenge in implementing the digital technology. The digital age has forced the banking industry to change focus from a product-centric point of view to a client-centric one. Banks need to provide training to their staff as well as their customers about the new technology use and services. Also, they need to implement a test-and-learn approach wherein they will let customers use the online services, take feedback and solve their problems and queries to help them be acutely aware of the system and technology. When the customers are fully acquainted with the technology, it becomes easy for the customers to utilize the total value of the services.

    The banking industry has already come a long way in adapting and implementing technology. Implementing technology in the right way will trigger a positive evolution in the future of banking. We at Silver Touch are experts in providing Banking IT solutions for online & internet banking services. Get in touch with us at info@silvertouchinc.com to know more about our business possibilities.

    Shruti Vasudevan

    Shruti is a technical content writer working with Silver Touch Technologies Ltd. She keeps keen interest in researching and writing on technical topics. She is a B.Tech graduate in Electronics and Communication and focuses on learning new things.

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