The customer fruitful experience is the need of today; they are far digital and more technical than the past generation. Moreover, the better-satisfied customer more the business prospect of the bank. Some have transformed and others are on the verge of transformation. These forward thinkers have well responded to the market disruption by expanding their in-house capabilities. These transformed banks have reduced cost and streamlined process which has brought immense benefit to the industry.
Why Digital Banking: Consumer experience and attitude?
Mobile banking is a constituent part of the banking industry; it has outgrowth its reach and brought a decent customer satisfaction. In general digital transformation is the integration of digital technology into every area of the general work.
It has vastly affected the banking workforce, the automation in working culture has eased their work and brought more productivity. It has brought a higher level of customer experience resulting in better competition advancement and workability.
- Digital Banking: More customer engagement
- Easy money transfer: digital banking has eased the overall work of money transfer on the national and international level. Prior it was a lengthy task that requires a lot of time, but now on the click of the button you can simply transfer money say it on the same bank account or different.
- Balance check: No needs to find the passbook and update it on regular basis – gone are the days. With digital banking, you can instantly find the balance in your account.
- Secure: Digital transfer ensures the keep up of every transfer and hence there is no chance of fraud or money laundering.
- Customer query: The digital presence brings better customer service, as in the digital platform you can post your query that would be directly redirected to the concerned person. This brings better customer satisfaction.
Leveraging latest technology for reinventing banking legacy process
The latest technology invention has better eased the banking model, it has strengthened customer engagement with personalized and innovative offerings. The banks are leveraging IoT with card readers, sensors, ATMs, mobile apps and swipe cards. These conveniences have brought a new opportunity for traditional banking methodology.
Other technologies that can bring more customer engagement are:
- Blockchain: It is the cyber currency and reduces the fraud in the financial sector. Moreover, it can also reduce the payment processing time to minutes rather than the normal time of three to five days.
- Machine learning: This technology can automate the manual process and benefit the trading system with fraud management and customer activities.
Bringing banking on the Cloud:
Banks are leveraging the capability of cloud in bringing affordable computing platform that provides greater agility. There is more demand for data storage and on the cloud access of it which can be brought by the cloud storage.
New digital technology is changing the industry, banks that have to collaborate with mobile application adding the latest mobile assistance has shown unprecedented growth. It has outgrown the customer experience by following benefits:
- It provides seamless real-time customer experience with multi-channel digital interactions.
- Simplified and optimized the business processes through optimization, standardization, and adoption of various cloud solutions.
- Developed an open and agile platform that makes it feasible to meet regulatory requirements.
Challenges for transformation:
While the rise of mobile banking and other digital disruption has successfully brought a positive customer relationship and better engagement, it still faces some barriers to digital transformation.
- Long development periods:Many banks are still in process of transformation but their process is so wide and spread out, that it still needs time to completely bring digital service on the mainframe.
- Legacy systems:The banking system is an age-old system, and thus adopting and implementing the new technologies in the long-standing legacy process will surely be difficult.
- Security perception: leading Mobile application development company need to bring better security system for gaining the trust of banks and the related customers.
Conclusion: Bringing digital disruption and restructuring the complete business model and processes is a critical situation for any bank’s successful digitalization. It is the need of the generation due to its capability for bringing better customer experience. It has leveraged innovative capabilities that have speed up the complete banking process and thus giving better customer engagement.
