It is a rather dramatic era for the banking industry, as digital disruption has forced many incumbent banks to step out of their comfort zone and up their digital game
Changing customer behavior, increasing expectations, omnichannel experience and the digitization of business and society, in general, have brought along what some people call the digital arms race in banking. Banks around the world are realizing how investments in digital technologies could benefit customer acquisition and satisfaction.
Impact of Digitalisation on the Banking Sector
One of the tendencies in the banking industry is that the largest banks have invested a lot in digital and into the future, while many smaller and regional banks have more difficulties to keep up as they are more dependent on technology vendors. As a result, the market share is clearly moving toward the large players because they have more means.
As another by-product of the digital era of changes, the financial sector is under constant pressure from new Fintech disruptors. Given that the disruptors tend to be startups focused on a particular technology or process, they are more flexible and faster when it comes to adopting innovative solutions and offering more personalized user experience.
Advantages of Digitization in the Banking Sector
Changing from analog to digital form comes with many advantages for the banking sector. Here are some of them:
- Above all, it improves considerably the customer experience.
- The number of customers grows thanks to the convenience of the service that permits users to save time.
- The costs for banks and customers can be reduced by using ATMs, cashless transactions etc.
- On the other hand, now that we have more digital data we can use it to make data-driven dynamic decisions. This is helpful to both banks as well as customers.
- Digitization reduces human error.
By now it has become obvious that banking apps are becoming part of our day-to-day life. A study reveals that for example in the U.S. the banking apps are being used to the same extent as social media and weather apps. Example, it is BBVA,Sberbank. The digital world is in constant flux and there are already many valuable examples of digital transformation in the banking industry.
In this era of digital changes, even the smallest players can cause big waves, so the largest banks have all been forced to invest big sums to keep up with the digital transformation. At this point, there is no denying: the future is digital, whether you are one of the top five or a small Fintech company.
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