The Time is Now: Digital Transformation in Investment Banking Operations
Investment banking is an age-old industry that caters to the needs of businesses, investors, and capitalists. Investment banking is known to have an in-person engagement for its business processes. However, due to the recent COVID pandemic, investment banks had to reduce the level of in-person engagement.
For ensuring business continuity during market disruptions, investment banks are undergoing digital transformation. Digital transformation is helping investment banks to ensure business sustainability in this competitive space. Read on to know more about digital transformation in investment banking operations.
The rise of the fintech industry
There are many fintech firms that provide banking services to their customers with the aid of technology. Not all banking services are provided with the help of technology as some processes still need in-person engagement. For example, investment banks have to meet the client to explain the due diligence reports and competitive analysis reports. However, the fintech industry is on a roll and is generating huge revenue. Investment banks have a close eye on how fintech players have grown by adopting technology for banking services.
WFH culture
Some investment banks were not in the favour of digital transformation. However, when the COVID pandemic hit the globe, it was clear that digital transportation was necessary. To ensure business continuity, investment banks had to adopt the WFH (Work from Home) culture. Adopting the WFH culture required developing a virtual desktop infrastructure so that the employees could work remotely. Also, some of the investment banking operations were automated with the aid of technology. Those activities that could not be performed remotely were automated like AML (Anti-money Laundering) activities.
Digital Technologies are creating an unprecedented disruption across the banking sector.
Digital technologies have unleashed the potential of the banking industry to enable 24×7 online access to the services.Evolution of Digital Banking in IndiaIn the late 1980s, the need for computerization was recognized in the Indian BFSI sector to deliver exuberant customer service.
To address the introduction of computerization in the BFSI sector, the Reserve Bank of India set up a committee in 1988.
The banking industry transformed drastically from computerized records to digital banking.
Post computerization, banks adopted core banking solutions to deliver service excellence.
Core banking solutions enabled banks to offer customer convenience through “Anywhere and Anytime Banking.”The rising competition between private and foreign banks compelled the financial institutions to leverage digital services to stay competitive.
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