Results tagged “Digital banking”

Empower your Employees for Digital Transformation

One of the biggest challenges that banks face today in their digital transformation is the absence of right people, culture, and organizational structure. Hence, to complete a truly digital transformation one of the key priorities for banks in 2017 will be finding the right set of people, and empowering them to carry forward with the transformation strategy.

Businesses across various and diverse industries have seen rapid disruption in the past few years. One of the major drivers for this disruption is the consumer and how they are coming to expect a Frictionless approach. Some have called it the Uber effect. No cash is needed, it is on demand and simple to use. That experience is what customers are now expecting when interacting in the Ecommerce world.  Many traditional corporates are playing catch-up and some like Sears, JC Penny's, American Eagle, Sports Authority and Barnes & Noble cannot pivot fast enough, leaving them in a position of reporting negative growth or closing all together. Players like Amazon are disrupting their business models by leveraging the latest in technology and rolling out customer centric digital offerings. These offerings appealed to the digitally savvy customers and those companies have grown rapidly over the past few years. 

Defining Digital

An effective digital strategy can boost profitability by 40 % or erode it as rapidly as 35% in the next 5 years - if you don't get it right, says one study. Another says digitization is at top the agenda at retail banks, ahead of all else. There is universal agreement that the future of banking, indeed every business, is digital. Most banks you speak to are cognizant of the need to digitize, and fast; a number of them have already got a plan going.

Automation in the Truly Digital Bank

The banking back-end is no stranger to automation. However, in a digital banking model, automation will play a more prominent role both in terms of scale and sophistication.

Internet today, mobile tomorrow

Internet today Mobile tomorrow.jpg

The recent Finextra article, "Consumers remain resistant to digital banking aspirations" resonated well with what I think about social media, mobile banking, Internet banking and branch banking. But I will not dwell on that; I will instead concentrate on what the research and the article say about mobile banking.

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