Digital transformation of Banks

The digital transformation of banking is a fact that makes it necessary to adapt to the new times and to the new needs of increasingly demanding customers. This process would be unthinkable without having the appropriate technology to enable effective adaptation. Any change implies innovation, and for this it will be essential to have not only a new digital culture but also an adequate digital talent. Digital banking is already here, it is the now and it is the future, at the same time.

Traditional banking

Not so long ago it was necessary to go to the bank offices for almost any procedure, both to manage the day to day and also to apply for a mortgage, a loan to buy a car or even to sell shares. Back then, it was unimaginable, for example, to receive alerts for every purchase made with the card or to return a receipt at the very moment the charge was detected. And similarly, being dependent on a schedule to come to the office was something that inevitably needed to change.

The growing demand to receive a personalized value offering, when and where the customer wants it, has led traditional banking to begin a process of digital transformation. But not only it must transform, it must be 100% digital.

Towards digital banking

Offering personalized and accessible products and services through different customer service channels, responding to the immediacy and the specific need at a given time, or being available wherever the customer is, is no longer a challenge but rather a reality. A customer can make an inquiry over the phone, continue with it through social networks and finalize it via chat. Responding to them requires full coordination of the different communication channels available, but it also requires a very careful user experience that avoids duplication and unnecessary errors.

In a world where the use of the Internet and mobile applications is widespread, customers can carry out their transactions immediately, flexibly and whenever they want. In the same way, having intelligent ATMs and 24x7 telephone customer service provides convenience.

Technology and the digital transformation of banking

This is where technology comes into play. The use of artificial intelligence applied to banking is essential to be able to offer the customer what they need at all times, allowing automation and improvement of processes that provide much more personalized attention. In other words, it helps us to better understand what the customer demands and thus be able to offer products or services tailored to their requirements.

Cybersecurity and Banking

The threats posed by cybercriminals on the Internet are one of the biggest concerns for banks. Phishing, fraud, spam, vishing, etc., are risks that digital banking has to face. It must invest especially, not only in technology, but also in cybersecurity to protect customer data and potential vulnerabilities that may arise. Having robust applications, biometric identification systems and applying all security regulations, such as the NIST standard, are some of the essential measures you should be aware of.

Any digital transformation implies innovating and, as such, always being one step ahead both in the way of working and in the mentality, processes, user experience and security.