Entire Future of Digital Banking:
The future of digital banking already begun? Many tech experts argue that what we see today is not digital banking but simply digitized banking and hundreds year old financial products are being adapted to the digital era and distributed via smartphones and the Internet. That’s not so innovative when you think about it, process can be compared to transformation that Internet ignited in the media world and when we went from reading newspapers to following news online.
Mobile Banking Facts:
More flexibility and speed of a product can offer, the influence and adoption of a peer-to-peer payment app Venmo is so strong that a large part of the public is using its name as a verb. A product and that eliminates the need for cash, Venmo is a telling example of the changing reality of modern banking.
Banking industry is strictly regulated in all jurisdictions, and while banking sector representatives are distinguished by their conservative attitudes. But the wide dissemination of block chain in the recent years, the overwhelming popularity of crypto currencies, and the ICO boom have contributed to the fact that the management of many banks and financial organizations no longer deny the potential of block chain technology.Experts say blockchain will have a transformational.
Now Banking Goes Digital:
Digital transformation looks like different in every industry in fact every company. But in general terms, integration of digital technology into all areas of a business, integration leads to fundamental changes in how the business operates and delivers value to its customers.
Banks are running on a digital core can to see reduced costs and streamlined processes. This end-to-end integration also helps and provides a more seamless and engaging customer experience. And it makes room for further business transformation with new digital technologies like block chain and also artificial intelligence.
Going digital has also affected the banking workforce, with the automation sometimes resulting in layoffs and staff reductions. There is a growing demand for data scientists with banking experience and a skill set not easy to find in today’s market. It’s time for the industry to develop a completely new workforce model to educate existing staff and recruit new talent.
Cloud on the Banking:
Now banks are racing to take advantage from market opportunities available through digital transformation. At the same time, they must manage the risks created by the new digital economy also.
There is no doubt on new digital technologies are changing the banking industries also. The banks that embrace innovation and adopt new technologies have unprecedented opportunities to change and improve how they provide financial services including offering the ability to:
- Build the open and agile platform that makes new and easy to meet regulatory requirements.
- Provide customers with seamless real-time, multichannel digital interactions.
- Need to optimize and simplify business processes and through standardization, optimization, adoption of cloud solutions.
- Innovate but with disruptive technologies like artificial intelligence (AI), IoT, and block chain.
Difficult to gauge what lies ahead, but mostly due to yet untapped potential of the block chain technology. But with the legacy banks jumping on the trend and new block chain-based startups exploring innovative use cases of decentralized financial solutions, we can expect the future of digital banking to unfold in many unexpected ways. Once we move away from digitizing traditional banking services to inventing digital banking services that suit the block chain era, we will experience increased accessibility and trust, cheaper and also faster services significantly more automated to banking industry.
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