How to maximize benefits from digital transformation in banking?

1
How to maximize benefits from digital
transformation in banking?
How to maximize benefits from digital
transformation in banking?
2
Banking technology has come a long way over the
years. Digital transformation in banking started
in 1990s and since, it has revolutionized banking
operations as well as customer service. With the
increase in the scale of the banking activities
and digital transformation of banking operations,
both the banking corporations and the customers
have benefitted.
3
According to recent reports, banking technology
is witnessing rapid growth in the mobile banking
sector. Almost every major bank operating in the
country is investing in a fast and secure mobile
banking environment for customers. This is mainly
executed with the help of comprehensive banking
mobile applications, which the customers can
install and access on their smartphones.
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The mobile apps allow customers to manage bank
accounts, transfer money, schedule regular
payments and extract customized account reports.
A few mobile banking applications also provide
the facility of paying service bills at single
clicks.
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An increasing number of population is developing
the habit of using mobile applications for their
day to day banking activities. However, there is
still a great scope of improvement in digital
transformation in banking hence, the demand for
digital business transformation and subsequent
support services.
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You would find support agencies in all the major
cities of the country. It depends on your
sourcing mechanism to find out the best support
agency in the market. Most banks form a separate
team for this. The responsibility of the team
does not end with the sourcing and contracting of
the support agency. It must keep an eye on the
performance of the support agency and try to
maximize benefits from it.
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At present, most digital business transformation
support services are a bit expensive. This is
mainly because of the high demand of such
services. It is speculated that the cost of
digital transformation support services would
come down in the coming years as the supply side
strengthens. The number of people skilled in
digital business transformation are increasing in
the market.