“Banks do not create money for the public good. They are businesses owned by private shareholders. Their purpose is to make a profit.” ― John Rogers
Banks are opting the digital way for implementing various task commonly done by people in past. This Digitalization going on in the sector of banks can mainly benefit the customers and also bring profit in terms of more people getting connected to the technology on a daily basis. For an example, if as an ordinary Individual I am questionable to my banks for various doubt I have regarding this digital settlement taking place and it’s the priority of the banks to answer my questions in brief so that I could understanding each and every aspect properly. Recently there was a various survey conducted across the world in which people were asked about the confusion they have regarding the present changes going in the sector and it is not a surprise that people come up some great digital question that they would like the banks to answers. Mainly through answering theses question great feedback can be generated for banks that they could look into and provide their customer with the knowledge about.
A lot of people among us must have thought that why so many changes need to do as sometimes it is troublemaking to learn about all the new stuff from the scratch which is not an easy task to be done. The older generation is actually finding it almost impossible to deal with these new technologies that why often scared to learn or I can say adopt the older technology for managing their finance as scared of getting lost of funds stealing and frauds to happen. Around 20% of the population still believe the traditional way to manage their funds which may be the hurdle in converting the old traditional system into a total digital sector with more reliability and efficiency. This can be possible if doubts are clear awareness and benefited knowledge is shared across the world covering every data and figure making it easy for the customer to overview understand and then implement. Also, if at the time of implementation, they face some problem then could ask freely from the customer support staff which is 24/7 present to hep people with there doubts.
These were some digital questions asked to the banks from the customer point of view to get some glimpse of banks way of thinking and implementing things.
- Why are banks investing in digital technology?
When we look around then almost every bank has stating investing money people and time to adopt or make this digital technology as a part of their working environment. This is done because the old techniques were slow and were time-consuming so an only hand full of the job were completed on a daily basis and that also with no proof of accuracy. This is a naive question but the banks need financial support as well as they want to establish their position in society. This sale can go higher while the cost can reduce. The growth can be established by providing our customers with digital product been updated with time, not the old version that is not even valid to be used. Apart from this more efficient service can be provided. With the advanced technology, the changes can be made in the existing market and we will not have to start from scratch by entering the new market. The vital platform is provided when digital ways are taken into consideration. The digital technology is rapidly becoming an important section without which the work will not be able to complete with the allotted time as now deadlines are followed seriously. Also, the employee work pressure is reduced to almost 25% with the use of automation and others such as helping technology. Also, this adoption is helping them attract a new customer as well which is good for the market to expand. All through many banks has concluded that IT is the sector helping them a lot when it comes to marketing, sales and risk management.
2. What is the term digitalization means to banks?
Nearly 75% of banks invest in making the sector fully furnished digital system with advanced machinery, new technology and many other innovations taken into consideration. A large amount of investment made to make or I can say upgrade the existing technology so why not just change the work was done past years to the flow we are carrying today’s world. Banks are particularly very much caution about digital technology as it is even new to them. Around 95% of the banks we are surrounded with said all kind of survey and discussion panel maintained to get the idea that they must go digital. Using advance techniques of machine learning, artificial intelligence, RPA, big data and many more should be taken into consideration so that can be made into action as soon as possible.
3. How are the banks dealing with digital technology competitors?
This competition is never-ending as every part of the sector want to go with the most reliable options that are available in today’s time and we are aware that digital technology is the first option available when we look around. So it is not possible that we can claim right on this ever-growing technology the only thing that can be done is to adopt this technology after understanding it properly and then implementing it in the best way possible so when it comes into the action then there should be efficiency, reliability as well as customer satisfaction. Knowing something before implementing is always a good option. Just opting it for the sake of show off with never come up with a good result at all and a bad review will automatically bring the sector down. Huge competition is not about the technology adoption but is all about which one can come with the better way of implementation and providing the customer with the understanding and other requirements they need.
4. How do banks digital performance is compared with one another?
Different banks consider different option to implement the digitalization in their system to meet the main requirements. So majorly their performance tells about their performance all if their method to implement the technology is up to the mark then most probably more and more customer are automatically attracted towards there system. The structured form should be in such as a way that the technology which is been implemented is successfully providing the result. As if the result is good then the particular can support various startups and other innovative ideas can be taken into consideration which would be a kind of major success.
The doubts of some people would have cleared I hope apart from these banks are also providing platforms in which direct questions can be asked from customers to the banks about there structure, advantages and also the self-building story