Contents

  1. Summary
  2. Data Base maintenance
  3. Transversal transformation 
  4. Customer experience
  5. dematerialized bank
  6. FinTech
  7. Artificial Intelligence
  8. The cloud

Summary

For years, the monetary sector has shown very little openness to digital transformation, even though it’s perceived its potential. In Italy, at least, the banking sector has been somewhat delayed in grasp this method, whereas it’s been a lot of absolutely embraced in different components of the globe. Let’s see the signs that this gap is often stuffed within the returning years.

Database maintenance

Data has become a kind of currency that additionally permits the prediction of behaviors and desires that corporations will utilize to create effective selling ways that to produce relevant content for customers. So the digital era continually begin from the info

  • Usage of the net is increasing sharply over fifty-four million equally look at video content and accessing social platforms. At the identical time, usage of mobile devices is turning more and more important: there are, in fact, virtually eighty-six million connections via smartphone.
  • In the banking sector, ninety-four of respondents have an account with a financial organization what is more banking transactions directly from mobile phones

Therefore, this can be the primary relevant trend for the banking sector: digitalization has influenced and continues to influence the requirements, expectations, and behaviors of consumers, together with within the space of economic services

Transversal transformation

Several IT managers, together with within the banking sector, have shown themselves in favour of simplifying production processes victimization the newest generation of IT (i.e. a group of technologies that enable the exchange and management of information in digital formats).

In addition, eightieth of entrepreneurs are dead responsive to the potential and opportunities offered by new technologies like AI, net of Things, the cloud, and block chain and for this reason, thousands of corporations are partaking in concrete digital comes. The attention of investment in mobile banking services, given the rise in monetary applications. Especially, fifty-four of these World Health Organization own a tool declared that they had downloaded their bank’s application and fifty-one of those are equipped with applications for payment in physical stores.

Customer expertise

As we tend to mention, the quantity of individuals World Health Organization who use apps to perform banking operations is increasing. Additionally, despite the monetary crisis, the extent of confidence of Italians in banking establishments continues to be high. This implies that banks still have a high pool of potential customers. The cross-referencing of this knowledge suggests that the manner that customers relate to banks is dynamic which every bank is commencing to alter how they reach customers and the way they promote their services to customers. The customer-user has become a lot of difficult, chiefly owing to digitalization. Google, Amazon, Facebook, Apple have established a definite customary that customers currently demand. For this reason, banks are paying a lot of and a lot of attention to the client’s expertise, considering it a necessary lever to extend client satisfaction and retention.

Dematerialized bank

Banks are digitizing an oversized part of their processes owing to economic property. so redesigning the whole operations of the arena, through the innovation of products, services, and channels that are termed Omni channel. In different words, banks have begun to require advantage of the assorted bit points detached by digitalization to succeed in the client a lot of effectively, adding to the important expertise within the branch additionally the foremost convenient and easily bonded by digital technologies.

In this manner, the client expertise is enriched due to the mixing of analog and digital channels, that along enables corporations to stipulate more practical selling ways in terms of targeting and content construction.

FinTech

In parallel with the event of the Omni channel approach, the foremost innovative banks have already begun to alter their structure to pursue more and more economical operational models that are aware of client requests, each in B2C and B2B contexts.

To do therefore would force victimization of client knowledge to form services capable of innovating the worth proposition and enriching the client expertise.

Banks are forced to place themselves at the guts of this new open model not solely to take care of market share, however additionally owing to new European regulations: especially, the directive on payment services within the internal market, the PSD2 (Payment Services Directive 2), the Open Banking Directive and GDPR (General knowledge Protection Regulation).

Artificial Intelligence

A tool to ensure customers’ advanced and continuous help.

Although robots cannot dead replace the human element, within the future there’ll be a colossal use of more and more refined chatbots in the bank to client communication.

The cloud

By 2020, the computing power used for the cloud is going to be bigger than that used for all proprietary knowledge centers. This may build it a necessary tool for any banking establishment that desires to form its operations a lot economical and efficient. However, the adoption of cloud technology by banks is an element of a wider trend towards the dematerialization of internal processes.

Dematerialized bank

By dematerializing its internal procedures, the bank is going to be able to implement a far lot of efficient and effective structure models. Thus, dematerialization also will be the key to creating the bank a lot of responsive and able to respond promptly and even anticipate the requirements and requests of consumers

About the Author

BankReed Admin

Banking Professional with 16 Years of Experience. The idea to start this Blogging Site is to Create Awareness about the Banking and Financial Services.

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