What changes can Banking digital transformation bring in the banking sector?

The banking industry has witnessed tremendous growth in terms of technological upgrades since the beginning of the current millennium. If you compare the quality of banking services of even a decade ago with that of present times, you will be amazed at the differences brought in by technology. It would not be an exaggeration to state that digital technology has revolutionized the way customers interact with the banking mechanism and the way bank personnel lend their services. There was a time when the simplest of banking activities demanded that the customer stood in the queue for a significant amount of time and deal with banking personnel at a personal level. Today, almost every banking activity can be done through a mobile application.


Banking applications have become so advanced that complex processes can be handled with convenience. The role of core banking technology is worth mentioning in this regard. Core banking technology has facilitated banks to consolidate all their banking operational data in a single platform. Today, a customer can perform banking activities from anywhere in the world, without feeling the need to visit his or her home branch. However, just when the banking industry had started to believe that core banking technology was the epitome of the Banking digital transformation of banking services, the year 2020 changed the outlook of the industry.


The year 2020 brought unprecedented challenges with it. The coronavirus pandemic forced people to stay home and limit interpersonal interactions to a great extent. However, banking facilities are an essential service for social sustenance, so they could not be limited during this period. Banks needed to come up with novel solutions to serve their customers. Under these circumstances, the think tanks of the banking industry aggressively started initiating the use of artificial intelligence in banking services. This very step has laid down the foundation of a new phase of digital transformation in the banking industry.



Within a short period, an increasing number of banks have successfully started employing artificial intelligence to deal with customer woes. If customer satisfaction is considered as the prime parameter to judge any business strategy, the employment of artificial intelligence can be considered to be a success. Today, artificial intelligence tools understand the needs of a customer to a great extent and offer a set of possible solutions to fulfil those needs. It will not be surprising if artificial intelligence starts offering the best and most optimum solutions to customers shortly. That will be the future of digital banking, with the Banking digital transformation having its roots in 2020.

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