Advantages Of Going Digital In Banking Sector

Going digital – transformation in banking sector

Digital transformation in Banking sector has begun. In the process of going digital, established institutions are introducing digital platforms that could help their customers have a better experience. While, startups in this domain are coming up with an approach of having “digital platform” as the only way to function. Customers today are introduced to a digital platform that takes care of all their banking functions from opening a new account to handle issues relate to their existing account, and helps resolve issues associated with their debit or credit cards.

Customers across the globe have been continuously demanding a digital medium that can make their banking functions simple. As per

Whereas the new players (startups) are trying to enter the sector by offering digital-only as a platform for banking. The two components that these players should focus upon while going digital are: First, managing their people – they should try to convince their people of the need to rebuild their culture. The bank should try to ensure that their people should not considered going digital as machines replacing humans (employees). The aim of going digital is to make the banking process better & efficient. The banks should make their employees realize the role they will play in the process of going digital. Second, the banks should understand and focus on

The model proposes that having a digital only banking model will help fulfill customer expectations quickly and effectively. While the article reveals six key factors leading to success in building digital banking business; the one that I found crucial is 'culture' – the article mentions, the need for restructuring culture in banks. The first aspect that banks should focus upon is changing their culture is to shift from a traditional work environment to an open work culture. Often going digital is accepted by employees with hesitation; at least in its initial phase. Particularly in the banking sector where for decades, the process has been such where even to get minor information such as knowing the balance in the bank account the customers have to visit their bank. Neither customers, nor employees can think of and accept having a digital platform that can aid them with quick banking function. Therefore, rewiring the culture in the banks sounds a bit challenging