Since the COVID-19 pandemic, the digital revolution has continued to rapidly manifest in all areas of life, including the financial sector. Today, when the financial sector is mentioned, one does not only think of banks and traditional banking anymore. Due to digitalization, different financial institution models are shaping the whole industry.
Therefore, to stay competitive, today’s banks and traditional financial institutions need to understand emerging changes and create long-term strategies to adopt digital transformation.
To help you keep up with the transformation, we’ll dive into all the hows and whys of the digitalization of banking and financial services and share experience-packed insights.
Of course, the answer is by acquiring a holistic approach towards the current dynamics of digital transformation. Digital transformation strategies that are not properly understood, or that are applied inappropriately by focusing in the wrong direction, can ultimately lead to much more challenging and complex processes
So today’s banks and financial institutions must understand the changes brought about by digitalization and match their needs with appropriate digital strategies and tools.
This means studying the current dynamics and investing in technological advancements through building fintech partnerships and fostering a culture of innovation are key to staying up to date.
It is paramount to view digitalization as a cultural revolution beyond traditional banking and focus on capturing tomorrow’s market by defining it. By adopting these strategies, financial institutions can stay ahead in the digital age.
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Some organizations still think that going digital is only an end-customer-oriented process. But beyond improving customer-centricity, there are many different values that digital tools and services can add to the financial world. And remarkably, many organizations in the financial sector are aware of this.
For example, HSBC, one of the world’s largest financial services organizations, has invested $2.3b in online banking and AI-powered tools to transform both back-office economics and the customer experience.
Also, more than 68% of financial services companies or traditional banks have an ongoing digital transformation strategy in place. These data explain how important it is to consider available digital tools and implement the ones that match your needs and goals to generate more operational value.
As we stated before, no matter what stage of digital transformation your business is in, it is essential to consider the emerging dynamics it causes. Don’t miss the chance to get valuable information about digital transformation, and take a look at our infographic to learn more about: