According to the Retail Banking survey’s conducted in last year, more than 1,000 bankers confirmed that they had deployed digital transformation at scale in their firms and it was delivering to expectations. As we know that it is an ongoing journey.
Also, the change is not by technology alone; Banks need to do the following five things to scale digital:
• Increase customer engagements
• Digitize and automate everywhere to minimize costs
• Implement innovations to stay competitive
• Unlock the power of new technologies such as cloud, API, and AI
All banks must be ready to commit the required number of years and effort asked by digital transformation in order to succeed. This help them for better banking services and it ensures the customer satisfaction.
As the banks shift their 2.0 and 3.0 travel, Digital 4.0 is slowly unfolding with DeFi, or decentralised finance, digital currencies and ubiquitous IoT powered by 5G. In this scenario of ever-accelerating change, the only sustainable strategy is to evolve across the five dimensions continuously.