How To Become A Market Leader In The Banking Sector With Digital Transformation

 


In the list of scenarios and instances that feel nostalgic today, we could clearly add visiting the bank. Today, visits to banks are only limited to circumstances that involve paperwork for loans, approvals & statements that require physical verification. Otherwise, pretty much every banking-related action can be carried out through apps or online portals. Digital transformation in banking has made our lives simpler instances of stepping out and personally visiting a bank. 

Today, we have IoT-enabled banking services, tap and chip-based cards with added encryptions & app-based payment systems. From the elderly to the young population, banking has become accessible, banking functions more understandable and services more streamlined. All thanks to digital transformation solutions. 

With that said, not all banks and NBFCs have implemented a digital transformation strategy in their banking operations. A lot of banks still operate on obsolete technologies today. Their strategies are so weak that they end up complicating processes rather than simplifying them.

Original Source: Digital Transformation in Banking

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