Digital transformation in the banking sector is both a challenge and an opportunity. It is a technological challenge because it means adapting to the new china phone number online demands, but it is also an opportunity, because only by betting on digital transformation is it possible: Capture new customers accustomed to operating in a digital environment.Provide a better service: omnichannel, agile and secure.
Be more efficient in a disruptive and innovative environment and, at the same time, highly regulated.
Let’s look at each point in detail. Active data management to reach new digital customers
The digital transformation is revealing the true potential of data management: the more knowledge of customers you have, the greater the personalization of services and products , with the positive impact on the acquisition of new customers and the loyalty of current ones. In fact, according to the report Digital Trends in Financial Services by Econsultancy , user experience, data-driven marketing and personalization are the priority areas in the marketing strategies of the banking sector .
Active data management is essential to plan online customer acquisition campaigns: it allows segmenting audiences to offer the best service for each type of audience, keeping messages consistent throughout the customer journey and between different channels .JACOB ALONSO , ASSOCIATE PARTNER AT LABELIU Build user loyalty with a more personalized and omnichannel service
In this sense, the data provided by the Funcas Financial Innovation Barometer 2019 are very representative: the score given to its current entity by the surveyed gulf email list clients is 7.4 out of 10, but close to 30% of them would be willing to opt for a new financial provider. It reflects one of lime and another of sand: I am moderately happy, but certainly open to change. And 40% of users use fully digital channels to trade financial products and services . The digital transformation in the banking sector places the customer at the center of the entire operational strategy : it is he who must set the direction of change based on his behavior and needs. This forces banks to design personalized experiences for each user, regardless of the channel they use to manage their financial operations.
This is moving towards a complete omnichannel experience in which the physical branch network is seamlessly integrated with digital services. They are not alternative channels, but complementary, since they share the ultimate goal of acclimatizing to new forms of consumption and thus promoting new sources of income. For this, a website optimized for SEO and usable, in addition to being safe, is a fundamental piece of the gear .Digital transformation for the banking sector is a challenge and an opportunity
3. Adopt technological solutions to advance digital transformation
Connectivity and new systems must not only shape the front office for a better user experience, but are also called upon to transform the operational structure of the back office . Investing in new tools and training for staff is essential to automate and simplify processes : digitization must reach all areas of the entity.
The main technological areas that are leading the digital transformation in the banking sector are: Cloud Computing: Traditionally, banks have kept their databases on their own servers, but a trend is being observed to use information storage functionalities in the cloud. The main reason is the flexibility and agility that this technology offers, as well as lower costs . However, for this to settle definitively, they are working to make cloud computing systems 100% secure.
API (Application Programming Interface):
APIs are used to enable systems to communicate with each other through a set of codes and specifications. The objective of API development in the banking sector is to adapt its services to digital environments through greater data integration . These are often fragmented and stored in different systems, something that complicates the efficient handling of the information. Enabling mobile payment is an example of the digital transformation in the banking sector
Enable new forms of payment:
The evolution of payment methods is leading more and more consumers to use mobile applications, wallets, wearables and other systems to make their purchases. Rapid innovation in this area has led to more advanced regulations at the European level. The PSD2 Payment Services Directive is called upon to regulate electronic payment services in the EU so that transactions take place in secure digital ecosystems.