Digital Transformation of Retail Banking

Digital Transformation of Retail Banking

Digital Transformation of Retail Banking

A number of factors, such as changing customer behaviour, multichannel adoption and globalization of businesses, have triggered the digital transformation Retail Banking. Consumer oriented technology has rapidly and dramatically given rise to a number of challenges and opportunities in the banking sector. Customer relationships with banks have evolved expectations today in terms of both products and services. Banks are today pushed to deliver to the demands of the self-directed customer and enjoy the benefits that come along with the change.

It is a universally accepted fact that customers today are moving towards the adoption of digital applications every day. This makes it essential for banks to keep pace with changing online customer behavior. This can be achieved by developing multichannel solutions and being available anywhere at any time. Customers are today categorized into branch lovers, multichannel users, and ATM/Card users. Banks are in the process of digitally transforming customer experiences to reduce costs and increase revenues. The quicker, the better!

What Customers want from Banks Today

  • Anytime and anyplace quick access to their bank accounts and balances and the ability to complete transactions efficiently.
  • Quick resolution to queries.
  • Offering wealth management advice on where to invest and where to pull back.

Digital Transformation Trends in Retail Banking

Multi-channel approach:

Multi-channel strategy ensures delivery of seamless customer experience. It creates a unique banking experience for each customer. This strategy has to be applicable, from the simplest of transactions, such as opening an account to wealth management, for banks to stay ahead in the competitive market.

Service Simplification: As fundamental as the term sounds, reality has been quite the opposite. Customers do not want to spend time or experience delays in the execution of transactions. The world is getting increasingly tech-savvy and the need for completing banking transactions swiftly keeps growing. Maintaining simplicity, while achieving such goals, is a complex task. Mobile apps and responsive websites are brilliant ways to reach closer to the objective.

What can Digital Transformation offer

Single Window: Speed and efficiency are the buzzwords in the retail banking sector today and single window operations go a long way in achieving it.

Analytics: Big Data helps in the integration of unstructured bits of information and in collating them to create an efficient dashboard that does not just give an insight into customer behaviour, but also identifies ways and means of controlling and reducing costs, while increasing revenues.

Digital transformation in the world of banking has made the one-size-fits all philosophy obsolete. This has helped banks evolve from their traditionally complex setups to simple, cost effective, and customer-focused entities.