The age of traditional banks is rapidly drawing to a close. High-tech-resistant and paper-reliant brick-and-mortar institutions live on borrowed time. Why? The dynamic digitalization of most spheres of our lives spells the demise of businesses that ignore the current civilizational trends.
Modern people use state-of-the-art technologies and devices to study, work, shop, and have fun. So, there is no reason why getting financial services should be treated otherwise. They want to be able to open an account, make payments, manage their finances, and do other operations via their gizmos wherever they are and whenever they find convenient. Given the ubiquity of mobile devices, digital transformation for banks is not an option but a necessity.
Like any other revolutionary endeavor, bank digital transformation isn’t that easy. The successful outcome of the process crucially depends on a well-thought-out digital banking transformation strategy. While mapping out this digital transformation strategy for banks, it is essential to be aware of the obstacles that organizations in the industry are likely to encounter.
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Challenges of digital transformation in banking
As a seasoned vendor specializing in developing software products for banks and providing banking digital transformation services, DICEUS knows this domain inside out and realizes well the pitfalls and bottlenecks that await financial institutions in the process of digital banking transformation.
Benefits of digital transformation in banking
Having delivered multiple fintech products, we know the advantages digital transformation can bring to banks and financial organizations.
Driving digital transformation in banking: How DICEUS can help
We offer two basic concepts that can help your financial institution embrace digitalization and enter the digital banking market.
By opting for our solution, you can smoothly and incrementally migrate all professional legacy products, databases, and components to a new target environment and obtain a highly adaptable, scalable, and survivable IT system to let you excel in the pipeline tasks your organization fulfills.
Our banking digital transformation services
Drawing a bottom line
In conditions of accelerated technical progress, the vital importance of digital transformation is evident to organizations across all industries, and the banking sector is not an exception. By going digital, financial institutions will enter the digital banking market, cut down on operational expenditures, automate their pipeline, improve risk management, step up data analytics, increase competitiveness, and augment customer experience by personalizing their services.
However, the successful digital switchover in banking faces several challenges. The most serious ones are the considerable cost of implementation, the internal resistance of stakeholders, the lack of digital competence among personnel, outdated software banks currently use, the rapid pace of IT advancements, and formidable security threats.
You can essentially mitigate these challenges by hiring a seasoned team of IT professionals who will perform your bank’s digital transformation, enabling it to stay abreast of the current trends in the industry and taking its efficiency to a new level.
This is a complex of measures aimed at introducing high-tech initiatives and products in all areas of banking operations. The major outcome is the creation of a state-of-the-art digital ecosystem comprising a network of digital platforms, channels, portals, apps, and tools that will provide a seamless banking experience for the clientele and satisfy all their consumer needs in this domain.
Digital finance transformation boils down to modernizing financial services to make them more efficient and accessible. It covers all high-tech innovations that can enhance customer experience in the niche, including mobile banking, digital investment companies, digital payments, paperless transactions, blockchain solutions, AI-powered products, and more.
Any brick-and-mortar outlets will see the diminishing of their relevance as customers increasingly embrace self-servicing and digital interaction with financial institutions. However, bank branches will still exist as primary venues for providing localized and personalized services, such as being a delivery point of financial products (like foreign currency), a place for furnishing detailed information on the scope of services offered by the bank, a channel for distributing product packs (for instance, mobile phones with bank apps installed), etc.