Digital transformation in banking

Providing digital transformation services for banks and financial organizations since 2011.

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. 

Workflow automation

AI-fueled banking solutions and chatbots will help automate routine and manual shop floor operations, allowing for better use of human and financial resources and increasing the organization’s productivity. 

OPEX reduction

When the lion’s share of pipeline tasks is entrusted to machines and cloud-based software, the need for human personnel and bank branches plummets, which spells fewer expenditures for the bank and transition to a branchless model. 

In-depth customer insights

High-end analytics tools enable banks to process tons of customer-related data and expose trends in client behavior, needs, and preferences. With such data at their fingertips, financial organizations will initiate a transition to cognitive banking by launching targeted campaigns and offering customized services and products.  

A sharp competitive edge

Pushing the technological envelope with their high-tech-driven services allows banks to offer a unique value proposition to their customers and thus leave their rivals in the niche far astern.  

Improved risk management

Modern banks are hard put to protect their assets and customer data and forestall all kinds of financial crime. With efficient security mechanisms and tools in place, financial organizations can detect and prevent fraud, repel penetration attempts, avoid system compromising, observe regulatory compliance and money-laundering legislation, minimize non-performing loans, and more. 

Augmented customer experience

This is the crucial boon and the ultimate mission of digital transformation in banking. Financial organizations introduce technologies in their internal pipeline and client-facing activities to guarantee seamless customer experience, create omnichannel customer engagement across multiple touchpoints, step up the level of services they provide, and satisfy all consumer needs.  

About DICEUS

2011the year DICEUS was established
130projects delivered successfully
8offices around the world
GlobalDelivery Center in Poland
250full-time tech professionals
100IT services available

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. 

Cloud architecture The competitive cloud architecture we offer suits both private and public cloud types. It is based on the microservice model and hinges on parallel asynchronous distributed processing and distributed data storage. To ensure the efficiency of the model, we utilize message brokers (Apache Kafka, RabbitMQ), BPM engines (Camunda, Activity), stream processing frameworks (Apache Spark, Apache Storm, Amazon Kinesis Streams), relational SQL, documentary, NoSQL, and distributed database engines.  

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. 
Banking Engagement Platform (BEP) It functions as an e-marketplace where customers can receive a wide array of specialized services (banking, payment, financial) as well as auxiliary non-banking ones (insurance, currency exchange, legal, real estate, and more). This approach is called Banking as a Platform (BaaP) model, whose ultimate goal is to create and maintain a virtual one-stop-shop where customers can quickly and efficiently solve all their finance-related problems quickly and efficiently.   

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. 

FAQ

What is digital transformation in banking? 

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. 

What is digital finance transformation?

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. 

How banking digital transformation is affecting bank branches? 

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. 
 

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