BFSI IT Summit

Digital Banking

5 Key Drivers of Digital Banking in 2021

Today’s banking sector is witnessing a significant change consisting of an evolving workforce and an accelerated adoption of technologies in business processes. With the digital environment encircling the financial sector, banking services and consumers are expected to go fully digital. As customer demands continue to disrupt functions, the banking sector is keen on adopting agile practices.

Here are some key drivers of Digital Banking that can enhance the Digital Customer Journey

APIs in Banking Ecosystem

Application programming interfaces will be one of the essential key factors to lead financial institutions to connect with other banking sources. In addition, it may help to deliver a broad range of new services to the public. By unleashing this opportunity in the banking ecosystem, the future of digital banking looks bright as it could help deliver real-time solutions and channel sources of revenue.

Frictionless Payment Options

Offering frictionless payment options can also drive the traditional banking system and bring flexibility in payment solutions. This complete revamp in payment options can boost digital banking and thereby enhance the overall customer experience. The payment transfer will be swift, secure, and will be contact less. Such measures will help digital banking in 2021 allow institutions to create virtual versions of their physical credit and debit cards.

Chatbots and virtual assistants

The latest and the newest ones in this list to drive digital banking will be Chatbots and virtual assistants. Powered by artificial intelligence, the future of digital banking will be fully automated. These smart assistants may serve the purpose in every vertical of marketing, from customer support to sales, and deliver efficient, personalized services at a minimum cost. With such capabilities, AI will undoubtedly be a game-changer and streamline banking procedures in a significant way.

Omnichannel service

With a need to satisfy digitally savvy customers and streamline their services, financial enterprises are crafting an omnichannel experience for customers . Owing to unsustainable organizational and operational divisions, they will try to connect the touchpoints to ease the flow of information across channels to ensure that customer interaction isn’t broken. With such tailored banking interactions over the channel, they will deliver their customers with a uniform and integrated experience across all channels.

Digital integrations

Going digital makes customers’ lives easy and implementing digital integration in the banking sector can provide security and cost-efficiency. In addition, this driver of digital banking can ensure the smoothest workflow and the highest quality service across all bank locations. Going digital can also serve to manage services of opening a savings account remotely or setting up automatic payments anytime and anywhere.

Conclusion

To ride this digital wave successfully and prepare for Digital Transformation, every financial institution and bank needs to take immediate steps. First, they need to usher in this trend with a strategic mix of automation, experimentation, and analytics. Then, they should decisively switch gears before they lose touch with their customers and adapt to serve digitally savvy and mobile customers. Witness the rapidly advancing digital banking landscape escalation and enable your enterprises to grow better than ever.

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