01 Sep Digital Transformation in Banking
Digital Transformation is no longer an option, it has become an ever-increasing necessity. The recent crisis in the global financial sector has led to big Internet technology companies breaking into the financial market and creating new rules of play.
The situation experienced by the banking sector along with its strict regulations implies excessive costs and flexibility requirements, thereby limiting competitiveness. In addition, the new customer relationship channels (apps as oppose to traditional offices), changes consumer decision criteria that seek not only the best financial conditions but also the best possible experience with the option of customization and full control over their mobile interfaces.
Many entities are taking important steps to regain competitiveness and face the inevitable transformation.
Undoubtedly, there will be changes to the current situation; a reduction of the “traditional” banks and the appearance of new players who know how to take advantage of the current opportunities.
To support the current economy and handle new industry trends, new technologies must become a partner for the business and an engine to drive new business lines for financial entities.