Importance of data and digital transformation in retail banking
Posted: Tue Jan 21, 2025 10:49 am
Find out why digital transformation is a priority for most retail banks.
The financial services sector in general and retail banking in particular are undergoing dramatic changes as a result of changing customer behaviour, increasing expectations, channel proliferation, disruption and adoption of new technologies.
Cost reduction , top -line growth and risk mitigation remain key drivers in retail banking.
Digital transformation is a priority for most retail banks , but reality shows that there is still quite a bit of work to be done and data can be very important to support this process.
The need for change in retail banking
Especially in this sector, banks should refocus their actions. Why are these linkedin database so necessary? Here are some reasons
It is essential to understand who the customer is and what their expectations and needs are . These can vary significantly over the years.
Millennials expect much more from providers ( omni-channel experience , across all possible media and channels, real-time processing and mobile technology in all services).
There is a need to be more competitive and efficient. Banks are looking to reduce costs and improve services by using new technologies, including Blockchain, artificial intelligence and machine learning .
Complying with regulations effectively and efficiently remains a primary objective.
We are moving towards a cashless and contactless society . This is putting pressure on banking infrastructures to develop new types of contracts.
Importance of data in digital transformation
Banks, which until now could be considered mere "service providers", are becoming more than just "business partners". Digital transformation is pushing them to change their business model . This change would include:
Placing the customer at the center of the business :
Consumers
Great estates
Small and medium-sized enterprises
Corporations
Other financial services institutions
Manage value-added services digitally , to
Reduce costs.
Improve service delivery and encourage self-management.
Support advisory services.
Enable new data services.
Digitize the supply chain , directly related to
Connection with the client
Improving process automation.
Delivery and service of antique products.
Ability to provide personal and direct service, whenever and wherever needed.
The changing role of branch and account managers.
The importance of data
For the banking sector, its main asset is data . But it is precisely in this that all the difficulties when it comes to carrying out digital transformation converge. This transformation and the correct management of this data will represent its greatest challenge, which will make the difference. Some of the challenges to overcome are:
The financial services sector in general and retail banking in particular are undergoing dramatic changes as a result of changing customer behaviour, increasing expectations, channel proliferation, disruption and adoption of new technologies.
Cost reduction , top -line growth and risk mitigation remain key drivers in retail banking.
Digital transformation is a priority for most retail banks , but reality shows that there is still quite a bit of work to be done and data can be very important to support this process.
The need for change in retail banking
Especially in this sector, banks should refocus their actions. Why are these linkedin database so necessary? Here are some reasons
It is essential to understand who the customer is and what their expectations and needs are . These can vary significantly over the years.
Millennials expect much more from providers ( omni-channel experience , across all possible media and channels, real-time processing and mobile technology in all services).
There is a need to be more competitive and efficient. Banks are looking to reduce costs and improve services by using new technologies, including Blockchain, artificial intelligence and machine learning .
Complying with regulations effectively and efficiently remains a primary objective.
We are moving towards a cashless and contactless society . This is putting pressure on banking infrastructures to develop new types of contracts.
Importance of data in digital transformation
Banks, which until now could be considered mere "service providers", are becoming more than just "business partners". Digital transformation is pushing them to change their business model . This change would include:
Placing the customer at the center of the business :
Consumers
Great estates
Small and medium-sized enterprises
Corporations
Other financial services institutions
Manage value-added services digitally , to
Reduce costs.
Improve service delivery and encourage self-management.
Support advisory services.
Enable new data services.
Digitize the supply chain , directly related to
Connection with the client
Improving process automation.
Delivery and service of antique products.
Ability to provide personal and direct service, whenever and wherever needed.
The changing role of branch and account managers.
The importance of data
For the banking sector, its main asset is data . But it is precisely in this that all the difficulties when it comes to carrying out digital transformation converge. This transformation and the correct management of this data will represent its greatest challenge, which will make the difference. Some of the challenges to overcome are: