The Rise of Digital Bank

Banking and financial institutes have been struggling to join the digital disruption over the past couple of years. Although most of the traditional banks offer their customers high-quality websites/ mobile apps, a truly digital experience is not merely an additional feature but a fully integrated digital experience in which customers use their smartphones or tablets or the Internet to do everything from opening a new account and making payments to resolving credit card billing issues without ever setting foot in to a physical branch.

Consumers across the globe are demanding this digital change with many consumers willing to switch to a more digitally enabled bank. The continuous customer pressure to have all their banking information and operations available at their fingertips have paved the way for banks to take up the challenge of being digitally present. 

Globally, banks and other financial institutions are moving towards becoming digitally available. They are increasingly becoming vigilant about web and mobile technologies and how they can adapt to the rapid change of technology and customer needs and have invested heavily in transaction migration, process automation, creating value added products and innovation. In Sri Lanka, a number of leading banks are successfully using digital technologies to automate process, transform customer experience and disrupt key components of the value chain.

Banks can create value for the customers in several different ways through adapting digital strategy:

  • Increase banks’ interaction between the customers, employees and third party service providers, making it easy for them to digitally connect and get services done efficiently.
  • Advance analytics to help banks make decisions regarding their operations and product positioning.
  • Automating low risk, repetitive processes through process applications, mobile apps etc.
  • Build efficient workflows, business strategies and marketing campaigns targeting a specific market segment and customer personas.

Engaging the banks into the digital topic and pushing them forward to advance on this avenue is an extremely challenging process. Banking is a highly regulated industry and there are number of internal complexities that need to be addressed. Banks need to adapt to the more agile culture abandoning the rigid conservative corporate culture to become digitally present. This is where a bank needs a more experienced technology partner who can hand hold and guide a bank through their digital journey.

To follow this transformation, one of the most vital components is the end to end solutions incorporating API management, Data Analytics and customer engagement at the same time.