Revolutionizing Banking: Impacting the Future

Digital transformation in the banking industry is a comprehensive and multi-layered process that includes and involves every aspect of the bank’s operations. In essence, it automates and integrates different processes so that operations are able to run more smoothly. It is beneficial in many aspects, be it customer satisfaction, data-centric insights, advanced security as well as increased efficiency.  

Let’s take a look at a few examples and see how, a more digitalized platform would help you and your customers. Imagine you’re a young lady in your thirties, being as independent as this day and age allows you to be. One day, on your way to work, sipping your coffee, you crash into a car that is parked in the middle of the highway. You jump out of your car to survey the damage done to your car.  The headlights and hood of your car are damaged beyond recognition.  All sorts of liquids are oozing from it. Your car is immediately towed to the nearest dealer where you then receive an estimate of how much it’s going to cost to bring the car back to drive-able condition. You hear the number and it’s way more than you had anticipated or can afford. You think about calling your bank to check if you can take out a loan. But you worry about how long this would take. What is the processing time for a loan? How much documentation would they need? How many phone calls will you need to make? How many times will you need to visit the bank?  

This is a case where a quick loan process will be beneficial to you as the person who needs a loan as quickly as possible and to the bank looking to sell more of their product. There’s no way either party will be able to achieve their goal without a digitalized platform.  

Let’s look at another example of a young lady in her early twenties. She just graduated from college and got a decent job with an entry level salary. Like any other girl in this age group, she’s highly invested in her looks. When she got a text message one morning telling her that her favorite store was having a huge discount on her favorite brand of make up, she immediately headed there as soon as she was finished with work. A digitalized bank would have been able to anticipate this kind of behavior with their data-centric insights. The data would’ve been available regarding this and similar consumers' behavior. The bank would’ve had the foresight to make deals with certain stores, provide similar customers with related offers that would benefit all concerned parties 

Let’s talk about the story of this man in his mid-forties. He had graduated like any other young man from the school of Engineering. He had started his own business by the end of his twenties. By the time he was forty, about 10 years after launching his company, he was the happy employer of over 500 employees in six different geographical locations around the Middle East. But like any other successful businessman, he wanted more. He wants to set foot in Europe and the America’s, but he didn’t have sufficient funding. He automatically considers taking out a loan from his bank. Now the bank he deals with, had it be using a digitalized platform, would’ve had access to this businessman’s accounts, credit scores, balance sheets and money flows in general. They would’ve anticipated his need and already arranged offers with preferential rates based on his long history with the bank. 

These are just a few examples of so many customer’s banks deal with on a daily basis. With a digitalized platform, you would be able to anticipate your customers’ needs before they even realize that you have the solution to their problems. You would be able to customize your offerings because you have all the insights, like age group, gender as well as socio-economic standard. Not to mention higher customer satisfaction and efficiency of banking staff. This is where it all begins.