Before taking a look at digital transformation trends it is important to understand what digital transformation is.
What is Digital Transformation?
Digital Transformation is a process to integrate digital technology into the whole business. Most importantly to do changes; some changes in operating and delivering value to customers. It can be a cultural change that needs organizations to continually challenge the status quo, experiment, and be neutral to failure.
According to John Chambers, Cisco: Almost 40% of all businesses will vanish in the coming 10 years if they don’t try to change their entire organization according to the new technologies.
In this blog, we will discuss the digital technology trends in the term of financial services organizations. Digital transformation solutions can accommodate financial services organizations to improve processes and provide convenience to their customers.
Let’s step towards the trends of digital transformation that any financial industry can adopt to bring big changes.
Top Digital Transformation Trends with reference to Financial Industry
Table of Content
Cloud Computing can deliver through IT services using the Internet. By using this trend financial industries can reduce their costs and increase agility. Cloud services are applicable in various ways such as backup, analytics, disaster recovery, and backup.
Mobile Banking and Payments
Mobile banking is another trend that banks provide for the convenience of customers. Customers can send and receive money easily through mobile payments. For such types of payments, customers need a mobile device such as a smartphone or tablet. Mobile payment types can fall in person, online, or by mobile. According to Statista, it can expect that transaction volume in the Digital payment market can hit $6,685,102 million in 2022.
Refocusing Cyber Security
The world is evolving and using online platforms for every task. So, it become crucial for financial industries to refocus on Cyber security. Cybercriminals are more active than ever; so each company should use this trend to protect customers’ confidential corporate data and personal information. Financial companies are always more vulnerable to cyber-attacks as they withhold the sensitive financial data of their customers. Even they have to overcome growing online fraud. Blockchain is a technology that offers security against cybercrimes.
Block Chain can refer to as distributed database through which a secure, transparent, and tamper-proof transaction can be made. This technology powers digital currencies like Bitcoin. Blockchain is a way used in back-office processes in financial organizations like KYC (know your customer) and AML (anti-money laundering). This blockchain can use by these institutions to create new financial products like smart contracts.
Digital currencies are one of the digital transformation trends created and manage by using blockchain technology. Such type of currency decentralizes i.e. it is not subject to government rules and regulations. One of the most common examples of this currency is Bitcoin. While there are some more names such are Ethereum, Litecoin, and Zcash.
Data and Analytics
Banks consider goldmines of data; having data about the transaction, customer, and market data. This data is valuable if it can use. It’s the point where big data and analytics come in. This data can give an insight into customer behavior; identify trends, and helps to take improved decisions about their products, strategies, and services.
The Internet of Things
This trend includes a growing network of several physical devices that have connected to the internet. These physical devices can range from cars and home appliances to wearable devices and industrial equipment. Financial organizations use this trend to track customer behavior and offer new services like location-based notifications and offers.
The aforementioned digital transformation trends are the important ones for a financial organization. Digital transformation is unavoidable for financial institutions to remain competitive and hold up with new technologies. With the help of these trends, financial organizations can provide improved customer services, increased agility, and reduced cost.
These financial organizations can take help from a digital transformation consulting agency for a successful digital transformation journey.
WebCodeGenie is a sparkling software development company. It is rendering its services with extensive experience in the financial organizations’ field and can understand their unique challenges. Contact us for any future projects!