Digital Transformation: The impact on the Banking System

According to an article published in Forbes Magazine, digital transformation is the realization pivot of international market globalization and the worldwide economic system. Renovation, synonymous with transformation, is the Trojan horse to access competitiveness in terms of costs and revenues. 

The actual banking system offers rare, updated, and truthful analytics instruments to enhance your investments and rates control, financial consultants admit – putting the customer at the center stage. The financial sector constantly changes, an area of constant technological innovation serving the client.

In the last few years, to respond better and quicker to the client's needs, financial institutions have sped up digital transformation. The technological innovations - generated by companies such as ebankIT - appeared as solutions to the financial institutions' customers' needs.

Generations who grew up in a technologically evolved world lead us to customers who are always connected, with habits and demands different from the previous generations. Financial institutions have new requirements - proximity, convenience, and mobility are now differentiating and decisive factors. More than half of customers use digital channels for their banking services. The use of credit cards, payment applications, and online banking increased. We are a much more agile and fast society where time is an asset.

To retain customers and attract new ones, financial institutions need to respond to their needs and provide them with an excellent user experience. To achieve this, offering effective omnichannel structures with a great user experience is essential! With the customers' digital habits acquired recently, financial institutions must speed up digital transformation - experience must be the focus.

The recent events taught us that disruptive innovations change everything considered normal and guaranteed without previous advice. We believe that omnichannel will be an increasingly present issue and that the experience in the interaction felt by customers will be essential, regardless of the channel. More than ever, the customer will be a priority, at the heart of the experience - the organizations that realize this will be at the innovation forefront.