The digital transformation uses digital methods and technologies to help banks create new or improve existing business culture, processes, and customer experience to meet current market and business requirements.
It goes more than just using technologies to improve methods, as it is changing the way businesses are done. Digital transformation can help banks examine their every process starting from their internal systems and extending to all forms of customer interaction.
Businesses have moved past efficiency and digital banking pushes processes that provide better decision-making, give insights, and improve customer personalization and overall experience.
The need for accelerating digital transformation in Banking
Customers today are connected and are regular users of the digital banking era. Most people are connected 24/7 and are increasingly demanding the same level of around-the-clock access with the companies and businesses they interact with banking inclusive. Social media and mobile devices are the main drivers behind this change in consumer behavior.
Digital innovations such as artificial intelligence, cloud analytics, the Internet of Things, and different sensors are changing how businesses interact with banking. The banking companies that get ahead of this trend will be able to deliver a consistent customer experience and not lose them to others.
What you can do with digital transformation?
With digital transformation you can implement the technology across the board to all your processes to get the most of your investment and deliver quality banking services every time. At Maveric, our specialist team will fully analyze your system and integrate new processes with your mobile factory or internal digital teams. Our processes will work seamlessly to add value without affecting your visibility or control over projects. Some of the ways we use digital transformation are:
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- Accelerate time-to-market of banking products and scale up the project capacity while keeping the same level of quality
- Delivering the most qualified candidates to handle project design and execution that needs unique skills across several services and technologies
- Improving innovation across the board and giving you a competitive advantage
- Providing access to subject matter experts in various fields to help monitor trends, train your internal teams, and bridge any skill gaps.
- Implementing an agile framework to lead your digital roadmap and open new opportunities for your team
Our expert team consists of developers, software architects, project managers, engineers, and designers who have an in-depth understanding of banking domain. Their expertise and proficiency can add value in your banking digital transformation and how to implement solutions to bridge the gap. We offer a wide-range of services which include flexible onsite and offsite options to fit your schedule and setup.
Key areas of digital transformation in Banking
In the past few years, there has been a rapid increase in the adoption of digital transformation in the banking sector. One of the key factors in this change is COVID-19 which forced banks to develop innovative ways connect with customers. Here are a few areas that have emerged as the most important for banks:
- Automation: Many banks have explored digital channels to address the rising needs and demands of customers. This has developed manual parallel processes in their framework and help deliver quick-fix processes with logic. There is still a lot of development needed in this area, and banks need to clean up and optimize their automated processes to operate smartly. We will help you brush up on your automation procedures, factor in any policy changes that need reviews, and update them. This will make it easier for your teams to audit and trace your business structure.
- Investing in Better Technology: There is constant development in the digital world, and many banks have had challenges meeting up with these new changes because they didn’t have the system to use it. Moving forward, investment in digital banking should also have the modern technology infrastructure so that when there’s a new process or product, they can easily scale up. Banks focusing on the key areas, including revenue protection, service improvement, and risk mitigation, will put them in a better position to compete with the market and deliver timely products to their customers. They can do this by handling all aspects of business by identifying the high-cost improvement opportunities and key into them.
- Digital KYC: In the past, KYC verification was done physically through paper based approaches which made this process highly cumbersome. Also otherwise known as eKYC, these modern processes are blended with advance customer authentication technologies such as AI, ML, Biometrics etc to ensure 100% security. In the recent times, Video led KYC process has picked its pace considerably owing to COVID crisis. Banks adopting Digital KYC led strategies can get a substantial competitive edge, enjoy lower costs and speed-up customer onboarding, thus enabling superior customer experience.
- Cloud ready infrastructure –As a catalyst to digital transformation, cloud led infrastructure has already captured the mindshare ofevery banking CIO. Accessing or storing the data is much faster and easier with cloud led models. The elasticity and flexibility which cloud offers is quite substantial when it comes to scaling up or scaling down to meet the changing application needs. Undoubtedly, cloud ready infrastructure can bring significant cost savings and the efficiencies that any bank would need to innovate their business.
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The Maveric Difference
We help you #AccelerateNext on your unique digital transformation journey through our various services and solutions that prosper Experience Engineering. Regardless of the shape or form your transformation journey is going to take, one thing is constant, and that is the need for speed. A constant roadblock for many banks in adopting this technology is the fear that they will get it wrong and halt their operations.
Our team is a partner you can trust to help you deliver on the domain, strategy, technology, integration and high velocity execution. We start by analyzing your structure and designing a solution that best suits your needs, and then we continue with the development until delivery.
We also include security testing as a necessary part of your transformation journey, so there are reduced risks in migrating your business processes. As we build your digital transformation framework, security is embedded into it to prevent attacks, block vulnerabilities and restrict access to sensitive information.
Also Read: 2 Ways the Pandemic Affected Banking Innovation
Conclusion
Digital transformation processes have become the norm in the banking sector. Banks need quick solutions to help move this development faster and satisfy the increasing demands from their customers. Maveric is the solutions provider that will collaborate with your business model and use unique digital transformation techniques to keep your customers interested.
Views expressed in this article are the personal opinion of Kishan Sundar, Senior Vice President, Digital Business Unit, Maveric Systems.
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