Digital Transformation in Banking Sector: An Insider Look

Digital Transformation in Banking Sector: An Insider Look

digital transformation

Written by Lucia Manetti

2020 has seen the digital transformation of online banking, and if you’re still doing banking manually and in-person, it’s time to make the change. The digital transformation of online banking has been growing in leaps and bounds since the onset of COVID19. Banks have shuttered their lobbies and began their digital transformation final steps to help their customers get the banking services they need and want.

So it makes sense that having a digital transformation solution where you can read informational guides and manuals while working an in-application that helps provide continuous learning concepts about digital adoptions helps consumers feel more comfortable. It also offers corporate digital adopters a way to convert their businesses, new users, into active and knowledgeable digital technology customers.

Please read on to find out how technology improves and streamlines your user experiences as a consumer even when you’re banking. The below offers you an insider’s look into the different facets of the online banking sector as well as how consumers can quickly move forward in learning and utilizing digital transformation solutions.

Digital Transformation and Online Banking

Any business that utilizes new web-based application receives consumer user benefits when they work hand-in-hand with the community they serve when developing, refining, or implementing their apps. It’s incredibly rewarding when new web-based applications can be developed and refined as a self-sufficient app that doesn’t need specialized training for the consumer or business. What’s more, when a company can increase the adoption and use of its enterprise applications by its customers, which means this reciprocal relationship is a win-win business strategy to implement.

Digital transformation involves taking a struggling IT development team that’s trying to meet consumer or business demands and provide them with a well-established digital technology format. Usually, digital transformation will be needed when a bank has technology applications in place that aren’t user friendly or that consumers complain to them they can’t use.

Digital Transformation in Banking

Only 13% of banking executives feel its business is ready for a digital banking ecosystem. Currently, EBANQ Banking Software is being implemented using 100% modular architecture using AWS microservices. EBANQ is considered to be a user-friendly banking software application on a global level. Its e-banking use seems to provide digital technology that’s accessible and self-explanatory that helps answer the uncertainties some banking executives continue to express.

That being said, customers are also a group that can still be particular about what they want and needs from their online banking transactions. There’s still 54% of customers that fear privacy invasion risk as well as information data protection issues when using digital technology. Both the banks and the consumers have concerns that need to be addressed with digital solutions that work.

E-Banking Application Adoption

If a bank is willing to implement digital adoption in its fintech services, its operational costs can be cut up to 20%, just by providing online banking or e-banking application adoption. While the cut in operating expenses is a significant benefit, the reality of it is many people still struggle with technology. Digital technology is something that consumers and banks want to be able to use and have it work for them, but finding their way through the maze of technology operations that best fit their needs can be a struggle.

There is a learning curve to becoming adept using digital technology, but the benefits are unlimited. What’s more, its not just employees that need to implement digital technology in their day-to-day operations; it is also customers. That means both employees and customers will need digital technology training and support to get fully satisfactory employees and customer experience.

That’s because digital transformation initiatives incorporate a user journey when learning and using e-banking software, mobile banking and mobile apps. That’s why digital banking transformation has such a significant impact on financial digitization services. Sometimes some of the best learning tools you can use to integrate successful banking digital transformation are various case studies within the financial service sectors that were implemented successfully. 

Online Banking Applications and Onboarding

Once you have digital transformation strategies in banking implemented, the next step is to ensure the development of online banking applications and onboarding. The accepted average time frame for the onboarding of existing customers is between thirty to one hundred and eighty days. The reason for the thirty to one hundred and eighty-day timeframe is because your objective is to integrate existing customers as protagonists for your onboarding strategy to succeed.

It would be best if you always thought of your customer users as protagonists who have wants and needs that need actions that are correlated with those needs. The digital transformation in banking must be able to put together a user experience and a customer journey that has associated steps and actions moving in unison in a targeted direction. At the same time, you’re the guide for the journey.

The digital transformation of the online banking applications used for onboarding should have a design platform that uses what the customer wants and what the bank needs. E-Banking platforms and applications need to strike the perfect balance of strategy and future direction; the customer isn’t worried about assimilating into their day-to-day financial operations. You’ll find that 66% of customers who have positive experiences with their banks will stay with their financial institution as you begin an online banking user guidance learning application.

E-Banking Platform Onboarding

You now know that your financial institution has employees and customers that will need onboarding training once your digital transformation platform is implemented. Employees and customers of the banking onboarding process will be working in a streamlined technology platform that is concise, brief, and should be transparent. When your bank is creating digital capabilities and modernizing its legacy systems while maintaining a customer and employees’ privacy, security and identity have some training platform options.

It’s essential to move forward with your e-banking platform onboarding as statistics show that less than 50% of financial organizations have a structured onboarding process, and that can lead to only 45% of the bank’s checking accounts generating its expected or reasonable profit. In today’s marketplace, not having an adequate digital application platform for banking employee training or banking customer onboarding means your future losing streams of possible revenue. 

E-Banking Application Training

When you want to ensure your e-banking onboarding and training is working, you need to follow the below listed statistical criteria.

  • You have new customer downloading and installing the mobile application you’re providing in your e-banking application training
  • You can statistically note there an increase in your banks daily or weekly number of account log-in’s by customers
  • You can statistically record that there’s in an increase in debit or credit card adoption rates from your bank
  • You begin to see statistical penetration of customers using the bank’s automatic transfers or alert system.

Finally, you’ll statistically note that more customers are adopting savings bank accounts or other money fund sub accounts through digital applications the bank provides. Your statistical metrics can be tracked and measured in any standard you set up. Many times banks use customer data platforms within their digital transformation strategies. 

Online Banking That’s Simplified and User-Friendly

Digital transformation strategies in banking have a couple of significant objectives, and that’s to reduce customer and employee onboarding and to simplify online banking. If a bank can reduce any online distractions by improving its online banking functionalities, what do they gain? First and foremost, through e-banking applications, the bank gains a way to monitor customer abandonment rates, customer service calls, social media input, and discussions. Secondly, it can statistically measure customer’s in-branch experiences and banks can even discern if the customer is facing any undue banking or financial challenges. 

Almost every banking customer today has expectations of the bank or financial businesses; they are part of it through bank expectations put into practice that they find ways to differentiate services, so it meets the customer’s needs. Banks can deploy strategies by using digital transformation tools and applications, and it all awaits you with just one click.

Your Next Digital Transformation Step Should Be to Try Our Free Demo

When your bank is ready to create or improve its online banking or streamlined technology system for e-banking, there’s a place you can go that will provide you with stellar digital transformation solutions. By scheduling a demo, you open up a world of new digital transformation applications, tools, and customer support. You can target the specialized guidance or direction you seek, and you’ll receive a wealth of support and information that helps answer your questions and empowers your bank.

By providing the employee and user/customer experience a way to interact with their online banking platforms, you are providing a sense of empowerment to both. Digital transformation also provides banks with a way to cut costs and improve revenue. You can take a test drive by scheduling a demo session by clicking the button at the end of the article.

Newired Digital Transformers provides your users with secure installation, user-friendly platforms, flexible installation, and hosting that you determine. Also, Newired Digital Transformers gives you and your customer multi-application support and multi-language services. When you’re seeking a transparent pricing model that offers an easy-to-use trial, you have nothing to lose and a whole lot to gain by streamlining your digital technology.

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