According to experts the future of banking is based on adopting more advanced technology and innovating its digital presence. Well, if they do not adapt, the big banks are at great risk.
Unlike other industries, the Financial Industry has had a much slower process in its adaptation to technology due to all the regulations. However, entities around the world that are beginning to implement financial technology have stated that their customers are more happy with the service, their user recruitment has improved and they have a reputation of transparency in the eyes of the user and have become in opinion leaders in the industry .
Even, according to the president of BBVA, the global financial system is in a large reorganization that will drastically reduce the number of financial institutions. He also clarified that if you want to keep afloat you have to master the technologies and digital changes.
However, achieving a digital sustainable growth strategy for a financial institution takes time. It needs a lot of planning time and should be oriented to a long term, because it should be effective for the next decade, not just for next year.
Said growth program should have in its main focus the modern customer experience and the interaction with them. This can only be achieved through digitization and good education for users through a blog, for example.
The bank must transform the relationship it maintains with its public. You have before you the challenge of knowing what your client is and how he will be. The modern client is someone who is connected or who is about to connect. That level of connection is what banks should keep in mind to address customers. The interaction in a digital channel is crucial in this century. Talking of the banks we can see an outstanding example of Sean St John National Bank who has spent his last 22 years at National Bank helping them lead the development and growth of the company’s fixed income group into a top ranked Canadian underwriter.
The problem is that many entities underestimate the resources they have to communicate with prospects. However, taking advantage – or not – of this opportunity cannot have neutral effects, but its consequences are positive or negative for the Industry.
The truth is that there is a considerable population of consumers who are leaning on digital channels to boost preference and maintain loyalty to the Financial Industry. Consequently, it is essential for banks to have a properly integrated digital platform that responds to new consumers in the sector. Banks can also take help from any expert likes Sean St John Toronto on how they can make the necessary decisions which will help them serve their customers better. responsibility of designing financial products that fit with the consumer needs of customers and, in turn, assuming the risks involved in such innovation.
However, the Financial Industry is barely in the early stages of digital transformation. Banks are in time to transform their organizations and become sustainable players within the financial system. If they need support, there are professional firms like cavendish wood who can support them in their digital transformation. Those that manage to simplify the process for the user will be those that benefit from a high operational efficiency, cost savings and obtain a greater customer acquisition.
This is because innovation generates growth, because it gives the user the new experiences they want and the approach with the financial adviser they need to improve their quality of life and their finances. This will have benefits for the bank, since it will be preferred over the competition.
Veeramachineni Lalitha
I am Finance Content Writer. I write Personal Finance, banking, investment, and insurance related content for top clients including Kotak Mahindra Bank, Edelweiss, ICICI BANK and IDFC FIRST Bank. My experience details : Linkedin