Page 7 - THE NOTICEBOARD NEWSPAPER EDITION 68 MAY-JUNE 2021
P. 7
May - June, 2021 Page 7
Key Digital Transformation Trends in Financial Services
peaking of popular Automation
practices, there Digital banking automation
Sare plenty of refers to the repetitive
others that businesses tasks that your business can
follow in their question for do automatically. That is
digitalization. If you're with the help of automated
going to follow digital software.
transformation in banking Automation helps businesses
in 2021, you need to know in a variety of ways:
the most up-to-date · Automation increases
trends. The companies with efficiency However, business owners
the greatest success are · Automation decreases have been using it for much
those who can keep up with the likelihood of errors more recently.
occurring
· Automation reduces Customer data contains
operational costs quality information
· Automation is regarding customer
customizable and flexible behavior. This means that
If your business is lacking the business that is using
automation, you'll find that the information can get
you're going to fall behind insights into what the
every other business that customer wants and how
has already picked up on this they make decisions. By
other enterprises.
intelligent innovation. getting this kind of insight,
you're going to be able to
Digitization
Advanced Analytics market the right products
Arguably the most
Another great digital to the right customers.
important trend,
transformation strategy for
digitization can take any
financial services is advanced Blockchain
company from a startup to
analytics. For years and Blockchain is a system that
a success. Transformation
years, businesses have been groups information together
in banking requires a shift
saving customer data to into 'blocks.' This process is
to digital business in all
meet regulatory and extremely helpful for plenty
forms.
insurance requirements. of organizations, including
Digitalization in banking
those involved in financial
means that you need to
services. Blockchain has
shift nearly everything
brought about many changes
online. Moving everything
in the financial services
online will help you target
industry:
today's audience and
· Reduce fraudulent
streamline your business'
activities
tasks.
· Provide transparency
Continue on pg 8
