Digital Transformation In Banking And Financial Services
There are several factors in existence that lead banking and financial services to transform digitally, The prime need is to satisfy consumer demand. The COVID-19 pandemic had already established a decline in branch banking.
At present, there has been more competition from players outside the traditional industry model, and a surge in fintech companies around the world. By their definition, Fintech companies
are built on innovation, with the aim of both enhancing and equipping the financial services sector. Zoondia, being the Top IT & Software Consulting Company understands that in order for organisations to keep up with new players, it’s imperative that the journey towards embracing the digital age happens, and practises be implemented to achieve rapid growth
An EY report generated in 2019 reveals that In comparison to 2015, the uptake of fintech services grew from 16% to 64%. This growth continued till 2020 making 88% growth in investment apps and 49% increase in payment app sessions.
These upshifts had been possible only through the technological enhancements implemented in these sectors. RPA, artificial intelligence (AI), and blockchain are some emerging technologies in the field of banking and fintech. The robust evolution in these technologies can create unrivalled experiences and services for customers.
Artificial Intelligence (AI)
For more than five years now fintech has been surrounded by AI. In fintech, Artificial Intelligence works best with big data and management solutions. Analysis of a Financial institution, creation of insights, And automation in the organizational process like team administration, documentation and client communication, AI will get it all covered.
Nowadays financial institutions are applying RPA to their business management solutions to reduce the amount of used human resources. RPA utilizes robotics to do the works with the help of GUI (Graphical User Interface). RPA will be able to deliver work from simple procedures like(selecting items, sending emails) to complex actions like(creating a report, organizing a database).
Blockchain has been present in the financial sector since 2018. Without making any trending headlines in the market blockchain is still growing and making progressive transformations. To secure financial transactions Many Asian banks have already officially adopted blockchain, European and American institutions are likely following the trend. Blockchain transactions are getting utilized worldwide from Australian CommonWealth Bank to Russian Alfa Bank, meantime some new institutions are getting joined with the trend each month.
In a study conducted, 96% of institutions were aware of fintech money transfer or online payment methods. Increased consumer awareness generated through these technologies will inevitably bring great demand for better services.
Being one of the Best End-to-End Development Solutions providers for Modern businesses, Zoondia possesses in-depth knowledge of the new trends and technologies in the field of banking and financial services.