Bank's Digital Transformation Journey and Strategy

Banking's digital transformation journey involves leveraging technology to enhance customer experiences, improve operational efficiency, and create new business models. This transformation is driven by the need to meet changing customer expectations, compete with fintechs, and respond to regulatory demands. The digital transformation of banks is a critical response to the evolving needs of customers and the competitive landscape. It involves leveraging technology to fundamentally change how banks operate, interact with customers, and deliver financial services. Traditional banks have realized this during COVID period and are undergoing major digital transformations, this helps them to cater to customers need and enhance their customer base as they no longer serve only nearby branch customers, but anyone located anywhere. For this to happen irrespective of volume and size of bank, there must be a digital transformation strategy suited for each bank. This paper would consider the industry standard common issues for research and mistakes made by financial institutions while designing and executing digital transformation strategy and its impact on retail and corporate customers. This paper will also illustrate how technical advancements and business processes should be in sync for meaningful impact on customers and their day-to-day financial needs.

Read more at : https://www.researchgate.net/publication/384728346_Research_on_Bank's_Digital_Transformation_Journey_Strategy