The financial services industry is trying embrace digital transformation. Some of the major customer-facing institutions have adopted digital as a means of communicating and interacting with customers, but internal processes are still mired in the past.
Almost every business today is going through a process of digital transformation. Companies are investing in digital marketing and the technology that enables them to engage customers and manage internal processes as effectively as possible.
Digital transformation is about deploying technology specifically to realize strategic business objectives. Which is why a wider swathe of the financial services sector is now beginning to perceive the potential of digital to integrate and streamline the entire business process, from end to end, from the mechanics of management to the delivery of products and services that attract and retain the customers on whom the whole enterprise depends.
The era of digital banking, the convergence of online and mobile is definitely upon us. Banking customers continue to try – and like – the latest innovations being offered by their banks and credit unions. And this prompts financial institutions to continue to invest in new mobile banking and payments solutions. For those interested, Mercator Advisory Group continues to conduct in-depth research in digital banking, including a soon-to-be-released Banking Channels report on this topic.
Overview by Ed O’Brien, Director, Banking Channels Advisory Service at Mercator Advisory Group
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