Fintech
Digital Transformation in Banking: Improving CX and Scaling DeFi
Broad prospects for digital transformation in the banking sector were expected this year. In December last year, Provenir Managing Director for EMEA, Frodo Berg, stated that “widespread adoption of hyperautomation and integration of artificial intelligence will further enable financial institutions to streamline their operations, increase efficiency and harness the power of data analytics.”
As we reach mid-2024, traditional banks’ efforts to expand their digital transformation are becoming increasingly evident.
Digital transformation in banking: improving customer experience
According to Confluent’s director of financial services, Peter Pugh-Jones, the first change for banks is to realize that they are “fundamentally data companies: in reality, data is their ‘product’, rather than the agreements they enter into with customers”.
Now it’s about using data in the right way to meet customers where they are. Shilpa Doreswamy, head of banking at GFT UKnotes the impact of hyper-personalized offers that change the expectations consumers have of their financial institution.
It states: “The creation of hyper-personalised customer experiences through the use of artificial intelligence and advanced data analytics to deliver tailored financial advice, offers and customer support across digital platforms.
“Leveraging artificial intelligence and machine learning for data-driven decision making will also become critical. Use cases related to customer acquisition, personalized product recommendations, real-time fraud prevention and process optimization will expand.”
BRD recently shared its transformation journey with FinTech magazine. He began introducing data analytics to maximize existing vast data pools, gradually introducing artificial intelligence to streamline operations and improve customer experience.
“AI is being introduced on a small scale, which means we have a very coherent path to travel, which is the way forward with AI,” says BRD Executive Director for Digital Transformation, Maja Mikic.
Elsewhere, Jasmeet Narang, Chief Transformation Officer and Director of Financial Crime at Santander UK, outlined the the bank’s path towards a digital future. You can learn more in the video below.