Few industries have been more affected by digital transformation than financial services, with the digitalization of finance becoming a part of our daily lives.
A new report from BSA’s Digital Transformation Network explores how the digitalization of finance has impacted every part of its sector. The full report can be found here.
The report explores how digital tools have expedited transformation through three key areas: businesses, customers, and regulatory compliance.
Digital Benefits in Financial Services
Banking is more interconnected than ever, and the digital tools that allow companies to take data out of silos and utilize powerful analytics or artificial intelligence to surface insights has transformed the sector at a macro level.
Those insights help to surface customer information and build confidence in banking by better identifying suspicious transactions or fraud. Technology has given rise to fintech products that help to democratize access to financial services, and they also help financial institutions enhance accountability for sustainability, compliance, and governance initiatives across large organizations in a complex industry.
Personalizing the Customer Experience
Software-enabled tools in banking are a game changer for banks, who have traditionally relied on impersonal marketing to customers and can now better tailor offerings to meet customer needs. BSA members have developed tools that reflect customers’ needs in real time, allowing banks to analyze and act on data to create better results.
Digital transformation has also improved the customer experience by, for instance, allowing parties to digitally sign paperwork, meaning increased accessibility to opening a bank account, setting up a mortgage, and making international transfers.
Online Businesses Harness Digitalization to Help Marketing, Payments, and More
Software enables real-time visualization of financial information and other customizable dashboards allowing companies more focus on operations. With the consolidation of communication channels, companies are also able to work more efficiently and document information more accurately.
The additional data from customers’ daily activities has also allowed companies to integrate financial services into customers’ lives including payment options and processing online orders.
New Technologies Drive Financial Progress
BSA members and their services can play an active role in reaching broader financial health and inclusion. Because of digital transformation, financial services are now accessible to anyone who has a connected device.
Read the full report here. Questions? Contact me.
