How does technology transformation go for the banking industry? So here are a few examples of digital transformation applications for this industry.
Examples of Technology Transformation Applications in the Banking Industry
To be able to better understand the market and the customers, banks collect a lot of data. For instance, in a centralized database. This database is not always easy to analyze and use. Because it is stored in a central location and stored in a form that is not very accessible. The solution to this problem is to apply data warehousing technology.
After using data warehousing technology, banks can then further analyze the data stored in the warehouse. Banks can then also use data mining techniques. For instance, to find out trends in customer behavior so they can better serve their needs.
Automated Processing System
Bank transactions are becoming increasingly complex. So it’s time to automate many of these processes. By doing so, we can lessen human error and process transactions faster. This will also free up employee time for other tasks.
Mobile Banking Application
The first step of digital banking includes the development of mobile banking applications for customers to access all their bank accounts on the go through their mobile devices or tablets instead of having to visit their bank branch or office every time they need to check on their accounts or make some transactions.
Social Media Monitoring Tool
Social media monitoring tools are used by banks not only to monitor the social media activity of customers but also their competitors, industry experts, etc., so they can better understand what people think about them online and how that may influence their business decisions.
Computer-Aided Customer Service (CACS)
With CACS technology, bank customers can do most of their transactions without having to go through human interaction, which will make all these processes more accurate and faster than before.
Banks can also use chatbots to provide customers with basic information and services. The advantage of using chatbots is that these software programs can handle more requests and at a faster speed than human employees.
Automated Underwriting Solutions
Underwriting is one of the most time-consuming tasks of the banking industry, but with the help of automated underwriting solutions such as robot-advisors, it makes the whole process very fast and accurate. Robo-advisors can help banks analyze large volumes of data quickly and accurately to determine if a loan applicant qualifies for a certain loan or not.
Online banking is one of the most applied digital banking solutions. This technology makes it possible for all bank transactions to be conducted without having to go to the physical bank.
A digital wallet is an electronic payment system that allows consumers to make purchases online, offline, at home, or on the go using their smartphones or other devices.
Mobile payments solutions allow consumers to pay using their smartphones at brick-and-mortar locations, online, or via social networks. This type of payment can be used by customers for virtually anything they may need.