The advent of technological advancements in the digital age has pushed several sectors to the edge, compelling them to adapt or risk being phased out. Among them, the banking sector has had to accommodate fluctuating technology trends and growing user expectations. Meeting consumers “where they are” has become a strategic necessity for banking institutions aiming to stay competitive in a technology-driven landscape.
Shifting User Expectations
Today’s consumers are constantly exposed to emerging technologies, molding their expectations in the process. They crave for smooth, prompt, and intuitive interactions with their banking service providers. Deliverables that were once classified as luxury or added-value services are now considered the baseline expectation. Whether it’s through the implementation of digital assistants or voice recognition technology, the banking sector must match these user expectations to uphold customer satisfaction and loyalty.
Emerging Technologies: Productivity Gains Through Automation
In the first phase of digital disruption, productivity and efficiency are significantly bolstered through voice technology, transforming processes previously managed through human conversation or keyboarding. This substantial gain in productivity encourages banks to continue adopting innovative methodologies. For instance, Artificial Intelligence (AI) can streamline and automate repetitive tasks, freeing personnel to concentrate on more strategic tasks. Our firm, Isotropic Solutions, is experienced in developing cutting-edge AI strategies and integrating these solutions using advanced MLOps.
Business Process Redesign: Traditional to Digital
As banks progress past the initial phase of digital transformation, traditional banking practices will warrant a complete overhaul. Process redesign in this phase encompasses combining various aspects of banking, such as AI-based credit decisions, accurate risk assessments, and digital payment methods. Concurrently, it also encourages the use of services like Isotropic’s Big Data Processing and Analysis, which would turn raw data into meaningful insights and allow for more informed banking decisions.
Business Model Transformation: Evolution of the Banking Service Model
The final phase of this innovative evolution witness the change in the entire business model. Much like how the internet displaced print Yellow Pages or Uber/Lyft revolutionized the taxi industry, banking institutions could be looking at a similar, widespread transformation. This could manifest as anything from the shift towards a more Cloud-centric service model to the utilization of Robotic Process Automation (RPA) for automating processes.
This potential transformation presents an opportunity for Isotropic Solutions to work with banking organizations. Our core competencies include Cloud Migration and Optimization, Security as well as Advisory Services. These capabilities position us as the perfect partner to support banking institutions as they navigate the challenging yet rewarding path of digital transformation.
Main Takeaways
With constantly evolving technological trends, it is inevitable that consumer expectations follow suit. The banking sector needs to constantly evolve and redesign its processes, meeting consumers “where they are”. Banks should be prepared to adopt emerging technologies such as digital voice assistants, AI, and RPA to improve service delivery. Most significantly, the entire business model is prone to undergo a significant transformation to accommodate these changes.
This poses a challenge for most banking institutions but also offers a phenomenal opportunity for growth and increased efficiency. Partnership with Technology consulting firms like Isotropic Solutions can provide valuable assistance in this digital transformation journey. With our suite of services, we aim to guide banking institutions through this era of disruption, helping them thrive amidst rapidly changing consumer expectations and technological evolution.
