Embracing Digital Transformation: How Smartphones and AI are Revolutionizing Banking
With the rise of smartphones and the app economy, coupled with the COVID-19 pandemic, an increasing number of people are choosing to conduct their financial transactions online. The change is also making it possible for banks to collect more data, which leads to better, data-driven insights and increased efficiency in credit risk management and customer acquisition. Banking institutions must understand, nevertheless, that digital banking offers more options than only online and mobile banking. Their customer base is larger, and they can accomplish more with the aid of a digital banking platform.
Personalization made possible by the omnichannel features of
the Digital
Banking Platform, which assist banks in facilitating customized
conversations across many channels, including voice, web, and mobile, is one
such factor encouraging the adoption of the platform. Building and maintaining
connections with customers requires banks to provide the appropriate product at
the right time to meet their unique needs. A complex and sophisticated DBP can
meet the demands of the bank as well as the consumer by integrating with a
range of financial services.
Because of this, a number of banks and other financial
organizations are collaborating with financial technology companies to take
advantage of blockchain, RPA, and AI/ML capabilities and obtain a competitive
edge by reducing operational overheads. Blockchain technology and digital
banking platforms supported by AI/ML are empowering businesses to build
customer journeys with ease and allowing banks to use identity verification
methods. RPA is used by Digital Banking Platform to optimize end-to-end processes,
remove labor-intensive tasks, and enhance customer experience.
As a result, banks and financial institutions will be able
to provide individualized services, attain the highest STP rates, and promote
increased marketing. Banks are continuously investing in technology and working
with RegTechs in addition to collaborating with financial technology providers.
This is done to maintain regulatory compliance and reporting, identify
fraudulent transactions, and fight identity theft.
The impact of digital technology on banks' operations is
another factor to take into account as it has the potential to save a
significant amount of money. Financial institutions will keep investing in
cutting-edge CX technologies and digitizing their business models in light of
these shifting priorities. Digital
Banking Platforms, however, will always be a crucial component of a
company's client interaction plan.
"A platform that digitizes banking operations that
includes digital onboarding and lending, deposits, withdrawals, transaction
management, wealth management, deposits, and fund management," according
to Quadrant Knowledge Solutions, is a digital banking platform that enables
banks to offer customers a seamless and cohesive banking experience that is
intuitive across all digital touchpoints, including mobile, online, kiosks,
wearables, and ATMs. Financial institutions can use the platform as a framework
to take complete control of their digital strategy, make changes, and
streamline some parts of their banking processes across all platforms and
devices. Customers can also simply manage their accounts, make transfers, and
keep an eye on their financial situation in real time thanks to the site. In
addition, the platform makes use of predictive analytics and AI/ML to promote
tailored client interaction across many digital touchpoints.
Banks are using IoT devices to get context-aware results so
they can provide customized pricing and suggestions and enhance the client
experience. Banks are able to provide personal financial management services
and facilitate payment execution through smart wearables by using data obtained
from customer-owned IoT devices. The usage of AI-based chatbots to help
consumers with banking operations and question resolution is another trend.
Customers can use these chatbots to assist with routine banking tasks including
paying bills, transferring money, monitoring their financial situation,
changing their passwords, and applying for loans. Finally, the integration of
AI, ML, and big data analytics will facilitate the development of a highly
customized customer experience, enabling banks to provide pertinent financial
services while concurrently enhancing customer engagement and loyalty,
augmenting revenue, and stimulating cross-selling.
Key questions this study will answer:
What is the current state of competition in the Digital Banking Platform
market?
What is the market share held by major vendors in the
market?
What are the key competitive dynamics in the global and
regional markets for Digital Banking Platform?
Who are the leading vendors in the global and regional
markets?
How do different vendors compare in terms of their offerings
of cloud-based versus on-premises solutions?
What competitive factors impact the market positioning of
different vendors?
What are the relative strengths and challenges of the
vendors operating in this market?
How do different vendors position themselves competitively
across customer segments, from SMBs to large enterprises?
Vendors covered in this study:
Backbase, Bottomline Technologies, BPC, Coconet, Codebase
Technologies, CR2, Data Center Inc, Edgeverve, Finastra, Fisa Group, Fiserv,
Intellect Design Arena, Kiya.ai, Mambu, Oracle, Sandstone Technology, Sopra
Banking Software, Tagit, TCS, Temenos, Thought Machine, Ultradata, and
Veritran.
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