Evolution of information technology and its adoption in the banking sector has launched a turning point in the way the whole network operates. Latest features such as robotic process automation and open-ledger blockchain systems are examples of the way banks are adopting technological trends. The level of commercial banking is increasing day-by-day prompting top-level companies to compete with each other. The ultimate aim of investing in technology is to become cost-effective in banking operations.
Against the backdrop of globalization, privatization, and fragile economies, consumer expectations are constantly on the rise. Being aware of the current trends, clients demand features such as mobility of investments, interactive access to accounts and sophisticated segmentation of products and services.
Organizations must ensure that a new structural framework focused around intellectual capital and networks must be introduced instead of concentrating solely on the technology. Brick and mortar branches will soon be replaced with self-service electronic channels which will increase efficiency and customer base. Digital e-signature is a new trend in the market that will soon take over conventional methods. It’s imperative that organizations introduce changes within their operations so as to keep up with industry changes and competitors. Redefining business models to maximize resources and deliver best-in-class customer service, is an important step in elevating the status of commercial banks. One can expect an extensive development in the banking sector with a major thrust from information technology.