Digital Banking to Help Banks Move Away from All-In-One Solutions
On the wake of digitalization, banks and service vendors are resorting to business process associations to help them adopt the latest digital capabilities. To advocate this fact, NelsonHall conducted a survey on banking industries and named it ‘Next Generation Digital banking Market Assessment.’ The survey was used to file a report revealing that banks and vendors are undertaking projects including open banking and real-time payments, to leverage the best out of digitalization and revamping customer experience.
With the potential to amend the operation schema of the banking industry, latest technologies have taken over traditional all-in-one solutions. As vendors and products continue to assimilate in the markets, digital banking solutions seem the best poised solution to manage them.
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These digital solutions, besides managing vendors and products, help banks to mitigate poor revenue growths and develop economies of scale. Moreover, the survey found out that there is a need for banks to increase their customer bases in order to reduce expenses, and they also need to drive more value from the customer base using latest technologies. The survey also analyzed how the changes in buyer requirements are reinventing the digital transformation of banking industry.
For banks to serve their digital customers in a better manner there is a need for them to stay in touch with the market, focus on customer expectations and priorities, and optimize authentication and privacy technologies in the most user-friendly ways. To do so, banks must incorporate lightweight technological changes in their business processes and deploy tools like e-forms, and workflow systems to enhance the digital aspect of banking.
Andy Efstahiou, the author of the report, and director of NelsonHall’s banking research practice mentioned, “While digital banking services vendors have created new functionality, much of it proprietary, looking ahead we expect services vendors to focus increasingly on creating ecosystems of technology vendors and consumers. How vendors balance between participating in these ecosystems and generating proprietary IP will determine their long-term success.”
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