The digital transformation in banks and other financial entities became more than something desirable into something absolutely necessary to survive. finnish cell phone company In this article I will present the keys proposed by Jim Marous who is co-editor of The Financial Brand for the success of a digital transformation process in a financial institution. I know that in Latin America most of the major banks are making great efforts and investments to advance on this path, which as I have always said is continuous over time. The key components for a digital transformation process of financial institutions are: Table of contents [ Hide ] finnish cell phone company 1. Banks must use your data and analyze it 2. Financial entities must improve consumer experiences 3. Banks must encourage innovation 4. Financial institutions must take advantage of new technologies
5. Banks must update their systems and processes 6. Financial entities must re-train their collaborators finnish cell phone company 7. Banks must align leadership and culture for the digital future 1. Banks must use your data and analyze it Consumers expect financial institutions to use the information they have about each of us to offer us personalized solutions. Some companies are already doing it with excellent results: Amazon, Netflix and Spotify use their knowledge of us to make their recommendations relevant. Uae Phone Number That is why a successful digital transformation process in a bank must analyze the data and use artificial intelligence to continuously improve the customer experience both in physical and virtual channels. finnish cell phone company It is important to note that many banks use their advanced analytics and artificial intelligence capabilities to assess risk, improve security, and reduce operating costs rather than improve the customer experience.
2. Financial entities must improve consumer experiences According to a study conducted by McKinsey, finnish cell phone company as a result of the pandemic, consumers are increasingly moving away from physical financial facilities using digital channels more and more as digital habits have had a major change. The growth in the use of investment platforms is a clear example of this change. The integration of new technologies, the improved use of data analytics, the ubiquity of mobile devices and new digital applications has allowed us consumers to get financially what we want almost exactly when we want it. We can affirm that digital is no longer just for young people. 3. Banks must encourage innovation Digital transformation in a financial institution cannot be achieved without a culture of innovation. finnish cell phone company Innovation and digital transformation are closely related. The most advanced organizations on the path of digital transformation are also those that are leaders in innovation.