TRENDS IN TRANSFORMING BUSINESS BANKING
TRENDS IN TRANSFORMING BUSINESS BANKING

Summary/Abstract: Banking systems and financial institutions are an integral part of an economy. The smooth functioning of these sectors is important for the growth of the economy. Due to the advent of digital technology, banking and financial institutions are undergoing massive changes in the way they work. The advent of financial technology has resulted in the introduction of new technological advances in banking. Fintech companies, internet banking and mobile banking are just a few examples of this change. Banks need to prove themselves by adopting new business models, by increasing their pace and scope of innovation. The bank's products should become digital experiences that go beyond banking, that meet the needs of customers and are embedded in the daily life of customer. Part of this process includes personalized analytical insights, which encourage customer engagement and customer representation and help the bank learn more about customer behaviour and needs. The future of digital banking is not just investing in new technology, but streamlining banks' operations, business models and corporate cultures to create a more customer-centric experience. Banks need to embrace the new possibilities of digital banking while putting the customer at the centre of their new business models. Banks should strive to meet the requirements of corporate clients and small and medium enterprises by digitally transforming critical workflows and improving customer experience. Commercial banks are methodically upgrading and digitizing their technology infrastructure, which is an important step on the road to digitalization, but they are just not over yet and will have to continue to invest heavily. Banks will need to define digital targets to ensure that their technology investments support features such as understanding, responsibility, focus, efficiency and business skills.

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