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The new-age digital evolution

Technology is driving business with connected processes, systems and people. Leading Banks have embraced the digital first strategy to keep pace with the dynamics of the digital world. As banks prioritize operational efficiency and customer satisfaction, digital banking that is easier, safer and more delightful is crucial to improved customer experience. Banks and Financial institutions had begun their digital journeys much before the pandemic, but today the demand for digital banking solutions is at an all-time high. The reasons being they are quick, saves time and most importantly contactless too.
Why the renewed interest in digital banking? Well, two most obvious answers would be
• Covid-19 has triggered an increase in the rate of adoption of paperless and contactless transactions
• Digital banking solutions offer customers a secure experience.
Here’s how digital solutions help banks and financial institutions:
Enable a single customer view: A single view of the customer across front-line employees, marketing, and CX implies integration of back-end systems like core banking with front-end systems like customer relationship management (CRM) and marketing.
Online banking solutions: The remote onboarding process can help customers open account in a day in complete compliance with e-KYC regulations. The digital solutions call for increased integration between front-end, back-end systems for a frictionless banking experience.

Self-service portals, voice assistants, and more offer an incredibly great digital experience for banks and clients, helping the banks with improved CX, reduced costs and reduced complaints.

Banking and industry experts opine that digital banking transactions such as online banking, mobile banking has increased tremendously and this digital shift intends to stay that way.
While convenience is the key force driving this change, secure payment gateways have helped boost up adoption of mobile banking. In the digital banking ecosystem, digital platforms with process automation tools, APIs and technologies such as Artificial Intelligence (AI), Machine Learning (ML), ensure a seamless customer experience.

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