Refurbishing Commerce with the Digital Formula

Refurbishing Commerce with the Digital Formula

By CFO Tech Outlook | Thursday, June 06, 2019

FREMONT, CA: Financial services are featuring the blissful era of digital transformation. Industries embrace the opportunities that Artificial Intelligence(AI), Machine Learning (ML), and robotics give by making a difference in the everyday functioning of these sectors. Financial services, too, are facing the crisis of trust with PWC reporting, where consumers have lost faith in the industry. Banks are now increasing IT spend and are automating business processes through AI. Many banks realize that digital transformation is primarily about making customers happy, while systems and workflows take the side stage.

Customers prefer interacting with the advisor of banks remotely via digital channels. Customer behavioral change is opening doors for a unique breed of fintech disrupters who are eager and expecting to win market share and customers. Customers expect a digital transformation in financial services. Disrupter banks give customers the innovation they crave for as banks have prioritized user experience. Every point of contact for customers is now digital. To gain the confidence of the customer's financial services, companies follow a tech suit. Traditional financial services organizations can win back favor with entitled consumers.

Check out: Top Banking AI companies

Customers are very well aware of the fact that how valuable their data is for the banks in the post-GDPR world. Customers expect appropriate advice and product information accessible at their fingertips that can be accessed easily by them. They expect banks to notify them of the best rates to suit their financial situation. Banks outshine their competition with the opportunity big data provides. Migrating data to a cloud platform offers a 360-degree view of every customer, which shows banks where a higher level of service can be provided, creating more value.

Another viewpoint of the customer experience that needs to be improved is flexibility. It is vital to give customers the freedom to access and manage finances. Consumers expect to perform transactions anytime, and anywhere and seamless omni-channel experience will meet this demand. Banks and financial services are responsible for ensuring accounts are quick and easy for customers to access. With the fundamental changes to the industry, customers want to bank with trustworthy companies. They demand individual banking advice and insist on full control over their finances. Digitalized financial offerings can build a much brighter future for customers.

 

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