JUNE 20248MY OPINIONIN MY OPINIONINDIGITAL TRANSFORMATION IN BANKINGDigital Transformation is anchored on client pain points, gaps in processes, changing customer behavior, need for new solutions to tap into emerging technologies and integration of customer lifestyles and banking.A distinctive customer experience across multiple channels and touchpoints is at the core of a digital transformation. Banks have continued to review traditional products, processes and solutions offered to clients in alignment with the digital revolution era and changing client needs. Over time, client needs have changed, competition in the financial service is cut throat and a distinctive customer experience has become the differentiating factor in the banking industry.Conventionally customers would have to visit the bank branches physically to deposit, withdraw funds or fill out slips for processing banker's cheques or transfers to other banks. This was limited as banks would open 9 to 3 PM. Banks have evolved the traditional services to digital services where customers can transact from mobile banking, internet banking, do online purchases and push funds to bank accounts from their mobile wallets.Banks are involving customers to co-create products / solutions as per customer needs, this increases uptake and market acceptance. Customers feel proud of products they were involved in and become brand ambassadors and organizations have integrated their ERP systems with Banks through business to business integrations which enabled them to process payments, aggregate collections and achieve auto reconciliation of bank statements.Pre-Digital transformation was the period before the widespread use of digital technology in business and society. This period covers the decades leading up to the late 20th century when digital technology started to become more prevalent in daily life. Overall, the banking industry in the pre digital era was characterized by a reliance on physical branches and a manual record-keeping system, which made banking operations slow and inefficient. By Julianna Daudi, Head, Digital & Transaction Banking, Sidian BankJulianna Daudi
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