Implementation of digitalization in the banking industry is a strategic goal of the next few years

Implementation of digitalization takes a significant part of the budget

Implementation of digitalization is the main trend of the banking industry. This is confirmed by the fresh analysis of investments of financial institutions in IT-development in 2018. It is reported that in this direction banks have spent more than half a billion dollars, which is 4% more than in 2017.

The main objects of interest of banks were advanced technologies using biometric data. Therefore, the bulk of the money was spent to the creation of devices using the retina, fingerprint identification, as well as service programs.

The market dictates conditions

Competition in the financial market forces banks to spend so much money. Also, institutions are worried that if they can not fully meet the expectations of customers, then they would leave them.

In addition to contributions to security developments, banks think about how to transfer some of the services into an automatic plane. Managers understand that the less often the user needs to come to the Department to perform the operation, the better for all participants in the process. In this regard, Internet banking and programs for analyzing the wishes and needs of customers are actively developing. The data obtained allow banks to provide services and products including characteristics of each person.

Introduction of digitalization as a contribution to the future

Another reason why banks focus on modern technology is the work in prospect. It is obvious that the traditional arrangement of banks and the process of providing services will change over time. Some specialties ill come to an end, and the need for employment, for example, the employees of the call centres will disappear altogether. Why rent an office for them, buy equipment and pay salaries if chatbots based on a neural network can cope with this task?

The fact that the machines will soon partially replace the man is a fact. Do not be afraid or invent scary stories about the rise of robots, because, in fact, it is a natural process of development of technology and society.

What to expect from the introduction of digitalization

Given the above, we can say that in the next few years the minds of the main bankers will be engaged in the implementation of digitalization in the work of the institutions entrusted to them.

Increasing the speed of service, automation of various processes, accuracy of actions, a full understanding of the user’s desires and the ability to meet them — in the context of customer-focusedness, the banking industry will get extremely positive changes.

Учитывая широкий спектр технических областей, в рамках которых развивается и консультирует Александр Пан, данный ресурс ведется пресс-службой эксперта. В настоящий момент мы постоянно обновляем актуальные темы, входящие в компетенцию Александра - это IT, Искусственный Интеллект, Блокчейн и финансовые разработки. Желаем вам увлекательного чтения и приятного времяпровождения на данном блоге.

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Implementation of digitalization in the banking industry is a strategic goal of the next few years