Banks Go Digital in 2021: Is it needed or not?

Why Should Banks Go Digital?:

First, it was customers who encouraged banks to adapt to the digital wave, and now non-banking businesses are thriving as competitors push traditional banks to go digital. And why not, if the data shows that the digitization of retail banks can lead to 20% more turnover and 30% less spending. Wholesale plans can reduce costs/revenues by 12%.

Does the data look interesting? It is not? Let’s take a look at other reasons why a bank should go digital?

The bank has evolved

The modern customer is not satisfied with the collection and delivery service; look for things like overnight interest on a savings account, five-minute loan approval, or travel insurance. All these features cannot be provided in a physical location. And to meet digital expectations, you need to go digital.

Banks have also talked about problems

You are known to run a business, call it a bank, NBFC, or whatever, and you get the income. Revenues can be generated by acquiring more customers, providing advice, or reducing operating costs. And if you fit into a digital strategy, you benefit from both. With a digital branch, you don’t have a physical branch, new employees, office furniture, etc. Not required. Do not open. Not for recruiting. It is not for sale, but you can still send a new client to the customer’s devices [more like BYOD (Bring Your Device)], such as a smartphone or desktop.

In fact, many banks around the world are closing their bank branches with a digital channel initiative.

The banking sector must accelerate to 5G

The traditional banking system is not fast, flexible and scalable. They have to integrate with the speed of 5G or else they will die. In fact, one in 80% of the bank’s efforts to dedicate digital technologies is to integration, as current systems cannot handle digital applications quickly. So better change now.

The bank is a fundamental right

I often repeat, but banking is not a legal right, but a fundamental human right for all those who live on this earth. I mean, if you think of someone in another country but who has a bank account, it’s not that easy for them to buy, travel, pay their bills, get a loan, invest and access hundreds of these services.

Opening a branch where everyone is physically involved is a challenge that only banks equipped with digital media can win.

the sofa is nice

Think about it, every first day of the month a man goes to the bank with his passport, waits patiently, goes to the cashier, takes the money, and returns it. You have to offer your customers several options. It is not? I wouldn’t be surprised if I passed a food court on a federal highway in India or another developing country and the owner asked me to pay with a card or digital wallet. Do you want your client to link your video? Or how about your personal credit card offer? All of this is possible if you decide to join the digital wave.

Call us if you think you’ve made a decision and want to find out more about a technology provider.

Teknospire, a technology provider, is helping banks, NBFCs, and other financial institutions around the world seamlessly harness the wave of digital transformation. Our digital banking, mobile banking, analytics, reconciliation, and Neo banking services are just a phone call away.

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