Let’s understand a few critical changes that have resulted due to the impact of technology on the banking sector and how swiftly banks have adopted them as a part of their internal work process.
Impacts of new age technology
There was a time when huge databases existed in silos and churning out meaningful data from the same consumed endless time and energy. New-age technologies such as Artificial Intelligence (AI) and Machine Learning (ML) have radically shifted the way banking works today. Thanks to AI, it is possible to conduct real-time data analysis from a large volume of data sets and provide customised solutions to banking customers.
With powerful AI tools, banks can make informed decisions faster by using predictive analysis, which is at the core of AI and ML. As soon as a potential customer searches for something online, the AI tools pick it up and serve related content that leads to quick sales. This improves customer service tremendously as tailor-made solutions are provided to the customer without as much human intervention.
Changing customer profile
The changing profile of banking depends a lot on the digital ecosystem around them to meet their needs, especially the millennial generation. Their expectations from their banks to provide an omni-digital experience have enabled the shift, allowing them to fulfil their banking needs sitting from a remote location. Rightly so, banks quickly jumped onto the digitalisation bandwagon and refreshed their services in line with their requirements.
The emergence of new business models
The pandemic of COVID-19 helped the banking industry to depend heavily on digital technology and tech-enabled systems to stay alive. The aftermath of the pandemic, however, resulted in new beginnings in the form of huge digital transformation and newer business models to be explored for the banks.
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