Banks today face a variety of challenges brought about by the latest technologies and increased demand from customers for greater adoption of digital technology. While many of the long established banks continue to run core business processes on ageing infrastructure, the modern and new challenger banks have adopted cloud and digital technology that make them a serious competitive threat to their more traditional counterparts.
Whilst this digital revolution is primarily driven by consumer demand, other factors also play a key role. Regulatory requirements that mandate real time payments and the pressure to provide value added customer experiences highlight the need for the more traditional bank to update their infrastructure to ensure they are able to support both traditional & modern mobile browsers as well as native hybrid mobile technologies.
Digitisation in the banking sector is also fuelling a demand for process improvement through the automation of manual, repetitive tasks thereby improving improving efficiency and increasing profitability. The focus of this automation is not only on back-office processes, but also on implementing automated front-office processes to win new customers and retain existing customers through providing a faster, more simplified and engaging user experience. Banks are now also beginning to use analytical techniques and sophisticated algorithms based on artificial intelligence to improve scoring, make automated and customised product proposals or provide personalised advisory services.
To find out how Jalubro where Jalubro can help digitally transform the banking sector, get in touch with us.