Some have called it a new model of banking. It is not about transferring traditional operations to a digital banking format. It is about using technology to expand and improve customer service while optimizing internal transformation processes. Banks have a dual motivation: to respond to growing customer demand and to face competition both within the sector and from new non-bank financial operators.
A consultancy has ventured to estimate the benefits of this entire bank digitalization process. And they can be very significant. The benefits of digital transformation are shared between customers and banks. The former will have a wider range of products, personalized solutions under a process of constant adaptation, agility, transparency, and highly competitive prices in a high-security environment. Banks have a clear strategy that places the customer at the center of the digitalization process and high flexibility to implement it. As a result of this digital transformation process, business opportunities will increase by reducing costs and raising productivity. Combined with customer benefits, we can speak of greater efficiency in banks performing their role (financing and providing financial services).
The benefits are clear. The costs are less so, starting with regulatory costs which, precisely, should facilitate the process. The effort involved for banks in their digital transformation goes beyond system renewal and fully impacts the progressive adaptation of employees in cultural and training terms. All under the principle that banking activity is from people for people. Employees will continue to be the main asset of banks.
