Banking in the Digital World

The world is on the verge of a qualitative breakthrough. It’s driven by digital technologies and their impact on traditional business. In such a way appear evolution of banking. This is a new model of building a business. It’s a complete rethinking of traditional approaches to solving customer problems. It creates a unique experience.

A new round in the evolution of the financial industry is leading to digitalization. Also, it’s the interpenetration of banking products, services, and marketing, and sales. Here are customer service and operational processes in a digital environment.

The most important strategic challenge for the financial market today is increased competition from technology companies and banks. They have embarked on the path of operational and digital transformation. Organizations are transforming.

Digital transformation

External transformation implies a new concept for working with clients, partners and contractors. In the digital era, business is not built around the product, but around the client, and this is a completely different culture. Traditional B-2-B and B-2-C communications are being replaced by open, customer-centric innovation ecosystems. Synergy is growing with counterparties and partners. They build effective interaction with the client, for the most part anticipating his expectations and needs. Time-to-market – days, not months, is now one of the top priorities.

A choice or a necessity?

The new concept cannot work on the existing management and operating model. In a digital world, organizations must rebuild themselves. The current business building model, management system and operating model of banks are  focused on progressive development. They do not imply large-scale digital transformation. Banks that have already started their journey in this direction with the introduction of new IT systems. They support for new communication channels, mobile applications are now faced with the need to change the thinking of their managers and employees. They introduce a new business culture, and operational changes.

The role of financial apps

The architecture and logic of the in digital world evolution system reflect the business model of a modern universal bank. It’s as much as possible and include flexible tools for setting up complex products and an operating model. It’s the development and support of the bank’s current operating production.

Why they are effective?

Since a complete restructuring of the IT architecture is a long, complex and expensive project, it is possible to install the new Platform next to the existing IT landscape. It’s necessary to intrust it with the tasks of client-oriented work with new banking products. This will allow, without interrupting the Bank’s work, to launch new products and new business areas. It’s in an accelerated time frame. It’s the possibility of their instant replication across all structural units of the bank. Into account are taken regional or other specifics.

Business benefits from implementation. Firstly, the speed and ease of creating new products. It’s the ability to adapt to changes in the market and the needs of each client. It attracts new customers due to unique conditions, and reducing the cost of launching products.

Secondly, the highest speed of processing operations and the availability of the system at any time. Here is the absence of temporary downtime caused by the need to carry out routine procedures. This is the end of a business day, and a decrease in the cost of transactions.

Conclusion

Those who are the first to rebuild and adapt to the new business environment will benefit from the market. With the help of financial software development services by Alty.co it’s possible to solve this task.