Digital Transformation Curve and Contemporary Banking-The Modern Amalgamation
Winds of paradigm shift are blowing in the banking industry that is constantly challenged by the evolving digital technology—to transform and adopt digitization so as to meet the demands of today’s customers and their rising demands. The invasion of digital technologies in the FinTech world has paved the way for new models to attract, expand, and retain age-old relationships with customers who expect excellence in banking performance. In order to fulfill these demands of customers, banking institutions must look toward new approaches to provide users convenience, personalization, and flexibility.
A 2018 Digital Banking report says that over 80 percent financial institutions across the world are in favor of using new technologies like the big data, IoT, blockchain, and data analytics. These technological innovations provide the required speed and agility to deliver new services to their customers which is a critical piece of any customer-centric organization. The banking industry uses these technologies in transactions, remote expert consultation over video or chatbots, intelligent trading platforms with analytics, personalized attention and many more.
The rising demands for newer technologies and innovations have created a need for various organizations to join hands and forge partnerships. The disruptive nature of FinTech companies is rapidly being embraced to increase operational efficiency and respond to customer demands.
JPMorgan is one such bank in the U.S. that has been leading the way since 2016, in partnering with a FinTech company named OnDeck, when the two joined hands to reveal a small business leading partnership. This collaboration has resulted in offering seamless small business lending experience to customers.