Digitised Banking is Now… Digital Banking is the Future

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The intention of this short article is not to talk about digital banking being the future, we all know it is and will be. I do feel there needs to be a clear distinction between what we’re seeing now, what we’ll see in the future and terminology.

There has been a lot written about digital transformation and quite rightly so, if one industry is in desperate need of it, that is banking and the move away from the traditional models which have existed for years.

Digitised Banking

Many are led to believe that what we’re seeing today is a move into digital banking, the fact of the matter is that is not the case. All that we’re seeing are services which have existed for a long time being adapted to the digital era we’re now in. These are then distributed over platforms which have existed for years, namely the Internet and smartphones. The key challenge for banks and their supporting vendors is not modernising the digital experience (although very important) but thinking about what digital capabilities they could offer to their consumers in the future.

Digital Capabilities

  • Digital Customer Experience – Including for On-boarding
  • Personalisation and Individualized Experience
  • Cross-sell/Up-sell
  • Leverage data/Big data
  • Emerging Technologies – AI/IoT/Blockchain

Digital Banking – The Real Focus

Digital banking is about creating new opportunities and these are underpinned by what is delivered against the list I have noted above. The key in all of this as it has been for years is the data, and how it is going to be contextually used to generate the true value. Digital banking should also be focused on customer engagement and deriving new insights on existing customers whilst trying to obtain new ones.

I certainly look forward to playing a part in contributing to the future of digital banking capabilities.

Author: kunalpatel085

Kunal is a complete financial technologist – FinTech Expert. Having worked in the mobile payments, mobile financial services (MFS) & telecoms industry across domains of both product development & innovation for the past 8 years. Kunal has provided his insights and product knowledge to various initiatives across three continents. He currently holds senior role at an mPOS solutions provider focused on FinTech and the mobile financial services space. A practical strategic thinker who has in-depth knowledge of the future payments and the wider commerce value chain, for how new technology can be used to connect customers and businesses through mobile, web & physical channels to provide great purchase experiences and deliver sales & loyalty. Additional Information: Kunal is an emerging markets FinTech professional in Mobile Financial Services with 8 years experience. His Experience also covers integrations & development of platforms like NFC, Electronic Payments, Mobile Payments and Mobile Commerce & Marketing, Stored Value Applications & Cards. Specialties: ► Product Development ► Future Payments ► Strategy & Innovation ► Digital Commerce ► Communication ► Leadership ► Negotiation

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