The intensive outlook for digital transformation in banking was anticipated this yr. In December final yr, Provenir’s Managing Director for EMEA, Frodo Berg, mentioned “the widespread adoption of hyper-automation and the integration of AI will further empower financial institutions to streamline their operations, boost efficiency and harness the power of data analytics”.

As we hit the mid-point of 2024, legacy banks’ efforts to scale their digital transformation are coming to the fore.

Digital transformation in banking: Enhancing buyer experiences

Based on Confluent’s Director of Monetary Providers, Peter Pugh-Jones, the primary shift for banks is to grasp they’re “fundamentally data companies: really, data is their ‘product’, rather than the agreements they enter with customers.”

Now, it’s about utilizing the info in the precise strategy to meet prospects the place they’re. Shilpa Doreswamy, Head of Banking at GFT UK, notes the affect of hyper-personalised choices altering expectations customers have of their monetary establishment. 

She says: “The creation of hyper-personalised customer experiences through the use of AI and advanced data analytics to provide tailored financial advice, offers and customer support through digital platforms. 

“Leveraging AI and machine learning for data-driven decision-making will also become pivotal. Use cases around customer acquisition, personalised product recommendations, real-time fraud prevention and process optimisation will expand.”

BRD lately shared its transformation journey with FinTech Journal. It has began introducing knowledge analytics to maximise the huge swimming pools of present knowledge whereas introducing AI steadily to streamline operations and improve buyer expertise. 

“AI is being introduced on a small scale, meaning we have a very consistent path ahead, which is the way to go with AI,” says BRD Government Director for Digital Transformation, Maja Mikic. 

Elsewhere, Santander UK’s Chief Transformation Officer and Director of Monetary Crime, Jasmeet Narang, outlined the financial institution’s path to a digital future. Yow will discover out extra within the video beneath.