In this fast-paced world of innovation and technology, businesses must stay agile to have a competitive advantage in the market. This thought has prompted many a business to evolve into their new digital self, where the digital transformation that is currently in trend with the banking industry is an aftermath of it. ‘Going digital’ can mean different things to different stakeholders depending on their involvement in the processes associated with the bank. For instance, digital transformation for a banking customer can be something as simple as Net banking or online money transfer, whereas internally it could be something like automating their administrative decision-making process.
Customers being the central focus of banking business, primary developments always revolve around giving them the best customer experience. Hence banking industry prioritize the optimization of customer end activities when compared to internal decision making processes. But such traditionally run internal processes like purchase approvals, security document verification, project review and approvals, etc. can affect the overall operations and turnaround time to the market. By automating these processes, the streamlined workflow will ensure a fast and steady information flow across different job roles and thereby reassuring a faster approval cycle. In short, transforming internal operations of financial institutions will get reflected in the productivity of employees, customer retention and profitability.