No trend has impacted the banking sector as much or as quickly as the digital transformation drive. There are different ways to approach digital banking depending on the priorities of the bank. For most banks, there are mainly four mutually reinforcing elements: connectivity, automation, innovation, and decision making. Connectivity refers to how can banks use rapidly growing social networks to build loyalty and competition-disrupting offerings. Automation refers to how to harness digitalization in process re-design for a better customer experience and more effective use of resources. Innovation refers to how banks should continue to renew themselves, given the rapid pace of change in the industry. Decision taking refers to how big data can be used to make better, faster, and more accurate decisions regarding customer purchase choices as well as banks’ decisions on issues such as risk.
In 2015, one can expect more banks to go the digital way. Some of the key areas of engagement apart from the ones highlighted above are: