The digital age brings major transformations to all areas inevitably including banking and finance. All financial institutions are now working to implement new technologies to help prioritize customer needs and improve operational processes. The global digital banking market is expected to reach $13.9 billion by 2026, and 80 million people in Europe alone will be banking online by 2023. Not surprisingly, banks are focusing on building strong digital presence.

The question is, how exactly will the digital innovation be achieved in banking? What are the technology financial institutions rely on to provide efficient and seamless online experience for their customers?

Introducing and ultimately replacing traditional banking with online banking poses new challenges, like making this virtual experience intuitive and user-friendly for customers, while ensuring maximum security and maintaining reliable Know Your Customer (KYC) procedures.

Introduction of innovative technologies is also spurred by mass introduction of smart devices and increased connectivity. Consumers no longer tolerate outdated workflows and inflexible procedures and are eager to turn to more technically savvy finance providers. The pandemic lockdowns have more evidently than ever demonstrated the need for highly functional online services.

Why banks and financial institutions turn to digital transformation

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Why banks and financial institutions turn to digital transformation

Interactive Design Co.