Financial Services Digital Transformation Resources
Financial Services Digital Transformation is not just a trend, but it is an epochal event that will shift the broader banking, asset and wealth management, insurance, and investment banking profoundly. The digital transformation of the financial services will end up resulting in a new way of thinking, being and doing things in the industry.
The twin engines driving the financial services digital transformation are a) The empowered customer and b) the breathtaking advances in the technology landscape.
Today’s customers in general, but particularly the tech savvy millennials have changed the buying behavior. Their expectations are shaped by technology upstarts who have usurped the status quo and created a new tidal wave. For example, mobility with smart phone and tablets have been instrumental in helping launch these new generation startups, who are now behemoths, not just unicorns. So, the experiences of the customers are shaped by companies like Amazon, Netflix, Uber, Instagram and the like.
The technologies such as customer data analytics, experience personalization, mobile apps, artificial intelligence, robotic process automation, location based services, virtual reality and the like are contributing to the development of a new wave of products – digitized, digitally enabled, and digital wrappers.
Now juxtapose these developments with the legacy way of doing things in the financial services world. No wonder the onslaught of the upstart startups in unbundling and re-intermediating the financial services in general and banking has begun in earnest.
Finantrix is at the forefront of this digital transformation of financial services and offers several insights, resources, templates and tools to address this tectonic shift head on and succeed.