How Technology can be used as a catalyst for banking transformation

Technology, what is technology? A Google search will show you it’s the application of
scientific knowledge for practical purposes, especially in industry. Google is one of the prime
examples of how technology provided people a convenient way of doing things in a simpler,
faster and more efficient manner.

Technology is already playing a vital role in transforming the old ways of traditional banking.
Banking nowadays is a lot more than deposit and withdrawal of cash. It has grown into a
lifestyle for people. Banking has expanded to investment and insurance, providing their
customers with reliable information and solutions for a good way to secure their money and
life. The modern way of banking was driven by the rise of internet. Computerization and
Networking with the help of Core Banking solutions transformed the customer from
belonging to a branch to the bank. Ledgers were replaced by computers. ATM’s, cash
deposit machines, passbook printing machines were installed to ease out the burden of the
ever expanding customer base and make banking simpler for everyone. With the
introduction of smart phone the demands of a technoid customer grew exponentially. Also
after the two years of pandemic digital banking became an important tool for all age groups.

Most banks have their own personalized applications or online services which cater to the
need of their customers. Technology can be used more judiciously here, providing all the
available products on a single platform, transactions, loans, credit cards, insurance, and
investments. Banks need to integrate more services into their own applications to provide a
one stop solution for every need of their customer. Bill payments, shopping, even
entertainment services, banks can use technology to make a seamless platform for all their
customer transactions, making it possible for them to experience a smooth service with
their own bank from within the confines of their houses. Even customer service, as is being
provided by the doorstep banking application is one such example where technology is the
catalyst for bringing in a change in the way of banking. Technology can help in identifying
plans according to needs and wants of a customer. There are already applications of banks
which monitor customers spending pattern, their transactions and offer them suitable plans
right on their fingertips. Also customer service is an important aspect where technology can
play a pivotal role. An online registration of the complaint and a dedicated person to
provide the solution within a limited time frame could be useful. A set of to do stuff for
general issues to be listed online by every bank so that customer can sort most of the
problems without needing to contact the bank for the same.

With the changing need of customers, the changing technology, every bank needs to keep
itself updated, not only for providing a secure place to conduct transactions, but also to look
after the ever changing needs of the customer. Banks need to keep themselves updated on
the trending technological changes like digital currency and blockchain technology where
information is stored electronically in digital form and transacted as such. The brick and
mortar branch is here to stay, so are the regulatory restrictions within which we are to work
but even then as bankers we need to keep ourselves updated on the latest trends of
technology so as to provide innovative solutions for the tech savvy customers and at the
same time maintain the trust of those who are unable or unwilling to trust the technology
completely.