Today’s era is very influenced by digitalization.Almost all banks and financial institutions are keen on adopting and deploying latest technological trends. Technology plays a big role in every industry vertical including the banking and financial industry. All the ongoing digital transformation is obviously due to technological advances. Digital transformation has a totally different look and form in every industry and every organization.
Speaking in layman's term, digital transformation is the incorporation of digital technology in all major areas of any business. This digital incorporation leads to fundamental changes in how organizations operate and deliver services to clients. Let’s take a flashback and go to the last decade of technological advancements. It is pretty much clear that a few breakthroughs were impactful than others in terms of technological evolution and also, in their success in the banking sector. An example of this is the mobile revolution. The mobile revolution not only changed the way customers interact with banks but it also forced financial institutions to think and reshape what they had to offer to their customers. Talking about the last decade, it’s been 10 years since iPhone was launched. It emerged as a pioneering force in mobile revolution.
It is a known fact that mobile banking has still a lot to achieve before reaching its full potential. Almost all banks and majority of top lenders have already started taking steps in order to get closer to their digital consumers and meet all their needs. Here’s an example that shows initiatives taken by banks to meet their customer’s needs: Lenders these days enable clients to apply for mortgage applications online via their smart phones and computers. To reduce manual tasks, redundancy and time to offer, some of the lenders have also adopted end-to-end loan processing platforms. However, not all of them can be called totally digital. According to a survey, 75 per cent of respondents say that about only 30 per cent of their loaning processes are supported by digital technologies in 2018.