digital transformation strategy

Key Development Areas for Digital transformation Strategy of Retail Banks- Part 1

As the wave of digital disruption is influencing every industry, the retail banking sector needs to take decisive steps to keep a competitive edge in the market, increase customer stickiness, and create new revenue streams. The digital revolution for retail banking aims to improve the banks touchpoints with their customers. By adding value to services offered, digitization is set to positively augment the customer experience.

In the ecosystem of fully-digitized banks, many high-level retail banks still strive to deviseanappropriate digital transformation strategy.

This blog discusses the four development areas to improve customer experience and accomplish fast-paced growth with digitization.

  • Fully-digitized Onboarding Process

The online opening of the account responds to the growing demand for customer empowerment by offering the convenience of place and time to customers. The ideal automated process incorporates online account opening requests (disposal & approval), online document upload & online facilitation of all further actions required for onboarding.

  • Round-the-clock Advisory Services

Retail banks must offer online customized as well as non-customized advisory. It would help customers make better decisions related to returns, savings, and investments – anytime, anywhere. The online advisory requires online onboarding of customer profiles and historical data, collection of situational data through detailed questionnaires, and other tools.

  • Smarter Money Management Solutions

The offerings (of this bracket) being delivered in most of the retail banks at the moment are like the tip of an iceberg. In the future, customers would require high-level forecasting tools that can automatically examine and classify account movements. The smarter solutions would estimate and predict future transactions based on client historical behavior.

  • Complete Customization of Services Coupled with Virtual Assistance

A customer wants to be heard and treated as a high priority. Customization and 24*7 Virtual Assistance responds to the need. A detailed customer profiling and deep analytics of complete historical data can help retail banks leverage customization in all extended services. The 24*7 assistance via traditional calls, messages, or chatbots would fill the gaps in customer experience.

These 4 key areas can enhance the customer experience through digital transformation. Retail banks can leverage enterprise digital strategy advisory services to gain an in-depth understanding of all key performance areas.

Millennial Partners (millennial.ae) prides itself on serving clients’ most pressing organization transformational needs across people, processes, and technology through its own proprietary frameworks. Our digital transformation offering is most relevant to the increasingly digital enterprise and consumer environments. We follow a coherent roadmap that includes incorporating the most cutting-edge technologies and vendors focusing on technologies such as enterprise Blockchain, Artificial Intelligence, and IoT.

Should you have any questions and or would like some focused professional advice, please don’t hesitate to reach out via our e-mail at info@millennial.ae.

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