Banking no longer means standing in long queues and engaging in a lot of paperwork, thanks to the digital transformation in retail banking.
Examples of digital transformation in retail banking include the rise of neo banks, artificial intelligence for AML and KYC compliance, Artificial intelligence for personalized recommendations, cloud computing, and open banking.
According to a Deloitte report, the future of digital banking will put clients at the heart of every digital strategy, and institutions will need to start implementing these strategies now to be ready to smoothly integrate by 2030.In this ebook, we have discussed why digital transformation is necessary for retail banking, and how digital transformation can change the concept of retail banking.
The banking industry’s digital transformation has improved its operations and the way of serving customers. And, as we’ve seen, it will continue to evolve and become more personalized over time.
That’s why it’s important to know the reasons that make digital transformation an integral part of retail banking. Also, banks should know how to implement digital transformation in retail banking by adopting new technologies and services.
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