8AUGUST 2024DIGITAL TRANSFORMATION IN BANKINGDigital Transformation is anchored on client pain points, gaps in processes, changing customer behavior, need for new solutions to tap into emerging technologies and integration of customer lifestyles and banking.A distinctive customer experience across multiple channels and touchpoints is at the core of a digital transformation. Banks have continued to review traditional products, processes and solutions offered to clients in alignment with the digital revolution era and changing client needs. Over time, client needs have changed, competition in the financial service is cut throat and a distinctive customer experience has become the differentiating factor in the banking industry.Conventionally customers would have to visit the bank branches physically to deposit, withdraw funds or fill out slips for processing banker's cheques or transfers to other banks. This was limited as banks would open 9 to 3 PM. Banks have evolved the traditional services to digital services where customers can transact from mobile banking, internet banking, do online purchases and push funds to bank accounts from their mobile wallets.By Julianna Daudi, Head, Digital & Transaction Banking, Sidian BankJulianna DaudiOPINIONIN MY
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