Digital transformation of banking sector- it’s a trend or a must?

Home » Digital transformation of banking sector- it’s a trend or a must?

Banking and financial services industry is facing new trends concerning the orientation and adoption of the organizational model to the new operational flows. To meet the challenges of managing impressive volumes of data, financial institutions will increasingly invest in the digital transformation of their units in the next years.

But how will the technological solutions contribute to creating a competitive advantage over traditional banks? This question is often on the agenda with debated topics within the management of banks. Most of the time, the answer lies in digital strategies, in providing customized services, in simplifying the customer interaction process and reducing internal processes time.

The volume of data that banks manage is significantly increased from one day to next, but it’s an essential factor in decision-making. Improving internal processes and data management allow banks to keep up the rhythm of development and anticipate customers behavioral changes in a timely manner. This means the reaction time to avoid or counterbalance the risks will be much shorter.

On the other hand, technological evolution in the banking systems also involves providing new opportunities for professional development to employees by achieving new skills and competencies. According to some information published by Forbes, studies show that by 2025, generation Y will count for about 75% of the workforce. Thus, a significant percentage of the total future workforce has a high affinity for digital technology. So, it will be easier for employees to get used to the new solutions.

In this context, the modern financial and banking environment implies the reduction of manual labor and cost-cutting. But these could be achieved only depending on the readiness level of banks to respond to digital challenges.

An example of a solution for this is the services provided by AXON Soft. The company is a software solution provider that understands the banking environment and its current issues. The IT services offered to meet the specific development needs and facilitate the ease of the internal processes and the reduction of the working time.

AXON Soft is a Romanian IT company based in Cluj-Napoca, with an experience of nearly 20 years. The services offered involve the development of software applications focused on the strategic business needs of customers, as well as IT consultancy services.

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