Bank to collaborate with technology to strengthen backbone

There are various disruptive digital solutions are available for modernising banking infrastructure , which has become essential for banks to have an edge in the highly competitive BFSI industry.

It is the time for the bank and they need to collaborate with technology as your backbone with various people in the ecosystem in order to bring the best products for your customers and ensure that you are leveraging what you have, that you're unlocking it, so that every customer interaction is a fruitful interaction.

While certain digital savvy banks have built trust among customers, fintech firms bring in new technology so as to reach more users and also innovate new products, features to make any transaction easier and convenient. Apart from tie-ups, a few banks have their own financial subsidiaries that offer various financial solutions to customers.

New age technologies like AI, ML, RPA and Cloud Technologies play a crucial role. Banks can optimise banking operations including customer onboarding by preventing frauds, building suitable product recommendations, and more. A fully-equipped and developed digital lending software can offer myriad benefits to accelerate digital lending, allowing banks to disburse loans faster.

Now, Digital banking has ramped up the customer onboarding rates, and with a growing number of customers also comes an increased amount of data. Cloud technologies are the most optimal way to store, organise, and retrieve data.

Secondly, Financial APIs (Application Programming Interfaces) are one of the most important technologies used in digital banking. APIs connect with the application and allow interactions, transactions, payments, and sharing of information.

Most banks have access to various windows to buy technology, they have access to various consultancies to implement technology, but really what is the key is how the organisation can be flexible enough, be adaptive enough to that change and re-engineer itself. And that is what will define success.