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The Significance of Digital Technology in Financial Services

The main form of service that is basically performed by these kinds of financial service providers: banks, investment firms, fund management companies, stock brokerage firms, insurance, credit card companies, credit unions, etc., is known as financial service. Among the mentioned financial service providers, banks have the most bulk of services and perform what is termed as commercial bank services which help the mainstream customers in an array of helpful, service features, such as keeping your money safe, providing check books instead of money for payment, loans for property of business, providing easier access to money transactions via Automatic Teller Machines (ATM), electronic fund transfers between banks, facilitation of standing orders and direct debits, provide overdraft agreements, provide internet banking system, and so on.

The strong impact of digital technology throughout the world in terms of internet service has made it possible for financial service providers to integrate this service technology and streamline its operating processes to increase its business performance. It cannot be avoided that banking and other financial service providers will need to embrace innovation driven by digital technology to provide better customer service. The digital transformation in the banking system has proven that so many more innovations will be coming on the way, such that even financial analysts are predicting the collaborative work of banks and IT software companies to innovate the banking system through the introduction of artificial intelligence and robotics to further improve the customer service. Knowing that customer service in the financial service industry has so many advantageous options to take in using digital and IT processing system, one of the most relevant and significant roles that banks and other financial institutions will be embarking on is re-defining their customer service system to customize it based on customer preferences, demographics, and lifestyle changes in order to increase efficiency in performance.

In an increasing competitive banking environment, the banks, which have integrated digital technology and IT systems, have seen the growth and retention of customers all due to a better delivery of service, thus providing a better customer experience. The success of internalizing digital in the bank’s operating systems have managed to streamline the standard operations, such that savings are seen in time and money usually spent for these, while employees have become more efficient in terms of reducing errors in their usual workload. The digital transformation of banks have allowed them to further explore other available marketing automation and brand management platforms, which will definitely be helpful in their way of extending their brand and customer service. There is no doubt about it that digital transformation in banks has significantly helped them increase sales and profits, as well as their market value. In addition, banks are becoming more competitive, now that they are into digital, in the sense that they use the technology to speed up developments in other relevant areas, such as new products and services, and in promotions. The positive highlight of the digital transformation of banks is that they are now introducing a culture that encourages creative automation and innovation to constantly improve customer service.

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