Date
5/July/2023
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Digital Transformation in Banking: The Key to Survival for Banks in the Evolving Financial Landscape
Banks and financial institutions face a significant hurdle to their growth as the effects of outdated legacy systems and a slow rate of digital transformation in banking. Contrary to this, heavy competition from the rising modern fintech firms is putting banks on the edge of losing customers. While technology continues to advance at an accelerated pace, customer demands, and expectations are also evolving. To remain competitive against emerging Fintech firms, banks must be ready and quick to adapt to these changes.
According to the reports by 10X Banking, one in eight banking leaders (12%) state they have lost 30-40 percent of their existing customers due to poor customer experience. Additionally, the emergence of Fintech and non-banking start-ups is changing the competitive landscape of financial services. (sc: Finextra)
Digital transformation in Banking has often been mistaken for innovation. Banks have put a lot of focus on offering innovative solutions, whereas in reality, very few banks have understood the core requirement. Developing software from scratch becomes impossible for banks considering the time and cost.
To meet the demands of a large and growing customer base seeking fast, efficient online banking solutions, banks must invest in modernizing their various banking products and services that are scalable, adaptive in nature, and quick to market. This requires agile solutions that can be developed and deployed quickly.
Financial software solutions enabling banking process automation, reducing operational tasks, and enhancing customer experience to provide real-time intelligent data integration that improves product and service efficiency are in demand. Despite being aware of the problems and necessary solutions, banks face a significant challenge in finding the right banking service provider who understands their business pain points and hurdles.
The success of your banking software product hinges on a critical factor: hiring an adept team of software developers. By selecting an experienced software development partner, your company can reap the rewards of efficient product development, streamlined communication procedures, and access to highly skilled software developers. When it comes to enterprise-level software solutions, collaborating with a development agency that boasts a proven track record and possesses industry-specific knowledge is often the optimal choice.
At Ascertain Technologies, we specialize in enabling digital transformation for the BFSI (Banking, Financial Services, and Insurance) sector. With over 15+ years of experience and expertise in banking, we lead the industry in facilitating digital transformation in banking and sustainability for businesses across South-East Asia. We achieve this by delivering low-code Fintech software solutions & products that offer scalability, agility, and legacy modernization to banks.
Our banking services & solutions are proven, quick to market, and deploy, providing banks with the tools they need to stay competitive in the evolving banking landscape. With over a decade of experience serving the APAC region, we possess a deep understanding of the challenges faced by banks and are attuned to the local sentiments.
Our team of experts invests valuable time in comprehending the underlying causes of these issues, enabling us to deliver transformative and highly effective solutions. By partnering with Ascertain Technologies, banks can overcome challenges adapting to the digital era and deliver enhanced customer experiences.
