In the last few years, as is the common trend of evolution among different verticals, Banking, Financial Services & Insurance is undergoing a transition from product-based and transaction-based to a customer-centric business model, and the evolution of digital is responsible for much of it. Multi-channel engagement for customers to take care of their financial objectives has become key to maximizing customer engagement, improve customer experience, and reduce attrition, which is directly related to creating newer and more innovative revenue streams for banks. The Digital platform will impact the entire financial ecosystem by necessitating new internal business processes and instilling new employee skills to support these operations.
Customer Experience Focused Digital Transformation of business
Gone are the days when implementing digital business used to mean centralization of information and automation of tasks to achieve optimization. The ‘digital’ now refers to a new way of looking at business, a complete transformative approach of the Enterprise Business Model , promising far-reaching effects, and readying the business for a new age of tech-savvy customers and their digital centric lifestyle.