Fireside Chat – Accelerating the Banking Transformation with Digital Assurance

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Banking has undergone a significant digital transition, which goes far beyond simply switching from a traditional to a digital environment. To evaluate, connect with, and serve their clients, banks and other financial organizations must use a comprehensive digital transformation plan.

Understanding client behavior, preferences, and needs is the first step in the fundamental approach to digitalization in banking and fintech. As a result, the banking industry has changed from being product-centric to becoming customer-centric

Due to the banking industry’s digital revolution, banks of all sizes are rushing to implement new technology and services. But what does the term “banking digital transformation” actually mean?

The transition to providing online and digital services, as well as the enormous number of backend improvements necessary to support this transformation, are the main components of the digital transformation of banking.

The industry’s direction is determined by this technological trend, so banks must take these developments into account while developing their strategy. The crisis brought on by the pandemic is making things more urgent. According to Gartner, 69 percent of boards of directors are hastening their digital ambitions due to the pandemic and the financial crisis.

The omni-channel strategy, which breaks down data silos from every channel to improve the client experience, is currently very important to banks.

Many banks make the error of attempting several independent digital efforts, which fail because they lack the support or coordination necessary to compete with digital-native solutions. Instead, a top-down strategy incorporating digital systems, customer experience platforms, apps, and infrastructure is required for banking’s digital transformation.

Businesses must accurately identify and manage the risks related to the digital transformation of their operations, particularly those related to cybersecurity, data leakage, and illegal access to data. Therefore, it is essential to completely overhaul the IT infrastructure and present business processes before creating a step-by-step plan for digital transformation.

The growth of digital banking has led to fewer intermediary steps, more data transparency, and alternate ways to obtain knowledge. All these elements reduce operating costs and facilitate quicker and smoother transactions. As a result of banking digitization, investment banks have been replaced by small investors gathered on a single centralized digital platform.

With the advent of the contemporary digital financial management system, compliance has become simpler for banks to maintain. Employees spend less time auditing reports and documents thanks to advanced capabilities like auto auditing. The digital data maintains its standardization and can be flawlessly exchanged across several systems.

Additionally, the cloud-based digital payroll system provides fast updates, so banks do not need to worry about keeping up with changing requirements.

Digital transformation in banking allows you to create a more cohesive and personal digital customer journey. To handle the customer using the same tools, sometimes by the same personnel, and with the same information throughout the process, it is necessary to connect everything into a single online platform to create a digital customer journey.

Although there are numerous facets of digital transformation in the banking sector, readiness and adaptability to change are among the most crucial. Security measures, laws, and stringent procedures designed to safeguard client information and privacy frequently place restrictions on banks.

The growth and customer acquisition rates of new digital-native banking systems and money apps are currently surpassing those of traditional banking. The digital transformation of banking depends on altering policies to suit shifting client demands, quickly adopting new technology, and reacting to market changes.

Given that many of today’s banks are failing to achieve their own digital transformation objectives, bank digital transformation is easier said than done. Before creating single-use digital features, banks can make this change and continue their digital transformation by changing their strategy, replacing legacy frameworks, and working to create a digital culture internally.

Reasons for this shift can range from a lack of consistency or support across new digital applications to a lack of internal agility. Consumers can receive a lot of value from digital platforms and services once the digital culture has been established, especially when automation, AI, big data, and blockchain technologies are used to assist them.

Why Should You Watch the Fireside Chat?

Banking is getting disrupted by next-gen omnichannel, smart, modular, and open banking experiences. Additionally, there is an increased Digital Transformation effort across the domain post-COVID. Banks are opting for hybrid and co-located delivery to accelerate business through customer-centric apps. The industry is constantly on the lookout for ways to accelerate its efforts to build modern, robust, intuitive, secure, and future-ready software.

Hear from thought leaders – Thanuja, Vice President, Digital Banking, Technology at EQ Bank; Raghu, President & Head – Global Delivery at Cigniti; and Sairam, CMO at Cigniti, as they discuss the customer’s evolving demands from digital banking experiences and how senior IT leaders are turning to Digital Assurance to accelerate Digital Transformation and go Digital-First.

Your key takeaways:

  • Learn how thought leaders are approaching the new imperatives of digital experience in Banking and Financial Services
  • Gain actionable insights from real-life success stories (and some not-so-successful ones)
  • Best practices for assuring a superior digital experience

Who should watch?

IT, QA, and Digital leaders from Banking, Financial Services or other industries who are looking to stay ahead by providing superior digital experiences.

Conclusion

Cigniti provides the best in the next generation of migration and assurance activities such as ISO 20022 along with Blockchain testing services for banking. Cigniti’s comprehensive Digital Transformation program for Banks assures a superior UX for its clients’ customers while optimizing the service delivery cost. It spans end-to-end functional validation, Mobile App validations, 3rd Party API integrations, Cyber Security Assurance, Biometric validations, and more.

Components of Cigniti’s IP, BlueSwan™, such as Incight and CESA, help in providing prescriptive insights into the clients’ digital offerings. With its cutting-edge payments practice spread across payment processors, aggregators, and payment technology providers, Cigniti ensures an intuitive and user-friendly payment experience.

Need help? Get in touch with our BFSI Testing experts and Digital Assurance experts to learn more about accelerating the banking transformation with digital assurance.

Author

  • Cigniti is a Global Leader in Independent Quality Engineering & Software Testing Services with offices in US, UK, India, Australia, and Canada.

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