Oculin Tech (BD) Ltd has vast experience in FSI industry locally and internationally. We have domain expertise and we make sure technology work as enabler for business. Didigital Banking in our DNA we make the full digitization of banks and all its activities, programs and functions. It’s not just about digitizing your services and products — the front-end that customers see — but also about automating your processes (the back-end) and connecting these worlds with middleware. Digital banking is about the automation of every step of the banking relationship, and it goes way beyond an online or mobile banking platform.
Digital banking contains a full transformation to a digital environment — frontend and backend and anything in between — for both customers and employees. Digital banking relies on big data, analytics and embracing all new technologies to improve the customer’s experience. You will only be considered a digital bank if you have digitized all the functions you have — from product development to customer service.
There are several reasons why digital banking becomes increasingly important in the banking industry:
- To reduce costs: Banks are under pressure to reduce their costs to remain competitive. If you don’t make the switch to digital banking, you must, for example, continue to invest in expensive legacy hardware and software to keep these systems up to date.
- To increase revenue: Established banks don’t have a 360-degree view of their customers. They lack intelligent systems to gather customer intelligence and help them become more customer-centric. Poor customer experience leads to a lower market share.
- To attract and retain customers and stay ahead of the competition: Fintechs and other newcomers have shaken up the banking landscape. As a result, the demand for improved customer experience and personalized services grows, and the products and services of established banks are more expensive. Digital banking enables you to improve customer experience and lower costs, which is needed to stay ahead of the pack.
- To remain compliant with new legislation: A greater effort by established banks is needed to remain compliant. Legislation such as PSD2 and GDPR means the threat of financial penalties. Legacy systems make embracing this legislation difficult, reducing the return on expenditure. This leads to banks seeing legislation in purely compliance terms and missing the opportunities that it brings.
- To explore the benefits of new technologies: New technologies, such as data analytics, open APIs, blockchain and cognitive banking are predicted to impact banking business models. However, legacy systems limit the ability of banks to react quickly to these developments. You need full digitization to explore the benefits of these technologies and future-proof your bank.
Customer expectations are evolving, new regulation is put in place, and competition from tech giants is increasing. These changes force banks to look at the very core of their existence and to plot a way forward in an increasingly digital world. They need to reinvent themselves to survive. It’s as simple as ‘do or die’.