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Digital transformation in banks
Digital transformation in banks

Tech Updates

Digital transformation in banks: what you should know

Advances in technology are constantly changing the way a company works and offers services to customers. This is no longer news. So, how to invest in innovative solutions and competitive advantages? That’s where the concept of digital transformation in banks comes in. For that to really happen, it is not enough to simply invest in new technologies just because they seem innovative. It is essential to have a well-defined goal before seeking the technological resources that can help achieve it and improve results.

Read on and understand what digital transformation in banks is and how it definitely revolutionizes financial services.

SSB terminals: a virtual and digital transformation

The digital transformation understands technology as a way to improve the performance of the team and considerably increase the reach of the business, besides revolutionizing the relationship with customers and internal processes. Applied specifically to banks, it concerns the disruption of the traditional banking business model and the constant search for better customer experiences and stronger preventive strategies. One of these significant ways is the use of SSB terminals.

The SSBK (Self-Service Banking Kiosks) concept or banking kiosks emerged, which far exceeds the functionalities of common ATMs. The digitalization of banking represents a benefit for institutions and their customers, especially because the customer is able to make payments and make transfers without having to go to the bank, through self-service. This system turns out to be more efficient for both the bank and its employees.

Digital transformation through cell phones

The number of financial transactions made by cell phones grew 70% between 2017 and 2019. In 2018, 35% of bank transactions took place via cell phone, which represents more than one in three transactions. Given these data, it is clear that the relationship between customers and banks has changed considerably over the past few years, and digital transformation is fundamental for companies to meet the new requirements and needs of users. Considering the growing preference for making financial transactions by cell phone, it is necessary to invest more and more in mobile banking.

If customers choose to make their transactions via smartphone, they need to be able to access a wide range of options, including complex demands and not just the most basic ones. The customer experience must always be one of the pillars of any processes and services established in the company. Digital transformation does not only mean technology. It is necessary to innovate with well-established purposes and objectives.

Open Banking: another digital transformation

Open Banking is not only a consequence of the digital transformation in banks, but also one of the biggest current trends in the sector. Third-party companies can have access to certain bank account tools with the client’s authorization. Thus, they can develop different tools and services for users. Based on the idea that each person’s bank details belong to them and not to the bank, open banking makes room for traditional financial companies to take advantage of technical innovations. The end result is a more complete and better-qualified product to engage and retain the user.

Moving from mobile-first to mobile-only and banking kiosks

A few years ago, the concept of mobile-first became part of digital transformation strategies. Until then, the development took place primarily for the desktop and then it was adapted for mobile. Mobile-first reverses this logic and puts the needs of mobile devices as a priority. And this is related not only to banking transactions but to services provided by companies in different sectors. But technology and our relationship with it are advancing fast. Today, several organizations have adopted or were born with the idea of mobile-only.

The change comes from the need to serve customers who access the internet exclusively through mobile devices, and the rate grows year by year. Therefore, access via mobile is currently the second favorite of users, behind only the multiplatform format. The use of the desktop alone is no longer a reality. Therefore, it is necessary to think of applications that exist only on mobile in order to provide a more complete experience for the customer.

Investment in innovation not to be left behind

Even though digital transformation has already established itself much more as a necessity than as a differentiator, many financial institutions have not yet fully implemented it. Meanwhile, organizations that understand the need for digital transformation earn 26% more profit than those that have not yet invested in it. Therefore, investing in this type of innovation, especially SSB terminals, is essential for those who do not want to be left behind. SSBK kiosks provide a unique experience with all the possibilities adapted to the context of each bank. The software on this platform allows the customer to be assisted or to contact a bank assistant remotely. In this way, any financial service is available and assisted by professionals. After all, we are facing a market in which traditional companies are no longer the only players in the financial sector.

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