| | JULY 20238CIOReviewIN MY OPINIONDigital Transformation is anchored on client pain points, gaps in processes, changing customer behavior, need for new solutions to tap into emerging technologies and integration of customer lifestyles and banking.A distinctive customer experience across multiple channels and touchpoints is at the core of a digital transformation and banks have continued to review traditional products, processes and solutions offered to clients in alignment with the digital revolution era and changing client needs.Over time, client needs have changed, competition in the financial service is cut throat and a distinctive customer experience has become the differentiating factor in the banking industry.Conventionally customers would have to visit the bank branches physically to deposit, withdraw funds or fill out slips for processing banker's cheques or transfers to other banks. This was limited as banks would open 9 to 3pm. Banks have evolved the traditional services to digital services where customers can transact from mobile banking, internet banking, do online purchases and push funds to bank accounts from their mobile wallets.Banks are involving customers to co-create products / solutions as per customer needs, this increases uptake and market acceptance. Customers feel proud of products they were involved in and become brand ambassadors and organizations have integrated their ERP systems with Banks through business to business integrations which enabled them to process payments, aggregate collections and achieve auto reconciliation of bank statements.Pre-Digital transformation was the period before the widespread use of digital technology in business and society. This period covers the decades leading up to the late 20th century when digital technology started to become more prevalent in daily life. Overall, the banking industry in the pre digital era was characterized by a reliance on physical branches and a manual record-keeping system, which made banking operations slow and inefficient. The lack of digital technology made it difficult for banks to provide customers with a seamless banking experience and made it challenging to offer a range of online banking services that are now available Banking limited to 9-3pm and many paper slips in the banking hall for Different services as well as piles of cheque books and delayed cheque deposits.The post-digital banking transformation era is characterized by the widespread adoption of digital technology in banking operations. With the advent of digital technology, banks have been able to improve the efficiency and speed of their operations significantly. Customers can now access a range of online banking DIGITAL TRANSFORMATION IN BANKINGBy Julianna Daudi, Head, Digital & Transaction Banking, Sidian Bank
< Page 7 | Page 9 >