| | JULY 20239CIOReviewservices through their smartphones or computers, including online account opening, fund transfers, bill payments, and loan applications.Emergence of new financial products and services, such as digital wallets, peer-to-peer lending platforms, and robo-advisors. These innovations have disrupted traditional banking models and made it easier for customers to access financial services.The use of data analytics and artificial intelligence, Banks can now analyze vast amounts of customer data to personalize their products and services and offer targeted recommendations. AI-powered chatbots and virtual assistants are also used to enhance customer service and support.Overall, the post-digital transformation era has brought significant changes to the banking industry, with digital technology playing a crucial role in improving efficiency, enhancing customer experience, and driving innovation. As technology continues to evolve, we can expect to see further advancements and changes in the way banking is conducted in the future.Some of the challenges faced by Banks as they execute Digital Transformation Strategies have meant capital intensive investment in systems i.e. core banking and Digital channels platforms, rigorous Organization Change Management programmes that sometimes lead to loss of staff.At the same time, Benefits of Digital Transformation to clients has led to Customized solutions through co-creation of products which have been spoilt for choice by alternatives presented by a variety of solutions with similar functionalities.Distinctive digital customer experience offered by omnichannel, it's always a `good feel moment', when a client login to a `nice' mobile app or internet banking that allows you to transact within seconds in the Integration of customer lifestyles and banking, access services as at and when it's convenient for the clients. A distinctive customer experience across multiple channels and touchpoints is at the core of a digital transformationJulianna Daudi
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