How digital technology is transforming the future of banking

Posting date: 08 November 2021

Digital technology has had a massive impact on the banking sector in recent years. Many Swiss banks are being forced to change their strategies to meet consumer demand, with many customers having become more accustomed to a streamlined service. In Switzerland, digital technology has been cited as one of the core elements of their banks’ future value creation models. Due to the competition and changes in the market, there’s now a greater need for agility and openness in the banking system. There’s no doubt Swiss banks are undergoing a digital transformation. But what are the new possibilities and expectations as a result of technology?

Enhanced customer experience

Digital transformation has introduced a whole range of benefits and opportunities for customers. The customer experience has always been an important part of business strategy in any industry – but for banks, improving the customer experience should be a crucial goal for profitability and driving more regular customers. Digital technology has provided customers with a seamless online experience, which is only likely to increase in the future. As a result of digital technologies, banking firms can also gain better insights into their clients and customers with the use of analytics and data. A stronger understanding of the audience helps banking firms develop effective strategies to improve customer relationships and the customer experience. Some of these improvements include chatbots, more transparent messaging and better speed and simplicity. In the future, it’s likely digital banking experiences for customers will be even more concise and tied to the business’ brand.

Banking in the cloud

Cloud computing – which is the on-demand availability of any hosting service – has paved the way for a range of advantages in the banking industry. The move to the cloud has ensured increased efficiency and flexibility, allowing banks the opportunity to scale their digital services according to the demand of the market. Cloud computing has moved to the forefront in most businesses, serving as a way to store data and applications. With the help of cloud computing, financial institutions can manage and secure their data much more effectively and even reduce infrastructure costs. Cloud computing also ensures stronger performance, allowing banks to serve their customers better with easy transactions between seller and buyer. With its added convenience, it’s no surprise cloud computing has overtaken traditional banking. The future of banking is likely to be defined by innovation and agility, and cloud computing is already having a huge impact.

Personalised banking

The digital revolution has enabled hyper-personalisation across the banking sector. In today’s financial market, providing a personalised banking experience to customers is a key way that firms can differentiate themselves from competitors. As digital experiences have become more tailored to customers, personalisation has become imperative for banks. Using data and insights and other technologies such as artificial intelligence, a bank may be able to offer specific payment methods to customers based on their online spending habits. Technology is allowing banks to serve many different individual customers, providing a truly personalised experience – which can pave the way for improved customer loyalty. The banks that thrive in the future will be those that use technology to put the customer first and release products that match the needs of their target audience.

Swisslinx specialises in banking and finance recruitment

Swisslinx is a leading recruiter that offers financial recruitment agency services. We’ve recruited for roles within investment banking, wealth management and asset management. The finance sector is a constantly evolving landscape so our consultants are always up-to-date on the latest trends and research. Over the years, we’ve worked with some of the biggest financial institutions, serving as a reliable and proactive partner in talent strategy and recruitment. If you would like to find out more about our services, contact us today and keep reading our blog for more news and insights.

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