Digital transformation in banking involves integrating digital technologies into organizations’ strategies and operations. Improving service delivery and user experiences builds the momentum that keeps business growth sustainable. Digitally transforming banks also help them stay more compliant in a sector where they play a crucial role in managing public finance and must abide by several industry regulations.
As our world becomes increasingly connected via digital channels, data centricity drives financial service organizations’ strategic decisions and processes. CriticalRiver helps banks capitalize upon the potential of data with tailored technologies to meet their customers’ expectations efficiently. Infusing “real in digital and digital in real,” the tech support that our team provides for digital transformation in the banking industry comprises:
Customer-facing digital banking solutions
Gone are the days when customers had to walk into bank branches for transactions. While cash deposits and withdrawals may require a rare visit to ATMs or cashier windows, digital transactions have made most users familiar with net banking and mobile apps. Banks must ensure that their platforms are user-friendly and highly secure to offer these services.
CriticalRiver is active in online and mobile banking solutions, designing user-friendly interfaces for a seamless customer experience. We help build websites and mobile apps with secure multifactor authentication login systems and account management features. Users can customize preferences for real-time alerts on balance changes, deposits, bill payments, EMI deductions, and other transfers. Features for loan, insurance, and investment services are also integrated to give customers access to all their banks’ services.
Cloud computing
Banking leaders acknowledge the cloud as more than a technology—it is a repository for organizations to store their growing volumes of data and applications and a medium to access advanced digital tools via the Internet. CriticalRiver partners with leading cloud service providers to offer an array of feature-rich software-as-a-service solutions, from deploying customized operating models that enable banks to deliver market-relevant products to increasing revenue generation and strengthening cost control. Our cloud services also provide opportunities to break down operational and data silos across risk, finance, regulatory, and customer support systems. Once massive data sets are synchronized, an organization can apply advanced analytics for integrated insights to serve customers more efficiently.
Application programming interfaces (APIs)
APIs are essential to banks as they facilitate the integration of data and functionalities for two or more applications, eliminating the need to develop new ones from scratch. They support digital transformation in investment banking by allowing banks and non-banking finance companies (NBFCs) to materialize business partnerships, reach new markets, and forge connections with new customers. With software engineering services offered by CriticalRiver Technologies, banks can cost-effectively upgrade their web applications with tailored APIs. We do not just reduce IT complexities with APIs but make them the keys to developing new products and services that banks can monetize. In a McKinsey survey, 81% of respondents mentioned that APIs are a priority for business and FinTech functions, and they have allocated 14% of their IT budgets to these programming interfaces.
AI and machine learning
Cognitive technologies empower banks to analyze big data sets to make informed and profitable decisions on investments, lending, and special offers for entities using their services. CriticalRiver understands that banks must go beyond credit history and customer references to determine their creditworthiness. With our bespoke AI solutions, they can assess customer behavior patterns to provide more personalized services. AI and machine learning are also instrumental in enhancing online security. For effective risk management in banking, we embed AI algorithms in applications to catch fraudulent activities and track loopholes in any system meant for restrictive access. Additionally, we deliver natural language processing (NLP) based benefits of digital transformation in banking through chatbots.
Robotic Process Automation (RPA) and DevOps
Integrating cloud computing and AI also provides the automation advantage to handle repetitive tasks speedily and more accurately. It helps expedite data entries, KYC procedures, and loan and credit card processing. Faster report preparation in desired formats is another advantage of automation. To further enhance the utility of RPA and other DX tools, CriticalRiver provides DevOps solutions. With continuous integration and continuous deployment (CI/CD) pipelines, we give banks the advantage of automated software releases and updates for more efficient customer service, risk management, and compliance reporting. DevOps also automates testing and monitoring to optimize performance and app security.
Cybersecurity
As digital transformation in banking speeds up, institutions have become prime targets for cybercriminals. Robust cybersecurity and data privacy measures are critical to nurturing digital maturity. Banks need strategic defenses against data breaches, DDoS attacks, malware, AI-related cyberattacks, and third-party risks. As a leading cybersecurity and risk advisory service provider, CriticalRiver fortifies digital safety for banks by constantly monitoring IT infrastructure, data encryption, access management, network security, and advanced threat intelligence. Our solutions capitalize upon AI and machine learning to keep cybersecurity resilient round-the-clock and ensure adherence to industry regulations and data privacy laws.
Navigating the Evolving Banking Landscape
The banking industry is undergoing continuous change. Innovative technologies, competition from non-banking fintech firms, new regulatory complexities, and industry consolidations increase the pressures on traditional business models. Banks’ ability to stay buoyant on a shifting landscape will influence their customers’ trust in them. By accelerating their pace of digitalization, they can make the financial lives of individuals and enterprises more rewarding and secure. Data-powered customer focus and tech-enabled transformation are, therefore, becoming increasingly vital.
The banking sector’s future will present a more aggressive competitive environment than what we see today. Banking leaders are expected to deliver real value in their services and must act now to deliver on these expectations.
For more information on how CriticalRiver drives digital transformation in the banking sector, visit https://www.criticalriver.com/banking-finance/
