Economic services that are principally provided by the finance industry, which refers to the following businesses: fund management companies, credit unions, banks, credit card companies, insurance, accounting consultancy firms, investment, stock brokerages, financial government agencies, etc., are known as financial services. Commercial banks have the most number of financial services, among financial service providers, which manage its customers’ funds in many aspects, such as keeping your money safe, providing check books instead of money for payment, loans for property of business, providing easier access to money transactions via Automatic Teller Machines (ATM), electronic fund transfers between banks, facilitation of standing orders and direct debits, provide overdraft agreements, provide internet banking system, and so on.
Because of internet service, via digital technology, the financial service industry has experienced a rapid transformation of business processing, streamlining its internal, operating methods to enhance better services. It cannot be avoided that banking and other financial service providers will need to embrace innovation driven by digital technology to provide better customer service. The digital transformation in the banking system has proven that so many more innovations will be coming on the way, such that even financial analysts are predicting the collaborative work of banks and IT software companies to innovate the banking system through the introduction of artificial intelligence and robotics to further improve the customer service. Knowing that customer service in the financial service industry has so many advantageous options to take in using digital and IT processing system, one of the most relevant and significant roles that banks and other financial institutions will be embarking on is re-defining their customer service system to customize it based on customer preferences, demographics, and lifestyle changes in order to increase efficiency in performance.
The banks are witnesses to the great benefits that they are now enjoying in adopting the digital technology and software, one of which is giving a better customer experience. The success of internalizing digital in the bank’s operating systems have managed to streamline the standard operations, such that savings are seen in time and money usually spent for these, while employees have become more efficient in terms of reducing errors in their usual workload. The digital transformation of banks have allowed them to further explore other available marketing automation and brand management platforms, which will definitely be helpful in their way of extending their brand and customer service. It is clear that banks that embraced digital transformation have become more profitable, increasing its sales and enjoying a higher market valuation. The digital products and services integrated into the banking system have also aided in the creation of new products, services, and promotions. The positive highlight of the digital transformation of banks is that they are now introducing a culture that encourages creative automation and innovation to constantly improve customer service.