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As in every sector, the customer is at the center of the banking sector. Making technology available to customers in the most effective way has become the watchword of a customer-oriented approach. The mobile lifestyle of the young population in Turkey and therefore the prevalence of mobile phone use, the expectation of uninterrupted customer experience and increasing competition stand out as the issues that trigger banks to embark on a digital transformation journey.
There are some critical decisions that banks need to make in this journey;
Fintechs, which have much faster and more agile processes compared to the long and cumbersome processes of banks, have an important role in the sector. Fintechs, which have turned their agile structures into an advantage by minimizing new product deployment times, are now perceived as an opportunity rather than a threat. According to the Capgemini Financial Services Analysis 2017 report, while 75% of Fintechs are willing to cooperate with banks, this rate is 91% on the banks side. Thanks to this collaboration synergy, banks can develop a more focused customer experience strategy.
It wouldn't be right to talk about the expansion of cooperation with Fintechs without mentioning the issue of "Open Banking". According to IDC's "Worldwide IT Industry 2018 Predictions" report, 50% of large-scale banks are expected to offer at least 5 external APIs by the end of 2018. “Open Banking” means banks securely sharing their customer information with non-bank solution providers, a taboo that was forbidden to even be mentioned in traditional banking literature. But in today's digital world, open APIs enable banks to develop more agile applications and offer a more modern customer experience.
One of the important components of digital transformation is artificial intelligence. Banks are working every day to make their processes autonomous. It is aimed to achieve efficiency in operational processes with investments in technologies such as Artificial Intelligence and Machine Learning. Considering that 80% of the work of back office employees consists of repetitive and manual work, topics such as Artificial Intelligence and Robotic Process Automation provide a serious acceleration in productivity.
In addition, another issue that has a critical role on the agenda of banks to improve customer experience is big data analytics. Customers want to get the same good experiences from their banks that they have had with the products and services they use outside the bank. This expectation forces banks to always pay attention to customer experience. The customer journey fed by analytical solutions becomes the standard of uninterrupted and quality service.
Examples of how global companies that do not include digital transformation in their future plans are left out of the game, such as Nokia and Kodak, remain fresh in our memories. Finance-Banking, which is one of the sectors where the impact of disruptive technologies is felt the most, has to solve a difficult equation such as achieving sustainable growth, maintaining its market share against disruptive technologies and, of course, preventing increasing cyber threats while doing all this.