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Banking is changing and a survey conducted by Oracle suggests that major retail banks are investing in digital strategies. It is important that banks adopt digital transformation rapidly in order to facilitate customer retention and make it a priority for them to function on a day to day basis.
The financial technology space is very competitive in nature which puts the old and established retail banks in a very precarious position. Retails banks will soon become extinct if they do not adopt new technology as the scenario today is rapidly changing. Fintechs are all running after a lucrative pie which involves  an influx of new, tech-savvy, digital competitors and in order rot match up to such formidable competition banks will have to focus not just on their service but also service technology.
Services Attracting Customers:

Key services which are attracting the most amount of customers include mobile payments, real-time data, analytics and social media. According to the Economist; “From payments to wealth management, from peer-to-peer lending to crowdfunding, a new generation of start-ups is taking aim at the heart of the industry—and a pot of revenues that Goldman Sachs estimates is worth $4.7 trillion. Like other disrupters from Silicon Valley, “fintech” firms are growing fast. They attracted $12 billion of investment in 2014, up from $4 billion the year before”

Digital transformation is also forcing banks to look at Application Programming Interfaces (APIs). Many countries have announced plans to standardize APIs across the banking industry, the primary idea being to facilitate transparency for customers to help the make better and informed decisions about the financial services they subscribe to.

Mobile financial services aren’t anything new; in fact they have been around for years, and payments are just the tip of the iceberg. But it’s precisely the part that we can’t see that needs to be addressed. Data flows aren’t stopping at the edge of the enterprise, as they flow out across the network and to a multitude of services; increased resistance needs to be in place.
Posted on May 26, 2015
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