Digital Transformation and Customers Services: the Banking Revolution

Luis Borges Gouveia, Marine Perun, Yousef Ibrahim Daradkeh

Abstract


Current innovation in information and communication technologies are changing consumers’ behavior. Internet usage, in particular the use of smartphones, turns to be more apparent the lack of necessity to visit a physical branch whatever the good and service being present. Many of the available digital offerings turn our world a hyper-connected one. Such digital age forced the banks need to adapt their services to these new emerging needs. New ways of communicating with customers have appeared in the last few decades such as automation of services or customer service online. Brett King declares in 2013 “Banking is no longer a place you go, but something you do”. To compete with physical banks, banks online, then Neobanks appeared. These digital banks, sometimes 100% mobile, offer smooth customer experience, and free basic products. The development of technologies related to services aims to enhance the customer experience. One the one hand, we can wonder if these new competitors can offer as many services as those of traditional banks only with digital tools. On the other hand, digital transformation is a new challenge for customer service and customer experiences, even for traditional banks. How do physical banks react and adapt to this digital era? This provides a trilogy: Neobanks; generational changes; and mobile technologies – the future of banks goes through digital transformation.

Full Text:

PDF

References


Brett King (2013). Bank 3.0. Why banking is no longer somewhere you go, but something you do.

Capgemini and Efma (2019). World Retail Banking Report 2019.

Capgemini and Efma (2019). World FinTech Report 2019.

Tatjana Vasiljeva, Krsitina Lukanova (2016). Commercial banks and fintech companies in the digital transformation: challenges for the future. Journal of Business Management, No. 11, ISSN 1691-5348.

Fenergo (2019). Enable OmniChannel Client Onboarding with Fenergo Digital Client Orchestration. Available at https://www.fenergo.com/solutions/digital-clientorchestration

Jackie Vullinghs (2018). How Revolut is Re-Imagining banking. Available at https://medium.com/airtree-venture/how-revolut-is-re-imagining-bankingb67d25c90554

Ashley Cunnington, Rene Fisher, Olivier Plant, Philipp Bulis (2018) The current account conundrum, follow the money. Olivier Wyman. Available at https://www.oliverwyman.com/content/dam/oliverwyman/v2/publications/2018/june/The%20Current%20Account%20Conundrum_Follo w%20the%20Money_Digital_Final.pdf

Caroline Hudson (2018). Bank of America rolls out Al Assistant Erica to all mobile customers. Charlotte Business Journal, May 2018. Available at https://www.bizjournals.com/charlotte/news/2018/05/21/bank-of-america-rolls-out-aiassistant-erica-to.html

I-SCOOP, Digital transformation: online guide to digital business transformation. Available at https://www.i scoop.eu/digitaltransformation/#Digital_transformation_in_banking

Portugal Fintech. (2020). Covid-19 Impact & Measures on Fintech, through the eyes of the founders, April. Available at https://0e3c58aa-ae86-4a28-91ad-c89aff716f06.filesusr.com/ugd/31a74f_fed17531fb 264110bccebca043ffd01c.pdf

Portugal Fintech. (2020). The Fintech Solutions List. April. Available at https://0e3c58aa-ae86-4a28-91ad-c89aff716f06.filesusr.com/ugd/ 31a74f_b0f6ccd19b864ae78215a34dfe00ebd5.pdf


Refbacks

  • There are currently no refbacks.


Abava  Кибербезопасность IT Congress 2024

ISSN: 2307-8162