Digital Transformation in The Banking Industry

Alex Tarasenko
Alex Tarasenko

The banking industry is facing many challenges in 2021, from emerging crypto and digital currencies spiking competition to the good old regulatory restrictions. Digital transformation is one of the few tools that can help businesses meet those challenges and prosper.

What are the benefits of digitization in the banking industry? What processes can you improve and optimize? And most importantly, how to do it in the right way?

Let’s find out.

Banking Industry Challenges in 2021

First off, let’s look at the main issues and challenges in the banking industry right now.

Those are:

  • Increasing Competition
  • A Cultural Shift
  • Regulatory Compliance
  • Changing Business Models
  • Rising Expectations
  • Customer Retention.
  • Outdated Mobile Experiences
  • Security Breaches

Believe it or not, digital transformation can help you to resolve all these issues.

Benefits of digitization in the banking industry.

Digital transformation in the banking industry can help you to:

  • Improve customer relationship
  • Reach new audiences
  • Build customer loyalty
  • Reduce human factor errors
  • Automate workflows
  • Meet industry regulations

How We Can Help

Having fulfilled a number of fintech projects including a mobile banking platform, we are confident in our expertise in the niche. So, if you’re looking for a helping hand in your IT endeavors, MintyMint can be helpful in several ways.

Here’s what we can assist you with:

1. Outline digital strategies for the company

Looking to embrace digital transformation within your company but aren’t quite sure as to where to start? We’ve got you covered.

Guided by field data from multiple successful cases in the fintech sector, we can help to develop and implement advanced digital strategies to meet your greatest challenges. Depending on a business’s main pain points and level of digitization, we determine key digital goals and transform them into clearly defined, measurable, and achievable objectives.

2. Develop and integrate digital solutions

Once a digital strategy is outlined, we can develop and implement digital a wide range of solutions according to your needs. It can be anything from a custom CRM system, a new website design, a mobile banking app for the clients, or all of it altogether integrated into a coherent cloud-based system.

We add value by taking care of the entire product development process – from conceptualization and development to integration and maintenance. Therefore, you can rest assured that each of the digital components in your arsenal is up to the highest quality mark.

3. Provide dedicated technical experts

Finally, we can provide your company with individual dedicated experts or entire teams to cover IT-related tasks and responsibilities as you go along your digital journey.

This way, you can have seasoned technical experts at your hand whom we hire and manage. Therefore, you can focus on essential business tasks and issues only you and your core team can resolve, saving both time and resources.

What does the future hold for digital banking?

The banking industry is rushing on a highway to hell the digital realm, leaving anyone slow to adapt behind. Consumers are looking for the best service from their banking provider, and are not willing to put up with any imperfections when it comes to finance management.

Digital transformation is the tool ensuring that your banking business stays afloat in these turbulent times. Luckily, there are technical partners like ourselves that are happy to guide and assist you on this exciting journey.