Banks are exploring the use of digital tech for customer engagement. They are launching different digital products like artificial intelligence (AI), chatbots, virtual assistants, and also investing in mobile banking. They have already digitised many of their functions and are using technology efficiently in
Digital channel inclusivity is still essential, especially for vulnerable clients and those who lack digital access or
literacy. Branch closures may have ramifications for local communities as well as society as a whole.
Overall, banks should search for possibilities to release or repurpose real estate where there may be an over- concentration of customers. Banks, for example, may utilise their physical networks to better interact with their consumers by offering hubs for smaller companies or communities.
A new banking paradigm will emerge in the future:a new delivery model in which digital teams are integrated with existing personnel, and some pure digital players may open physical branches to showcase their brands; newly formed IT with an app-focused front end, a central core database connected and hosted in the Cloud, and a back end that is widely industrialized and outsourced; and a digitized culture in which people are more comfortable with technology.Banks will
undoubtedly create a favourable evolution by using the seven success elements of digital transformation.