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The banking industry is being pressured by two major forces: a complete shift to digital processes and the increasingly stringent regulatory norms that require a whole new level of data governance. Both these need to be addressed if banks wish to stay ahead of the game, and offer customer satisfaction.
Today, a majority of banking executives i.e. 53 percent, believe that simplification is very important. And, 70 percent of them are already making some level of investment in simplification. However, only 17 percent feel that their efforts at simplification have resulted in the organisation being well-prepared.
Disruption is the buzzword and banks have been forced to change to align to new realities – new entrants offering innovative and fast services, new channels of interaction, and new technologies to be incorporated in order to stay relevant.
Banks are embracing the use of advanced technologies including Artificial Intelligence and Machine Learning, Big data, Predictive Analysis, Cloud computing, Robotic Processing and overall integration to automate compliance processes, meet regulatory requirements, improve operational efficiency, and more. Many of the leading bankers are experimenting and deploying new products, delivery channels and analytics.