Economic services that are principally provided by the finance industry, which refers to the following businesses: fund management companies, credit unions, banks, credit card companies, insurance, accounting consultancy firms, investment, stock brokerages, financial government agencies, etc., are known as financial services. Commercial banks have the most number of financial services, among financial service providers, which manage its customers’ funds in many aspects, such as keeping your money safe, providing check books instead of money for payment, loans for property of business, providing easier access to money transactions via Automatic Teller Machines (ATM), electronic fund transfers between banks, facilitation of standing orders and direct debits, provide overdraft agreements, provide internet banking system, and so on.
Because of internet service, via digital technology, the financial service industry has experienced a rapid transformation of business processing, streamlining its internal, operating methods to enhance better services. It cannot be avoided that banking and other financial service providers will need to embrace innovation driven by digital technology to provide better customer service. In the next decade, financial analysts are seeing the collaboration of digital and IT processes to introduce a major transformation in the banking system, which would be introducing artificial intelligence and robotics as major components in their services. The financial service industry is now seeing the significance of adapting these digital technology developments and using them to customize their services in relevant areas, such as customer preferences, demographics, and lifestyle changes.
In an increasing competitive banking environment, the banks, which have integrated digital technology and IT systems, have seen the growth and retention of customers all due to a better delivery of service, thus providing a better customer experience. Integrating digital in the internal banking system streamlines the operations procedure, thus, saving time, money, and helping to make the bank staff to be efficient and eliminate errors. The digital transformation of banks have allowed them to further explore other available marketing automation and brand management platforms, which will definitely be helpful in their way of extending their brand and customer service. It is clear that banks that embraced digital transformation have become more profitable, increasing its sales and enjoying a higher market valuation. The digital products and services integrated into the banking system have also aided in the creation of new products, services, and promotions. Because of embracing digital technology, banks are now into a culture that continuously encourages creativity and innovation just to deliver the best customer service to their customers.