Digital Transformation of Banking Services

Digital Transformation and the Banking Industry

Digital transformation is the reinvention of business processes and business models, and the creation of new value, using the Internet of Things (IoT), Artificial Intelligence (AI), and other digital technologies.

According to Fujitsu's global survey, finance companies are the most advanced when it comes to digitalization, with 89% of them working toward digital transformation. They responded that 29% of their projects had already achieved business outcomes.

This figure is an image photo of this article page.
This figure is a picture of the sentence above.This figure is a picture of the sentence above.

With the advance of digital transformation, many companies are actively moving from all directions into the banking business space. These include emerging technology companies and companies in other industries, such as retailers and telecommunications companies. These new entrants are replacing functions previously provided by banks, and are creating new value in the process.

New Banking Services Created through Digital Transformation

Fujitsu believes the following five trends will drive the transformation of future banking services.

This figure is an image photo of this article page.

Engagement Banking

Providing services that are integrated with people’s lives and businesses

It is becoming more important to allow users to access the required financial services whenever and wherever they wish, through various non-bank services that they are familiar with.

Platform Banking

Providing plug-and-play banking functions

Back-end service provides banking functions to nonbanks via APIs on their highly –scalable cloud infrastructure.

Technology Banking

Providing technology-based efficient services

Robotic Process Automation or AI technology will significantly transform conventional labor-intensive business process.

Social Banking

Creating new services without Intermediaries

New economic activities expand in the future, forming a platform for the sharing economy.

Inclusive Banking

Helping maximize social value

Provide opportunities for people in Base of Pyramid to access financial services.

Transformation of the Banking Business

For traditional banks, this offers an important opportunity for using digital finance technologies to transform the business model. The key to success for these new entrants is to combine their existing areas of business expertise with new banking services, and redefine the value that they provide to users.

For more details, please see the "Digital Transformation of Banking Services".

To discover further information, please see the "Digital Transformation of Banking Services".

Top of Page