Bahaa Abdul Hussein is a Fintech expert and shares his experiences with his audience through his blogs. He talks about digital banking in this blog.

Digital banking has become popular and more than 50% customers want to use online banking. Digital banking presents certain security risks. But despite these risks, the ease of access it offers make it highly attractive.

Financial institutions that offer traditional banking need to get into the digital world. They need to invest on technology, so they can offer digital banking to their customers. Doing this is beneficial, and it is definitely worth the investment made.

Digital transformation is a must

The internet is all-pervading and people have started using multiple services through digital channels. Digital banking is no longer a luxury, but is a requirement. This makes it vital for finance companies to start offering these services by collaborating with fintech companies observed Bahaa Abdul Hussein.

Those who don’t do so will be left behind. It helps them offer better services with greater efficiency. This would help in improving their operations, which offers financial returns. Those who do not rise to the occasion will end up losing the competitive edge to others.

A key factor that has accelerated the use of digital banking is the pandemic. The post-COVID world today prefers to do things from the convenience of a remote location. People would want to avoid visiting banks and find carrying out transactions online convenient.

The following are the benefits that digital banking offer for all the parties concerned.

  • Since security is a concern, companies can use two-factor authentication and biometric authentication. This would make security stronger and also eliminate the risks of cybercrime. It would help reassure customers that the entire experience would be more secure.
  • The use of cloud support and advanced technology allows companies to offer better services to customers. This helps them improve the quality of operations, which in turn helps in ensuring improved customer satisfaction.
  • There is a perception that digital transformation increases costs. This is not true! While there is initial investment required, in the long run it leads to reduced costs.
  • The biggest benefit of digital banking is that it allows companies to personalize services for customers. This helps in better engagement with customers, so quality of services can be improved. Most importantly, it helps companies improve their business. Optimizing the customer experience can help increase customer base and ensure customer loyalty.
  • Digital banking calls for automation. This improves convenience for customers. It also helps reduce costs for the company while improving their operational efficiency.

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