# How digital will transform banking and financial services Author: Pal Sinha, Barnali Author URL: https://financedigest.com/author/pal-sinha-barnali Published: 2019-02-15 Category: TECHNOLOGY Category URL: https://financedigest.com/category/technology Meta Title: How Advanced Technologies are Transforming the Business Meta Description: Discover how AI, machine learning, and robotics are revolutionising industries, from financial services to customer experience, with real-world examples. URL: https://financedigest.com/digital-will-transform-banking-financial-serviceshtml ![undefined](https://prod.superblogcdn.com/site_cuid_cm5qst7v3003gwirgwqtxn8i8/images/digital-1736839165022-compressed.jpg) By **Neil Svensen,** Co-founder & CEO **,** **Rufus Leonard** We’re seeing an era-defining shift across all business sectors– and it’s nothing to do with Europe. The wave of change across industry today is one driven by advanced technologies. Whether you call it AI, machine learning or robotics, in over 30 years I’ve not seen anything that matches the power of these technologies in their ability to radically transform the way that all industries work. These new [digital tools are fundamentally changing the world](https://www.financedigest.com/digital-transformation-for-the-world-of-finance-the-rise-in-collaboration-tools-and-saas-applications.html "Digital transformation for the world of finance: The rise in collaboration tools and SaaS applications "). And not just in the [banking sector](https://www.financedigest.com/is-automation-key-to-esg-success-in-the-banking-and-finance-sector.html "Is automation key to ESG success in the banking and finance sector?"). It’s important to understand this isn’t just about technology as a specialist topic that sits on its own. It’s about how this [technology is fundamentally transforming](https://www.financedigest.com/how-distributed-ledger-technologies-are-transforming-esg-reporting-for-financial-intermediaries.html "How Distributed Ledger Technologies are transforming ESG reporting for Financial Intermediaries"), quite frankly, everything. ![Neil Svensen](https://prod.superblogcdn.com/site_cuid_cm5qst7v3003gwirgwqtxn8i8/images/neil-svensen-450x675-1736839165040-compressed.jpg) Neil Svensen Intelligent platforms have been around a long time, but an increase in computing power means we can now use them in business – with benefits to every type of organisation, not just [financial services](https://www.financedigest.com/the-future-for-financial-services-is-digital-engagement.html "The future for financial services is digital engagement"). From taking care of mundane tasks (so human employees can do more human things like looking after customers), to forecasting, fraud prevention, investment and experience design, financial organisations are already using these [technologies to take leaps forward in the services and strategies](https://www.financedigest.com/how-to-establish-a-successful-technology-strategy.html "How to establish a successful technology strategy") they can offer. We’re looking at the [potential to make employees happier and more productive whilst driving](https://www.financedigest.com/eyewear-market-rising-demand-or-trendy-and-fashionable-eyewear-drive-potential.html "Eyewear Market – Rising Demand Or Trendy And Fashionable Eyewear Drive Potential ") amazing new products and services – improving efficiency, accuracy, safety and security. Once it starts, changes happen at speed. Here are some examples happening in financial [services](https://www.financedigest.com/integrated-finance-the-advantages-of-using-financial-infrastructure-as-a-service.html "Integrated Finance: the advantages of using financial-infrastructure-as-a-service") right now. - **JPMorgan Chase** COiN, (Contract Intelligence platform)which analyses legal documents and extracts relevant insights and data. Manually revising 12,000 annual [sales contracts](https://www.financedigest.com/pharmaceutical-contract-sales-outsourcing-market-statistics-demand-and-forecasts-to-2031-examined-in-new-research-report.html "Pharmaceutical Contract Sales Outsourcing Market Statistics, Demand and Forecasts to 2031 Examined in New Research Report") would take roughly 360,000 hours. With Machine Learning, it’s done in minutes. - **The Bank of America** ERICA, an AI-driven virtual financial assistant, has been used to help customers manage their savings using AI, [predictive analytics](https://www.financedigest.com/transportation-predictive-analytics-and-simulation-market-2021-by-global-key-players-types-applications-countries-industry-size-and-forecast-to-2027.html "Transportation Predictive Analytics And Simulation Market 2021 by Global Key Players, Types, Applications, Countries, Industry Size and Forecast to 2027") and conversational interfaces. - **N26** Using an International Bank Account Number, customers use N26 as they would a [traditional bank](https://www.financedigest.com/fiat-republic-the-specialist-baas-platform-that-bridges-the-gap-between-web3-and-traditional-banks-announces-it-has-become-an-electronic-money-institution-emi-in-the-uk.html "Fiat Republic, the specialist BaaS platform that bridges the gap between web3 and traditional banks, announces it has become an Electronic Money Institution (EMI) in the UK."), except faster and from anywhere. The app uses Pulse26, an analytical [virtual assistant](https://www.financedigest.com/virtual-assistance-to-pave-the-way-for-pain-management-devices-market.html "Virtual assistance to pave the way for Pain Management Devices Market") that provides personal insights based on individual consumer’s needs. Failure to embrace the amazing opportunities here will only, really, be due to poor organisation structure and cultural issues. What many companies don’t realise is that complete organisation reform is needed – not just the introduction of a new [technology set](https://www.financedigest.com/the-technologies-set-to-boost-the-finance-sector-in-2022.html "The technologies set to boost the finance sector in 2022"). All employees need to understand the level of change that’s happening and to work collaboratively for these [advanced technologies](https://www.financedigest.com/cardiac-valvulotome-market-growth-latest-trends-top-players-competition-technological-advancements-outlook-and-forecast-2028-2.html "Cardiac Valvulotome Market Growth, Latest Trends, Top Players, Competition, Technological Advancements, Outlook and Forecast 2028") to really show their worth. Your [communication strategy here is essential](https://www.financedigest.com/business-texting-an-essential-communication-tool.html "Business Texting: An Essential Communication Tool"). When change is [coming and people don’t](https://www.financedigest.com/people-dont-like-to-be-told-no-when-it-comes-to-finance.html "People don’t like to be told no when it comes to finance") understand it, they can become disengaged, which then creates barriers in implementation. It’s therefore crucial to have total fundamental understanding and engagement from all levels of the organisation. It’s really one of the big and most overlooked challenges. Here are some ways to solve it: **Start at the top** Clear and driven senior vision or ownership is vital for this level of organisational transformation, so it’s important to communicate clearly and effectively at [board level](https://www.financedigest.com/electronic-board-level-underfill-and-encapsulation-material-market-to-expand-at-a-cagr-of-5-5-by-during-the-forecast-period-of-2020-2030.html "Electronic Board Level Underfill And Encapsulation Material Market to expand at a CAGR of 5.5% by during the forecast period of 2020-2030"). While [smart machines](https://www.financedigest.com/walk-in-coolers-and-freezers-market-preference-for-customized-and-smart-machines-growing.html "Walk-in Coolers and Freezers Market: Preference for Customized and Smart Machines Growing") are highly effective for organisations, leaders are still the first to push this idea forward. Only they can ask the crucial questions needed to capitalise on newly discovered [business opportunities](https://www.financedigest.com/electric-vehicle-transmission-market-emerging-growth-analysis-future-demand-and-business-opportunities-2027.html "Electric Vehicle Transmission Market Emerging Growth Analysis, Future Demand and Business Opportunities 2027") in a world of data. **Show technology in action** One problem for people [working in AI is that they focus on the technology](https://www.financedigest.com/what-is-5g-technology-and-how-it-works.html "What is 5G technology and how it works") rather than the outcome. We need to think about how to turn the [technological advances](https://www.financedigest.com/the-soy-milk-market-to-prove-its-servility-to-technological-advancements.html "The Soy Milk Market To Prove Its Servility To Technological Advancements") into something that both technical and non-technical people appreciate. You can do this by creating [powerful examples](https://www.financedigest.com/lights-off-heat-down-central-europe-governments-save-power-to-set-example.html "Lights off, heat down: central Europe governments save power to set example") that show intelligent technology in action, demystifying it while demonstrating the benefits. **Speak their language** Machine learning, intelligent machines, cognitive platforms – these new digital tools use a language that many find confusing or impenetrable. Finding ways to simplify the terminology and underline their value for executive board [members](https://www.financedigest.com/bottlenecks-supply-problems-improving-at-abb-robotics-division-board-member.html "Bottlenecks, supply problems improving at ABB robotics division – board member") will help bring them on board as well as giving them the tools they need to communicate the changes to their teams. Glossaries can help everyone get to grips with new terminology at their own pace. Often communication is seen as an afterthought, belonging to the internal communications department. However, when used properly across the entire business, it can be a powerful tool to [guide a business](https://www.financedigest.com/impact-com-releases-the-partnership-economy-a-new-book-that-guides-businesses-to-success-in-a-digital-world.html "impact.com releases The Partnership Economy, a new book that guides businesses to success in a digital world") forward, bridging the needs of the business and its customers alike. What you have is a unifying [platform](https://www.financedigest.com/matchly-the-us-fintech-platform-that-enables-employees-to-access-their-401k-employer-match-raises-1-7m-in-pre-seed-round.html "Matchly, the US fintech platform that enables employees to access their 401(k) employer match, raises .7m in Pre-Seed Round") for employees to get behind and help initiate change at all levels. If you’re a [small business](https://www.financedigest.com/pakistan-floods-add-to-pain-for-struggling-small-businesses.html "Pakistan floods add to pain for struggling small businesses"), working with bigger companies and regulators will help. Because a lot of the new [technologies are being driven](https://www.financedigest.com/cloud-professional-services-market-to-be-driven-by-technological-innovation-tmr.html "Cloud Professional Services Market to be Driven by Technological Innovation | TMR") by small, agile innovators, working with regulators or larger organisations helps both sides. From one side the technology matures faster, and from the other you have the awareness of what is state-of-the-art, and where the potential is. So you’re reinforcing the idea that [digital transformation](https://www.financedigest.com/world-class-finance-digital-transformation-and-analytics-based-decision-making-among-key-imperatives-for-creating-finance-agility.html "World-Class Finance: Digital Transformation and Analytics-Based Decision Making Among Key Imperatives for Creating Finance Agility") is much more than a big IT initiative and bringing in other business areas early to work on proof of concepts. Financial services organisations must, like all other businesses, make sure they fully explain the organisational [transformation that bringing in these new advanced platforms and capabilities will require](https://www.financedigest.com/how-to-fulfil-the-digital-transformation-requirement-in-banking.html "How to fulfil the Digital Transformation Requirement in Banking"). Being clear about the fundamental changes that are happening, how you can incorporate the minto your day-to-day activities, and the benefits you can [expect are crucial steps in taking your organisation into the future](https://www.financedigest.com/the-cardiovascular-information-systems-market-is-expected-to-grow-on-a-persistent-note-in-the-future.html "The Cardiovascular Information Systems Market is expected to grow on a persistent note in the future"). --- This blog is powered by Superblog. Visit https://superblog.ai to know more. ---