Digitalization within the Financial Industry

The convergence of digitalization within the banking industry is one of the most important topics for industry leaders. Using digital services is paramount; otherwise, consumers will go elsewhere. Recent studies have proven 86% of consumers to change their financial institutions if they could not access digital services easily. Furthermore, and staggering 57 million people in the US currently use mobile banking.

Digital banking will bring precision and efficiency within the financial industry in areas such as fraud, customer experience and marketing. Not to mention, digitalization of banking industry will lead to profit growth and increase in clients.

Omnichannel is another critical aspect of digital banking, which is proven to help consumers seamlessly make transactions on any device with their banks through a number of channels while ensuring their overall experience is consistent.

Current statistics show 61% of people worldwide carry their banking needs on their mobile phones, 48% of people use and dedicated mobile banking application.  

Fully digital branchless banks appeal to next-gen customers due to reduced fees, convenience and enhanced customer experience.

NatWest in conjunction with the Royal Bank of Scotland is currently trailing biometric cards, enabling them to use their fingerprint instead of their PIN, and the results are impressive. Biometric cards have various benefits, such as ease of use and increased security protection.

There are many critical elements of digital banking; It can be hard for financial institutions to keep up. Not to mention, three of the largest global banks have just announced that they will be using the blockchain platform for all their syndicated loans, which is just the start.

Plus, the introduction to Artificial Intelligence (AI) will help banks understand their client's preferences and behavior, thus, simplifying the overall customer experience by offering tailored services and compliance systems to help prevent fraud.

This year's 2nd World Digital Banking Summit will provide an ideal platform for banking, financial services, and FinTech professionals to discuss new advances in processes and technology to improve overall banking experience.

Attendees will learn how to introduce voice-enabled gadgets to enhance contextual personalization and integration using blockchains within financial transactions and services.

Experts within the banking industry will give presentations on how to find the right balance in personalization and new digital business models plus accelerating your digital transformation through a customer-centric lens.

Other key areas of discussion will be the development of biometric technologies, the impact of AI on banking industry and cognitive banking applications, as well as if open banking and data sharing will bring new relevance to APIs. Plus, critical information on compliance with PSD2's Regulatory Technical Standards.

If you hold a key position within your organization, this year's summit is a must. For more information about the summit and learn about the speakers, download your free brochure today.

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At the End of the Rainbow: Enable the Legal Frontliners - Excellent Legal Operations Ask for an NLC Strategy

We were fortunate to connect with our Platinum Sponsor, ESCRIBA, before our World Legal Operations Virtual Summit where they discussed no-/low-code strategy and its benefit to legal practitioners. Continue reading to learn more about their insights:

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