Banks were already marking digital transformation. As a top priority as they faced competition from challenger banks and fintech startups who. Offered faster and more convenient options to their customers. But the pandemic, the rush caused by. Financial uncertainty and the increased need for online services has pushed that need to a higher level. Traditionally, banks have been slow in adjusting to new technologies. While having a long history of tech infrastructure. Going back to mainframe-based systems, that same. Established foundation is now acting as a barriersince managers are.
Unwilling to abandon tried tested
Systems for untested advancements. And the topic here is financials, involving llions of dollars and making the risk of failure extra high. There is also a mindset problem, as senior executives Bahrain Business Email List with 30-40 years of experience have their own. Views of how the industry should work. Some private banks even lack an online system to begin with, as their clients typically are wealthy and old people who are not fond of technology. Also read. Why are banks so excited about virtual assistants but this is. All changing, as younger millionaires (sometimes inheriting the. Fortunes of their parents.
Are stepping in and younger
Executives are being appointed to senior jobs. Add a pandemic which forced banks to process two decades of small-business. Loan applications in a single month. And we can see that change has to come. Technology can help banks. In a number of ways: from using ai for fraud Fjlists detection.And risk management to international transactions with the aid of blockchain technology. But one of the most profound impacts is using conversational.Ai for marketing and customer support. Conversational ai is a technology that banks have already tried, but with varying degrees of success.