The digital transformation process is always one that brings a lot of debate and challenges. However, what we need to realize is that digital transformation comes with its fair share of benefits, and it can help push the limits in a very innovative manner. The finance industry is definitely one of the toughest where you can start digitalizing tasks and features, because it relies a lot on physical data. But many companies managed to successfully make this change, as you can see below.
Intergiro managed to transform without a lot of hassle. They built embedded banking which helps automate many financial processes. In addition, they wanted to create a powerful financial infrastructure that both small businesses and users can rely on.
HSBC migrated to a third-party cloud-based platform, which allowed them to remove or at least replace outdated apps and hardware. They also shifted to a hybrid work model, which made it easier to reduce energy and general expenses.
Chime decided to provide banking without monthly fees, and most of their services are designed to focus specifically on digital. That’s a great option and while it can be a major departure in some cases, it certainly delivers an exceptional value to customers.
Revolut opted for digital transformation by coming with a simple idea, and then iterating on it to deliver much better money transfer services. The initial money transfer solutions were outdated, so Revolut decided to streamline the process while making things more efficient and comprehensive.
Quontic s tarted as a regular bank, but they evolved into an adaptive digital bank. It helps customers with their finances, while also offering a unique number of services and a plethora of comprehensive tools. All of that can help outshine competitors, while also offering residential customers an easy to use system.
The Hanseatic Bank started using APIs and various third party providers. That allowed them to create new business models, while also safeguarding user data. They rely a lot on innovative banking APIs, along with cloud systems.
BBVA has always been focused on helping customers with their finances. Their digital transformation helped quite a lot, since it allowed the business to boost its growth and take things to the next level. On top of that, it also helps foster excellent value and quality, while pushing the limits of growth and efficiency.
Klarna implemented a variety of new things via their digital transformation. They have a system to automatically approve or reject requests via machine learning. That alone helps streamline the process, while also making it easy for customers to know if they can receive the loan/service or not.
Chipper Cash started as a money transfer system, but with the use of digital transformation it started relying on more and more solutions to help generate growth and value. It’s highly efficient and it can help convey an excellent value to their customers with fast cash transfers.
Tonik Bank started as a local concept, but it soon changed and it became a very powerful and comprehensive digital bank. It has online and mobile platforms where customers can perform a variety of tasks, while pushing the boundaries and boosting efficiency.
Truist was made from combining multiple financial services banks. Now they are mostly digitalized and they offer insurance, investment, and banking services. They use customer data in order to streamline services, while still conveying an excellent value and experience. In addition, they also work with businesses and institutions too.
All of these examples show digital transformation is possible even in a field like finance. Yes, it has its difficulties, but it can also bring in tremendous results and quality. It always comes down to bringing in the best value, and in doing so the outcome can be extremely good. Just take that into account, and you will see how much it can help as a whole.