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The Impact of Digital Transformation on Organizational Performance in the Banking Sector

The world is advancing in technology and the banking sector is no exception. Digital transformation has been a major contributor to the enhanced performance of banking services and improved cybersecurity. In this #PowerPoint presentation, we will explore the impact of digital transformation on the banking industry and how it has changed the foundations of the banking sector.

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The Impact of Digital Transformation on Organizational Performance in the Banking Sector

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  1. The Impact of Digital Transformation on Organizational Performance in the Banking Sector WWW.ACADEMICASSIGNMENTS.COM

  2. OVERVIEW Today, world technology continues to advance organizations like banking sectors are increasingly adopting the use of digital technology to enhance banking services and protect them from cybersecurity threats. In this slide, we will explore how digital transformation has altered banking performance.

  3. IMPORTANCE OF DIGITAL TRANSFORMATION IN BANKING SECTORS Digital transformation has been proven revolutionary for the banking sector. Banks effectively handle both the risks associated with the digital transformation of their business strategy. Many banks have realized the need of adopting innovation and new technology to stay relevant as fresh competitors with the ability to create breakthroughs far faster are gaining market share.

  4. KEY DRIVERS OF DIGITAL TRANSFORMATION IN BANKING SECTOR Cashless society: The use of physical cash is steadily falling, and digital wallets and contactless payments are major modes of transactions. Cloud Adoption:The urgent adoption of cloud and SaaS offers the opportunity to revolutionize the banking system. Ceaseless Improvement:Banks are expected to keep up with changing market trends, test services and iterate programs for enhancement. Impeded payment options :Digital transformation could bring flexibility in payment options. The payment transactions now are swift and secure. Virtual assistant:From client assistance to sales, individualised offerings. AI will automate banking processes.

  5. IMPACT OF DIGITAL TRANSFORMATION ON BANKING SECTOR

  6. CUSTOMER EXPERIENCE Technology with the help of AI provides deeper insights into financial information. Customers can use the bank or financial institution's software to check the approved credit limit and receive the loan amount directly into their accounts. To achieve the required results and develop a customised experience, banks might combine many departments such as marketing and retail under one team.

  7. OPERATIONAL EFFICIENCY Banks can automate many processes such as account opening, and customer service, with minimal error and streamlined workflow. Reduce operational costs in areas such as manual data entry, and paper progress, this also helps allocate resources more efficiently. Robotic Process Automation bots can be built to execute jobs like data entering, data scraping,information searching, answering consumer questions, and troubleshooting. Technology allows banks to offer new services that generate additional revenue streamlines. Banks in collaboration with Ai can develop new revenue streams

  8. CHALLENGES OF IMPLEMENTING TECHNOLOGY IN BANKING SECTOR The inability of some online banking services to handle international payments is a drawback. Transforming a bank's operation to be more digital requires invest in reskilling employees. Many banks have legacy systems that are outdated and incompatible with new technologies. Banks face more cyber threats

  9. BEST PRACTICES FOR SUCCESSFUL TECHNICAL TRANSFORMATION IN BANKING SECTOR Banks are required to invest in User Experience (UX) Banks should put strong security measures to safeguard client information and transactions. Banks require to have adequate skills and technical expertise. Banks should actively look for collaborations with Fintech and other external vendors.

  10. EMERGING TRENDS IN DIGITAL TRANFORMATION IN BANKING SECTOR Neobanks are completely online- based, digital banking services that collaborate with a bank to offer federally protected bank accounts. Buy Now Pay Later (BNPL), omnichannel banking, and financial counselling solutions. Blockchain simplify financial transactions and improve transparency. Processing massive volumes of data is a problem that quantum computing resolves.

  11. CONCLUSION Digital transformation has a significant impact on the banking sectors performance. Implementation of technologies has increased operation efficacy and fostered innovation. Nonetheless, by implementing best practices, these challenges can be overcome. However traditional banks need to invest in digital technologies to succeed in a competitive marketplace

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