One Article Review
| Source |  AlienVault Lab Blog |
|---|---|
| Identifiant | 7923522 |
| Date de publication | 2022-11-10 11:00:00 (vue: 2022-11-10 11:07:07) |
| Titre | The pros and cons of the digital transformation in banking |
| Texte | The content of this post is solely the responsibility of the author. AT&T does not adopt or endorse any of the views, positions, or information provided by the author in this article. Digital transformation in banking began following the creation of the internet in the 1990s as a way for banks to deliver services to their customers more conveniently. Today, it has completely changed how most people interact with their banks. From opening a new account to making transactions and applying for loans, you can access all banking services directly from your computer or smartphone. According to an FDIC survey on banking behavior, over 80% of account holders engage in some form of digital banking. The popularity of digital banking stems from the convenience and level of personalization that it offers. But is digital banking good for you, or do the risks, such as cybersecurity issues, outweigh the benefits? Below, let’s explore some of the pros and cons of digital transformation in banking. Pros of digital transformation in banking Digital banking offers several advantages to the modern banking customer. Here are a few: 24/7 Access to your bank One of the most significant benefits of digital banking is that it gives you round-the-clock access to your account. You don’t have to wait for working hours to deposit your funds, get an account statement, change your account details, or transact funds. You can do it at any time from wherever you are. Additionally, you don’t have to waste time in long queues in the banking hall. Digital banking is like having your personal bank right in your pocket. Better rates, lower fees Banks typically charge account maintenance and transaction fees to cover expenses like employees, bank premises, etc. Since digital banking allows customers to serve themselves directly over the internet, there’s less demand for bank employees and multiple brick-and-mortar branches. Therefore, banks embracing digital transformation have lower overheads and can offer their customers lower fees and higher interest rates. These benefits are especially pronounced for purely digital banks without physical premises. Better customer experience A 2021 survey by Deloitte Insights found that digital-first banks routinely outperform traditional banks in multiple areas that matter most to customers, including simplicity of transactions, transaction speed, and the overall quality of the banking experience. Digital banks provide a smoother experience compared to traditional banks. For instance, transacting on a digital bank takes just a few minutes on your smartphone or laptop. In contrast, simply making a transaction in a traditional bank could take close to an hour as you must get to the physical bank, wait in line, fill out transaction forms, and speak to a teller. In addition, digital banks offer features like budgeting tools that make it easier to manage your money. They also update you on every aspect of your account with text and email alerts, such as when you make transactions, when you don’t have enough money for an upcoming bill, and so on. This makes the digital banking experience much better than what you get with a traditional bank. Automated payments With digital banks, it’s amazingly easy to automate your payments. You can set up payments that you want to make from your account every month, s |
| Envoyé | Oui |
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| Tags | Ransomware Malware Tool |
| Stories | Deloitte Deloitte |
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