Due to the massive spread of covid 19 pandemic everything has switched to digital platform.But not all traditional banks have achieved full digital transformation.
The prospect of fulfilling customer expectations, saving on operational and processing costs, and improving efficiencies should ideally provide plenty of incentive for banks to fully digitize their processes especially given the likely continued prevalence of COVID-19 in our lives for the foreseeable future.
Banks has some real obstacles to switch to digital. Fears about compliance, organizational resistance, scalability issues and constraints of legacy IT systems are holding banks back from a full-fledged digital transformation.
Now, banking customers grew comfortable with the added abilities and options they began to be offered beyond simply checking their balance on a mobile app or sending a payment. And since experiencing this new convenience, many don’t want to go back, even after the virus passes.
Compliance concerns, Organizational resistance, scalability issues are majr problems which pulls back bank to go digital