Banking Tranformation In Digital Era

Industrial revolution 4.0 affects lifestyles and influences the millennials financial. Banking transactions have to adapt this situation in order to ensure their suistainability as big part of financial lifestyle for millennials nowadays. The existence of e-finances and e-commerces with non bank institutions are the real new challenge for banking business. Thus, banks have to transforming their business engine into digital base.

This transformation requires deep analysis and high technology with ultimate security system. Digital banking with financial transactions have to provide millennials lifestyle which is high mobility, tech oriented and needs simplicity. Thus, bank that want to transform from the conventional banking into digital banking, have to invest high number in research and development, in adition to develop secure technology in systems. Nowadays, many banks have started the transformation in digital banking. Most of them start the transformation by develop digital product, such us mobile banking and internet banking. But, there are banks that trying to totally transform, from traditional conventional bank into fully digital banking such as BTPN (JENIUS) and DBS. They try to combine e-finance and banking transactions as the unique value proposition in their products. They modify their core system into latest technology to provide the services in products. In the other hand, the evolution of people management are seriously challenging things for ensure the transformation could work properly. And it couldn’t be easy for the companies.
In the other hand, by digital transformation, automation in financial datas and reports are the positive effect for banks.Industrial revolution 4.0 affects lifestyles and influences the millennials financial.
This transformation requires deep analysis and high technology with ultimate security system. Digital banking with financial transactions have to provide millennials lifestyle which is high mobility, tech oriented and needs simplicity. Thus, bank that want to transform from the conventional banking into digital banking, have to invest high number in research and development, in adition to develop secure technology in systems. Nowadays, many banks have started the transformation in digital banking. Most of them start the transformation by develop digital product, such us mobile banking and internet banking. But, there are banks that trying to totally transform, from traditional conventional bank into fully digital banking such as BTPN (JENIUS) and DBS. They try to combine e-finance and banking transactions as the unique value proposition in their products.

In financial perspective The digital revolution has also created many efficiencies. Russ Golden, chairman of the Financial Accounting Standards Board (FASB), said at the 2016 AICPA National Conference on Current SEC and PCAOB Developments that “Technology gives us our greatest opportunity to improve financial reporting.”
In many recent researchs and study, showed that the use of data and technology can result in a more effective and efficient overall financial reporting process in which investors and analysts receive more transparent, better-quality information on a timely basis.
With the availability of technology to sift through data and crunch the numbers, investors could be in a better position to perform faster and better analysis. When some of their finite resources are freed up, analysts can not only research more companies but also take a closer look at the companies they already follow, which would support better-informed investment decisions. Greater efficiency with higher-quality investment decisions is a win-win for capital markets.

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