What is the impact of digital transformation on customer experience and customer channels related to the future of Retail Banking?

Step 1 INTRODUCTION

Technology is used in every sector. It has transformed the operational style of each industry. Technology has been used in the banking sector to gives a new experience to its consumers.

Step 2 EXPLANATION

Retail banking

It refers to the banking services provided to an individual. It is also known as personnel banking or consumer banking.

Retail banking helps an individual to manage their finance securely. Technology is adding many features to retail banking services in different ways.

It gives online banking features, which allows customers to manage their bank account from any location.

It has increased the security level of the money deposited by the customers in the bank accounts.

Technology helps the customer to transfer money from one account to another through the use of the internet.

Retail bankers use technology for real-time marketing to give a new experience to customers across various banking channels.

Personalized banking applications are designed for customers to enhance their banking experience.

It allows bankers and consumers to directly contact each other by avoiding intermediaries and agents in between.

Step 3 CONCLUSION

Technologies are given a new banking experience to customers. Retail bankers can provide better and enhanced services with the adoption of technology compared to the service they provided before digitalization. Digitalization in the banking sector has removed the manual errors and has improved the facilities.