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Why Traditional Banks Can’t Compete In The Digital World

October 30, 2019 | Published by |

Digital has become the new normal. Where traditional Financial Institutions have failed, the FinTech’s are succeeding. Traditional banks can compete in today’s digital world only if they are smart. Being overloaded with lots of data doesn’t make them smarter and that’s why they fail to retain a loyal customer base.

Smart Banks Focus On Customer Engagement and Experience

  • Traditional Banks talk a lot about how digital they’ve become. They might tell their shareholders that they are the proud owners of the most successful digital mobile app used frequently by their customers. However, their customers state that they just use these apps to find out their balance and check the credit/debit transactions.
  • On the other hand, Digital Banks focus only on customer engagement, experience, and security. Security doesn’t remain an issue for the customers as they are provided with Multi-Factor authentication via OTP, PIN, Biometric, etc.

Smart Banks Engage Their Customers In Convenient Ways

  • Traditional banks don’t focus on engaging their customers in convenient ways throughout their financial journeys.
  • Smart Banks are entirely different, they do not just provide you a feature-rich and convenient payment experience but they’ll help your bank configure products, processes, and rules according to your demands, optimize the costs and allow for Real-Time Interaction.

Traditional banks try extra hard to handle customers in a smart new way but that isn’t possible without refreshing the core systems, moving to the cloud, becoming agile and transforming in unimaginable ways.

Without a revival of the core, it’s nearly impossible for traditional banks to be worthy or match the pace of today’s digitized world.

Do you know the prime reason behind traditional banks being unsuccessful? Their mobile app and digital services work on the age-old core system. These core back-end systems have become outdated and possess no transaction analysis capabilities, no real-time services, no reward engagement, etc. It’s time to transform your bank with Arttha Digital Banking. Arttha enables banks to provide customers with flexible and convenient management of their finances everywhere. Wish to know how Arttha is successfully transforming banking operations? Get in touch with us now.

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