DBS Bank (formerly known as the Development Bank of Singapore) recently made an outstanding achievement as it was crowned as “World’s Best Bank of 2019” by leading global financial publication, Euromoney. The Bank’s tremendous success was largely accredited to its digital transformation which is recognized as one of the most comprehensive in the world. This is solidly proven as the bank also received Euromoney’s best digital bank in 2018, which was their second in three years.
Customer expectations are dynamically changing, and the financial service industry is not invulnerable to these ever-changing new demands. The expansion of social media, the utilization of big data, and the ability to find or buy nearly anything, anytime, and anywhere means that people are getting more accustomed to fast and personal experiences.
In digital transformation, digital technology is integrated into all areas of a business. This integration brings changes in how the business delivers value to its customers. In the banking industry, digital transformation is a way to provide better service to your customers. It can be dramatically cheaper when customers complete transactions on a mobile app, instead of in a branch. They don’t have to go to your office and spend time to queue in order to complete financial transactions.
The digital economy today creates an easy switch-off for the customers to purchase what they like. When you already have regular customers but can’t improve your services for them, you will be likely to lose them easily. It is because of a simple reason. It’s because you can not meet their expectations anymore. And it is common in the business that you need more than just a coupon or two to ensure customers remain committed to your company.
Digital transformation is more than about providing mobile and online functionality. Conventional financial service providers need to combine digital speed and convenience with human interaction to provide innovation and thoughtful caring in the customer’s journey.
When was the last time you went to the bank physically and made transactions in there? A few days ago, several months ago, or perhaps never in your recent memory? You may realize that today’s people prefer to make a banking transaction through their smartphones. It’s because technology has left a huge impact on almost every area in our lives including the way customers interact with businesses, and in this case banks.
Doubling the employee job satisfaction need not be an expensive exercise. It calls for a creative, collaborative approach in developing a culture that motivates, inspires, and nurtures an environment that brings out the best in individuals and teams.
According to a Gallup’s report, only about 35% of the American workers are actively engaged in their jobs while 16% are actively disengaged. This means that only about a third of all employees love their jobs and they are involved in, enthusiastic about and committed to their work and workplace while 16% are miserable in the workplace.
The world is undergoing a technological revolution that impacts practically every aspect of business and personal life. The computing power has advanced greatly driven by new chip designs and fast-improving designs. Additionally, the era of Big Data is with us as organizations generate voluminous gold mine of structured and unstructured data at very high speed from many different sources and in many formats. At the heart of today’s technological revolution is Artificial Intelligence (AI).