Digital Transformation driving the Banking industry to be API and mobile-driven

Digital transformation has been driving the banking industry for nearly 60 years and continuously evolves to benefit all stakeholders.??Started during the 1960s with ATMs and with the internet, it shot up tremendously during the 1990s.??Online banking became the new way of banking from the first decade of the 21st century.?And the banking crisis in 2008 brought in the need to do banking functions differently and effectively to make it driven by API in the last decade. In addition, the pandemic locking people at home in most parts of the world and the rapid rise in using smartphones is making the digital transformation of the banking industry API and mobile-driven.?

Hence check out how digital transformation is driving the banking industry to be API and mobile-driven.?

The increasing importance of digital transformation driving the banking industry

Many innovative digital developments enable banks to improve customer satisfaction with personalized offerings. For example, using data-driven solutions like AR, AI, automation, and distributed ledger technology personalizes the banking process. Deloitte states that placing customers at the center of all digital strategies will be the future of digital banking.??

The COVID-19 has increased the need for further digital transformation in the banking industry.??A Forbes survey confirms that three out of four Americans use apps for many banking services last year.??

Mobile banking apps modernization with API

Those days are long gone back when customers had to rush to the bank for many banking functions, and the new age of banking is using mobile banking apps. With smartphones in the hands of over half the population, it has also become mobile-driven now. The pandemic is accelerating the digital transformation of the banking industry like never before.???And with customer satisfaction being imperative to the banking sector, mobile apps have taken center stage in the banking industry.??And with API integration provides the customers an easy-to-use experience offering all the advanced digital services. Studies confirm that more than even the weather and social media apps, it is the banking apps that people use the most now. Even bank staff want to do their jobs wherever and whenever by using mobile applications.??But with security and regulatory compliance being critical for the banking industry, they are now taking advantage of the APIs.

Ways that API transform banking industry digitally driven

API or application programming interfaces help banks to provide a better, seamless and practical customer experience.??APIs are the software applications for developing apps to integrate with pre-existing technology of other firms and create innovative solutions for solving many banking problems.??With the ever-changing customer needs, APIs help banks in many ways that include.

• Banks use API for four significant reasons of speed, reach, domains, and IoT for making the operations effective to the benefit all stakeholders.
• Offers innovative solutions for solving problems like canceling or changing payments within short notice, rising failed, inefficient and non-compliant payments
• Helps banks with data analytics, loyalty program,??check credit scores using mortgage tools, account authentication, and information about working hours, ATM and branch locations, among others
• Enables banks to add new revenue streams, increase future innovation, improve access to additional customer data and support the development of fresh distribution channels
• Helps to improve customer satisfaction based on personalization, freedom,??flexibility, and the ability to interact with other service providers seamlessly.
• Facilitate banks in partnering with brokerage firms, corporate clients, and credit card companies to optimize and streamline the customers’ experience and get new customers.

Conclusion

Hence banks to avail all the above ways to benefit from the banking transformation driven by the API and mobile need to create ecosystem models and drive innovation.??Hence they need to collaborate with expert developers outside banks like iboss.??With specialized skills and a team with diversified experience, iboss helps usher the digital transformation in your organization across all verticals to outsmart your competition by providing an excellent customer experience.