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The digital bank: Has it come of age?

Author

Listed:
  • Ali, Faraaz

    (DBS Bank Ltd, Singapore)

Abstract

Digital banking for incumbent banks can be challenging given the difficulties with organisational fit, cultural construct, people skills and legacy systems having to coexist with the new way of doing things. But it is also a tremendous opportunity to build a world-class digital experience and to take the bank’s reputation as a solid and trustworthy brick-and-mortar institution that will stand behind its digital transactions, especially in a world where physical interactions are severely impacted by the COVID-19 pandemic. This paper discusses how the convergence of artificial intelligence, machine learning, computational power and data abundance creates the perfect ecosystem to deliver a compelling digital banking experience. It outlines how it is imperative for banks to invest smartly over the next few years in their infrastructure as part of their digital banking strategy so that customers who choose to conduct their banking services at a physical touchpoint can also have a state-of-the-art service experience.

Suggested Citation

  • Ali, Faraaz, 2021. "The digital bank: Has it come of age?," Journal of Digital Banking, Henry Stewart Publications, vol. 5(3), pages 204-211, December.
    • Handle: RePEc:aza:jdb000:y:2021:v:5:i:3:p:204-211
    as

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    More about this item

    Keywords

    digital banking; new normal; ecosystems; human-centred design; data;
    All these keywords.

    JEL classification:

    • G2 - Financial Economics - - Financial Institutions and Services
    • E5 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit

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