Bank architects of the last few decades used branches as those foundations, but today you would want to use IP infrastructuresEvery financial institution today is looking at digital transformation to meet rising customer expectations for speed and convenience, lower its operating cost, and fend off competition. The covid-19 pandemic has revealed how even financial institutions that considered themselves digitally advanced are, in reality, still wedded to analog processes along the chain of processing. To understand these core issues, let me tell how traditional banks differ in core than new age \u201cDigital Banks.\u201dEverything from taking deposits to giving loans was the banks\u2019 domain, and they were organised to do just that. As a result, most banks created operations based around products: money transmissions, mortgages, cards, loans, insurances, etc, and these were delivered through one channel, the branch.Retail banks have a historically strong branch network. They added ATMs in the 1970s, call centres in the 1980s, the Internet in the 1990s, and added mobile in the 2000s. Each channel is added as an extra layer on the foundation of the branch distribution cake. Branch networks are the foundations, whilst electronic distribution is the cream on the cake.When the era of the Internet popped, at first, banks thought this could lead to branch closures and started to invest heavily in moving from branch to Internet services. However, the underlying data was still held in product silos, and the Internet was not responsive to customers\u2019 views of the world\u201d. Using middleware, fudge, smoke, and mirrors, the banks were able to get the job done. Then came this perfect storm of cloud (a large number of computers connected through a real-time communication network such as the Internet) and Big Data, augmented by customers tweeting and socialising 24\/7, and most bankers went shell shocked and didn\u2019t\u2026<\/p>","protected":false},"excerpt":{"rendered":"
Bank architects of the last few decades used branches as those foundations, but today you would want to use IP infrastructuresEvery financial institution today is looking [\u2026]<\/span><\/p>","protected":false},"author":0,"featured_media":2796,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[35],"tags":[],"_links":{"self":[{"href":"https:\/\/afluxcoin.com\/es\/wp-json\/wp\/v2\/posts\/4283"}],"collection":[{"href":"https:\/\/afluxcoin.com\/es\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/afluxcoin.com\/es\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/afluxcoin.com\/es\/wp-json\/wp\/v2\/comments?post=4283"}],"version-history":[{"count":0,"href":"https:\/\/afluxcoin.com\/es\/wp-json\/wp\/v2\/posts\/4283\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/afluxcoin.com\/es\/wp-json\/"}],"wp:attachment":[{"href":"https:\/\/afluxcoin.com\/es\/wp-json\/wp\/v2\/media?parent=4283"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/afluxcoin.com\/es\/wp-json\/wp\/v2\/categories?post=4283"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/afluxcoin.com\/es\/wp-json\/wp\/v2\/tags?post=4283"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}