Digital banking and banking-as-a-platform

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Introduction

The financial sector is already being changed by new technologies in banking and the conventional banking environment is set to change dramatically in the next five years. Security features enable protect against bank fraud, including such advanced cryptography and biometrics, and remote apps will make it simpler than ever before to do your transactions without visiting the branch and when you do, the interaction is expected to be even more customer-friendly.  In the banking sector, the mobile and digital transition has only just started and progress is already exponential (Mbama and Ezepue, 2018). Banks have invested heavily in digital banking technology, where customers utilize banking services via smartphone, web or digital channels. In basic activities such as making purchases, artificial intelligence solutions, including the chatbots also assist clients.  86 percent of banks suggested in a Forbes survey on banking customer engagement from late 2016 that these kinds of services reflect their top technology investments. 

It was also expected in previous years that the trends in technology is going to hit the market with new financial services in 2020 that is now actually seen practically happening. It is also anticipated that the growth of financial companies will focus on their ability to shape the shared economy and customer intelligence and come to terms with breakthroughs in technologies like blockchain, artificial intelligence (AI), robotics and more. The advent of the Internet is entirely compatible with the upswing in digital banking, fueled by the emergence in the 1960s of ATMs and debit cards. Today, banks have been able to bring multiple forms of interaction to their customers due to the internet and greater usage of smartphones devices. Both for banks and their customers, digital banking provides convenience. Although consumers can also save time and effort by easy on-the-go banking transactions, banks save costs on physical infrastructure by shifting a portion of their transactions online and recruiting costs. Although in-branch banking remains relatively important, it is not possible to ignore the advantages of digital banking, which is possibly why Santander a leading bank, recently decided to cut its branch network by nearly a quarter (Larsson and Viitaoja, 2017).  

The aim or purpose of this report therefore is to analyse digital banking and banking as a platform. The report is structured by providing brief background and overview of the digital banking and then the second section of the report focuses on the discussion of digital banking and fintech and its development. Moreover, the issue like money laundering and its prevention, enforcement of complex and extensive regulation on banking and affect of AI on digital banking is also discussed in the second part of this report. Side by side, the linkage of risk with being more digital is also thrown light in the discussion part of this report. Then, the brief conclusion is also provided by brief summary of the whole report in the third section. Finally, some of the recommendations are given in fourth and last part of the report for tackling the issues faced by banking organisations.

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