IDG Contributor Network: Digital transformation: Not your grandfather’s bank

Changes in the way we do business with banks are rarely initiated by banks themselves. Instead, banks are often forced to adapt because of technological advancements that are shifting social culture and customer expectations.

Just as mobile technology made selfies the norm, the introduction of new technologies is changing banking as we know it; paying by a social media app or on-demand lending are just the start.

Keeping up with customers

Established banks have an array of touchpoints with their customers that generate valuable insights about who their customers are. Yet all too often, banks do not act on those insights and pass up the opportunity to create a great customer experience.

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