What is digital transformation in financial services?

To keep up with fintechs, financial services companies must embrace cutting-edge digital transformation efforts.

Digital transformation is crucial in financial services. The rise of FinTech companies has brought with it a breathtaking pace of innovation and a more competitive landscape. To keep up, financial services companies–big and small–must embrace cutting-edge digital transformation efforts. 

Perhaps nowhere is this more evident than in the rise of open banking, which allows businesses to share financial information with one another electronically. Third-party providers now can develop apps and services that benefit consumers of the original business.

Although digital transformation offers limitless opportunities, more established financial services companies may struggle to leave aging legacy systems behind and to embrace the future. Digital transformation is the kind of shakeup that can be unsettling in the short run, but it offers limitless potential over the long haul.

The big companies that long dominated the financial services industry understand that countless small and mid-sized competitors–and potential partners–now have joined the fray. Embracing digital transformation is no longer an option, it is a necessity. 

Today's customers expect to get real-time notifications on activity, or to be able to access a robo adviser 24/7. In the future, they are likely to expect even more, such as being able to access all their accounts in one place, regardless of how many financial providers they have. Digital transformation is the key to meeting these customers where they are so a business can serve their needs.  

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