{"id":563,"date":"2019-08-08T16:46:53","date_gmt":"2019-08-08T08:46:53","guid":{"rendered":"https:\/\/www.finmonster.com\/blog\/?p=563"},"modified":"2020-02-12T16:52:09","modified_gmt":"2020-02-12T08:52:09","slug":"banking-digital-transformation","status":"publish","type":"post","link":"https:\/\/www.finmonster.com\/blog\/2019\/08\/08\/banking-digital-transformation\/","title":{"rendered":"Banking Digital Transformation"},"content":{"rendered":"\n<p>Banking digital\ntransformation has been a hot topic for over a decade. The transformation was\nslow before 2008 but was then picked up since Global Financial Crisis in 2008\ndue to the lower creditability of banking system and tightened regulatory\nrequirement on AML and Compliance. Thanks to the prevalence of advanced mobile\ntechnologies, new generation have no intention to step foot inside a bank and\nmainly utilise online tools to complete their banking transaction. The same\napplies to the young business owners. To cope with the new banking environment,\ntechnology is playing a key role in the revolutionary digital era so that the\nbanks can maintain its market position from the challenge of Fintech Start-ups\nand Technology Companies. <\/p>\n\n\n\n<h3><strong>What are the technologies applying in banks? <\/strong><\/h3>\n\n\n\n<p><\/p>\n\n\n\n<p><\/p>\n\n\n\n<p><\/p>\n\n\n\n<p><\/p>\n\n\n\n<p>First answer from majority would be online banking as the technologies applied to the banking digital transformation. Yes, it is; but not entirely. Online banking or mobile banking that prevails in digital transformation is the end result of technology application. In fact, it combined Paymentech, Wealthtech, Credittech and Regtech. <\/p>\n\n\n\n<p><\/p>\n\n\n\n<p><\/p>\n\n\n\n<p>Payment Tech \u2013 evolves from manual payment input to automatic payment. In the past, we had to fill in a payment form in branch in order to transfer money from one bank to another. With the payment tech, customers just input the destination account information and can see the credit balance in another account immediately. Corporate Bank or Retail Bank incorporated payment tech into the core banking system so that manual input is no longer required. In Hong Kong, Chats, Telegraph Transfer, e-Cheque or latest FPS are well known channels for the payment which is connected to the banks\u2019 core banking system. \u00a0<\/p>\n\n\n\n<p>Wealth Tech \u2013 evolves from\nmanual investment order to client made order. Trading equity need to call your\nbrokers or going to branch to make your order. Nowadays, most customers can\nsimply login to their bank accounts and input the order, then system will\nexecute your order and check your credit balance automatically. This kind of\nsystem enhancement is called wealth tech applied in banking system. The\ntechnologies well cover not only equity, but also fixed income investment, fund\ninvestment and FX investment. Investors are no longer required to remember the\nphone numbers of different brokers. All investment can be executed by online\nbanking. <\/p>\n\n\n\n<p>Credittech \u2013 the key function\nof credittech is for bank to easily manage the credit risk on their borrowing\nbanking products. ranging from credit card to business financing application. Some of the\nNordic Banks allow corporates to apply small business loan from online banking\nand pre-approve a credit limit to the applicant in 10 minutes. Credit not only\nhelps the bank to reduce the credit risk but also helps customers to shorten\nthe processing time which significantly fulfils the short-term needs from\nfinancing. &nbsp;<\/p>\n\n\n\n<p>Regtech \u2013 acts as a supplementary\ntechnology to the application of the aforementioned\u3000technologies. Regtech makes\nsure the bank complies with regulatory requirements on the application of the\nother three technologies such as KYC, Documents keeping, AML, etc. All the\nbanking operations intend to be automatic on online banking system. To comply\nwith the regulatory requirements, regtech ensures those automated processes are\ncomplied with the same requirements as were handled manually. Otherwise, those\nautomation cannot be completed with a back-end bottleneck. <\/p>\n\n\n\n<p>Banking Digital\nTransformation is not a one-off revolution. Instead, the transformation is an\nongoing process to align with user expectation like most of the other industries\nlike electronic industry. From online banking to mobile banking, the banking\nindustry is trying to catch up with the economic revolution from product-driven\nto user-experience-driven. Along with the technology advancement, we believe\nbanking will evolve into a new digital face from dinosaur. <\/p>\n","protected":false},"excerpt":{"rendered":"<p>Banking digital transformation has been a hot topic for over a decade. The transformation was slow before 2008 but was then picked up since Global Financial Crisis in 2008 due to the lower creditability of banking system and tightened regulatory requirement on AML and Compliance. Read more&#8230;&#8230;<\/p>\n","protected":false},"author":18,"featured_media":571,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":""},"categories":[1305],"tags":[243,70],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v16.8 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Banking Digital Transformation - FinMonster Blog<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.finmonster.com\/blog\/2019\/08\/08\/banking-digital-transformation\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Banking Digital Transformation - FinMonster Blog\" \/>\n<meta property=\"og:description\" content=\"Banking digital transformation has been a hot topic for over a decade. 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