The future of the banking industry looks very distinct from what it is today. We can surely see the shift towards the future right now with all the advancements of technologies while banks are adopting and investing in digital banking systems. The banking industry in the future will also be highly efficient and competitive for delivering a seamless user experience. The banks today are aware that “Automation” is the future hence they are not willing to limit their abilities to today’s technology but invest in a more secure and advanced banking system.
This shift will the biggest change ever been in the last 100+ years in the banking industry. Many consumers will accept this shift with open arms as they have high levels of trust with banks as they are delivering their promise to keep up with the competition, but still, some might prefer a more controlled experience. Well, it is left to the consumers to decide what they want. The future of the banking industry will be smart, efficient, and much better than what it is today, positively imparting the users and their relationship with the banks. Banks will become one of the trusted institutions and will be embedded in consumer’s needs and lifestyles. Disruptive technologies play a huge role in making this dream transition come true, technologies like artificial intelligence (AI), Blockchain, Internet of things ( IoT), Machine learning, Big Data, Open Banking will help the banks to meet the customer expectations for frictionless functioning: secure, fast, and automated. These integrations will help us to move quickly towards better, smarter, and customized banking applications with a new user experience. The banks in the future will work extremely hard to make their products and services more efficient, fast, reliable, and secure as possible to establish a substantial advantage against their competitors. To make this possible banks have to understand their customer’s requirements with the help of the data collect from the customers. The banks have to provide the best service available to their customers to keep up the good relationship.
Future banks can also guide their customers regarding their spending habits which will reduce the efforts to manage their finances. All these services are only possible if the customers opt for these services and are willing to share the required Data with their respective banks. For customers to provide the necessary data with the banks first they have to build trust with their customers with a strong focus on security for customer data and value their privacy. Trust can be the differentiating factor in the future on which the customers may choose the bank. Hence, banks must prioritize providing data protection and cybersecurity which help the banks to have a competitive advantage and position them in a strong place in the market. The future world will mostly depend on technologies and their abilities to minimize human efforts which will force many businesses to transform their business models, Banks also will have to do the same. Currently, banks are way ahead in utilizing technologies to shift towards a digital eco-system.
However, not every customer falls into the same spectrum. They always believe in personnel interest and are not willing to trust the businesses to choose what is right for the customers. Some customers want to control but do not have the required knowledge so they want their lives to be Aggregated, some customers are concerned about control and do not have the knowledge hence want their lives to be Automated, some customers have high knowledge and want control so they want their lives to be orchestrated where everything happens based on their requirement, and some have high knowledge and are not obsessed about control so they want their lives to be validated.
Trempplin, is an Oracle Gold Partner specialized in core banking solutions – Oracle FLEXCUBE/OBDX/OFSAA Implementation, Upgrades, Support, Training and IT Staff Augmentation Services specializing in Financial Industry. Oracle Digital banking involves taking traditional banking services previously only available in brick and mortar banks, like money deposits, withdrawals, transfers or account management, and digitizing, electronically via online channels. The decision for banks to add more digital solutions at all operational levels. While not all banks are in a position to make quick changes to IT infrastructure or the architecture on top of it, banks aiming to be disrupters can move toward broad end-to-end automation can do so over about a six-month time frame.
1) We are helping banks to execute their digital-led transformation by launching a digital brand with end to end capabilities in a much shorter time.
2) We also enable the bank to deliver on their digital strategies include digitize processes, modernize digital experiences, and launch new innovative digital capabilities.
3) Our system simplifies and provides transparency to on-boarding processes, leading to faster to on-boarding, reduced operation costs, process transparency and increased efficiency.
4) We provide modern experiences with customer-centric design and allowing banks to participate in customers’ journey to meet financial goals and objectives.
5) We provide 24/7 Banking, with lower overheads for the bank.
What is the role of Trempplin?
We analyse the design, develop, troubleshoot and debug software programs for commercial or end-user applications. We write code completes programming and performs testing and debugging of applications. Installation, deployment, the configuration of the underlying Oracle and other 3rd party’s technology stack as well as OBDX plus the packaging of Hybrid Mobile applications such as:
- Product walkthrough, GAP study, and parameterization
- Software customization, branding and localization services
- Assistance in testing, production preparation and cutover
- OBDX Implementation & Installation at a client location, Configure OBDX to the requirements of the Client, customization of the product wherever necessary to meet any new requirements, fully competent in own area of expertise, Data Migration for user data Specify, design and implement minor changes to existing software architecture
- Ongoing post-Go-Live production support services
- Ongoing post-Go-Live production support services