Comparison between traditional financial operations and financial digital transformation
Posted: Wed Feb 19, 2025 3:55 am
Financial DX has brought about major changes compared to traditional financial operations. In terms of efficiency, the introduction of AI and RPA has significantly automated operations such as loan screening and customer support. This has reduced human error and reduced costs. In terms of customer experience, the spread of online banking and mobile apps available 24 hours a day, 365 days a year has made it possible to access financial services without time or place restrictions. In addition, it has philippines whatsapp number data become possible to provide flexible services that better meet customer needs, such as personalized product proposals using big data analysis and quick response to inquiries using AI chatbots. Financial DX does not just improve business efficiency, but also promotes the creation of new business models. For example, innovative efforts are being made, such as cross-industry collaboration through open banking and the development of new services using blockchain technology.
item Traditional Financial Operations After Financial DX
Operational Efficiency Mostly manual processing Automation using AI and RPA
Customer Experience Store-based, limited hours 24/7 online access
Service Offering Uniform products and services Personalized offers
Business Model Traditional Financial Services Cross-industry collaboration and new service creation
1-3. Cost reductions and new business opportunities brought about by financial digital transformation
Financial DX is bringing about cost reductions and new business opportunities in various aspects. The introduction of cloud computing significantly reduces initial investment and running costs. In addition, the use of AI and RPA has improved the efficiency of loan screening and data analysis, leading to reduced labor costs. New services using IoT technology are also emerging. For example, insurance premiums based on car driving data and personalization of health insurance using data from wearable devices provide unprecedented added value. The use of these digital technologies not only reduces costs but also creates new revenue sources. Through collaboration with fintech companies and partnerships with different industries, financial institutions are beginning to develop innovative services that go beyond traditional boundaries. Financial DX has become a powerful tool to simultaneously improve customer experience and improve business efficiency, and will continue to accelerate the transformation of the financial industry.
item Traditional Financial Operations After Financial DX
Operational Efficiency Mostly manual processing Automation using AI and RPA
Customer Experience Store-based, limited hours 24/7 online access
Service Offering Uniform products and services Personalized offers
Business Model Traditional Financial Services Cross-industry collaboration and new service creation
1-3. Cost reductions and new business opportunities brought about by financial digital transformation
Financial DX is bringing about cost reductions and new business opportunities in various aspects. The introduction of cloud computing significantly reduces initial investment and running costs. In addition, the use of AI and RPA has improved the efficiency of loan screening and data analysis, leading to reduced labor costs. New services using IoT technology are also emerging. For example, insurance premiums based on car driving data and personalization of health insurance using data from wearable devices provide unprecedented added value. The use of these digital technologies not only reduces costs but also creates new revenue sources. Through collaboration with fintech companies and partnerships with different industries, financial institutions are beginning to develop innovative services that go beyond traditional boundaries. Financial DX has become a powerful tool to simultaneously improve customer experience and improve business efficiency, and will continue to accelerate the transformation of the financial industry.