Challenges of digitising financial services

The financial sector, while being highly regulated, is often accused of lagging in the adoption of innovative measures and disruptive technologies. However, in the last few years, the trend has been changing, with a strong commitment to digitisation on the part of financial institutions.

Digitisation is a natural development in modern economies, which in financial services should be driven by experience and security on the one hand and applicability on the other.

Experience comes from the premise that customers are increasingly demanding, but providing a new service is not, in itself, enough. It is not enough for financial institutions to announce an APP or a digital onboarding process. Today it is essential to think about the customer journey, the experience you are going to provide and how it will combine across the various digital channels. As for security, often overlooked, it is a critical and vital premise for both institutions and customers. The former cannot put their value at risk in the digital world, and customers must feel that their data - and, more importantly, their assets - are properly protected.

In turn, the issue of its applicability requires a difficult balance to be struck between trend and effectiveness. While it is true that customers put pressure on their financial institution to be innovative and adopt the latest trends, it is also essential to consider the effectiveness of the service, both for the customer and for the institution's backoffice.

In summary, being more efficient, providing a better experience and ensuring that any process is secure are some of the big challenges of digitising financial services.