Digital Transformation: Customer Driven Approach to go Digital in Banking

Key takeaways from the sessions on Digital Transformation, AI & Automation at NTLF 2020

  • The convergence of IoT, AI & Big Data Analytics will play a key role in digital transformation
  • In the connected world, IoT will serve as electricity – An ecosystem of knowledge and value innovation and optimization at scale
  • Through digital transformation, we can make machine work more leading to the completion of projects on time which in turn will lead to lower costs and better value for customers
  • Digital Transformation should touch the entire value chain and AI should complement human capabilities
  • Digital transformation is also accompanied by a cultural Mindshift and steep learning curve- FREE and FRANK communication
  • As defined by Gartner, Digital business is the creation of new business designs by blurring the digital and physical worlds. The definition seems vague but if we look at the example of usage of digital technologies in the retail banking industry, we would find that several business including the physical branch functions by blurring those lines
  • Proof of concept is being replaced by Proof of Value
  • AI is being used for credit analysis and lending. AI does not reject anyone but people who are deemed fit by AI, their documentation process is made easier

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