One of the drift within the banking sector is the huge amount of investment done by major banks towards digitalization as well as for the upcoming future, whereas several smaller plus regional banks are having added difficulties in terms of keeping up with the pace. Since they are more and more dependent over technological dealers. Thus, the market stake has evidently been moving ahead of the big players as they are having more resources.
Alike several other outcomes from the digital age of alterations, the financial segment has been under continuous pressure from the new disrupters of Fintech. Provided that these disrupters seem to be startups focusing over a specific technology or else process. Moreover, they are further flexible as well as faster when it arises for adopting pioneering solutions along with offering additional tailored experience to users.
Digitization’s Benefits over the Banking industry
Transforming made from the analog mode towards the digital mode arrives with a lot of benefits for the entire banking industry. Here are a few of them:
- Above everything, it enables in improving significantly the user experience.
- The number of consumers rises due to the ease of service that lets consumers in saving time.
- The expenses for banks as well as customers may also be reduced via utilizing ATMs or else cashless transactions.
- Alternatively, nowadays since there are more digital data available people can easily utilize it for making data-driven vibrant decisions. This will even aid to both banks plus users.
- It lessens the chance of human error.
Case Analysis of BBVA
Until now it has turn out to be obvious that banking applications are becoming part of our day-to-day life. An analysis indicates that for instance within the United States banking applications are being utilized to certain extent like social media as well as weather applications. The digital era is in continuous fluctuation as well as there have already been several important instances of digital revolution within the banking sector.
Over the period of past 2 years this banking group has made notable development within the digital ground that has not moved out overlooked as well as has offered them with extensive recognition.
In the year 2018 Spain’s mobile banking of BBVA had taken the topmost place like a leader across Europe, providing a “great balance among comprehensive functionality as well as outstanding experience of users. Moreover, getting as much higher as (87 points of 100) than the overall average of Europe (i.e. 68 points).
One of the suitable performances of application is BBVA Valora that lets consumers estimate the top price of renting, selling or even buying assets, also analyzing that whether they can manage to pay for it or not. BBVA’s application too acquired maximum within the region of money management along with their financial security tool called Bconomy. Bconomy enables the consumers to acquire a clear picture of their monetary health along with knowing the methods of improving it.