Digital Transformation Companies in Banking – Top 10 Emerging Players
Digital transformation is necessary for banks to revamp their outdated processes and adopt new technology. Here, we’ll discuss the top digital transformation companies in the banking industry and their role in digitalizing the sector to enhance customer experience. Banks have been following the traditional business model for decades. However, the changing trends and new technologies disrupted the industry to promote digital transformation on a large scale. The digital transformation definition presents it as integrating digital technologies into various aspects of a business. Statistics show that 93% of customers want their banks to know about their banking needs. With many people preferring digital transactions, the banking sector is making major changes to digitalize its operations. A report shows that the global market share of AI in banking is expected to grow at a CAGR (compound annual growth rate) of 22.5% and reach $6,256 million by 2032. The best way to create and implement the digital transformation strategy in the banking sector is to partner with a reliable service provider. In this blog, we’ll find out how digital transformation banking can be achieved and the top ten companies offering customized services for the same. Role of Digital Transformation Companies in the Banking Industry Digital transformation for banks has become mandatory in today’s world. It is no longer something to try after a few years. Many banks around the world have already embraced digitalization to offer various online services to customers. However, digital transformation in retail banking is much more than providing online bank accounts. It involves transforming the entire business model, the operations, processes, systems, etc., to adopt modern technologies like artificial intelligence, machine learning, computer vision, business intelligence, etc. The digital transformation consultant will create a comprehensive strategy to select and apply the right technologies for streamlining operations, improving customer experience, reducing overhead costs, reducing stress on employees, increasing business efficiency, and helping the bank survive competitive market conditions in the long term. Digital transformation in banking and financial services also deals with data compliance and governance. Banks can automate recurring tasks, derive insights from datasets, and quickly share reports through analytical dashboards. Digital transformation is a set of various processes, technologies, and tools to help an establishment unlock its full potential and make data-driven decisions. Top 10 Digital Transformation Companies in Banking 1. DataToBiz DataToBiz is one of the leading AI and digital transformation companies in the market. It provides end-to-end transformation solutions to clients from banking, finance, insurance, manufacturing, transportation, surveillance, telecommunication, education, healthcare, retail, eCommerce, hospitality, and other industries. The award-winning company offers services, such as big data analytics, AI, ML, NLP, and LLM development, data engineering, cloud transformation, business intelligence, and IT staffing. The teams have years of experience developing digital marketing strategies for banks and making the establishment cloud-ready to achieve its long-term objectives. DataToBiz follows a multi-step procedure to ensure the successful digital transformation of banks. From cultural shift management to security and compliance, the company handles all aspects of digital transformation. Glassdoor Rating: 4.1 stars 2. SmartOSC SmartOSC offers holistic digital transformation for banks by diving deep into core challenges and realigning the establishments’ vision and mission to overcome the concerns. The company primarily works with the banking sector to offer comprehensive solutions by leveraging technology. It deals with cybersecurity, blockchain, operations, digital commerce, digital banking, application development, and cloud technologies. The company builds tailor-made solutions based on the bank’s requirements and seamlessly integrates them with existing systems. SmartOSC is among the well-known digital transformation companies working with top banks to effectively manage HRM, CRM, recruitment, RPA, e-office, and much more. It has been announced the gold winner for IT solutions for financial services at the 18th Annual Globee Information Technology Awards in 2023. Glassdoor Rating: 4.1 stars 3. McKinsey & Company McKinsey & Company is a popular global service provider in the industry. The company offers personalized digital marketing strategies for banks along with robust transformation services, operations management, cloud solutions, risk management, strategic consulting, and many more. It works with several clients from industries like banking and finance, agriculture, aerospace, chemicals, education, chemicals, healthcare, life sciences, metal & mining, oil & gas, etc. The company also handles legal and wealth management for its clients. McKinsey & Company specializes in large-scale and cross-functional transformations. It helps businesses simultaneously focus on sustainability and inclusive growth. The company has customized capabilities like FinLab, GCI analytics, Finalta, PriceMetrics, etc., which provide data-driven insights for banking establishments to analyze their data and make informed decisions. Glassdoor Rating: 4.1 stars 4. Ernst & Young Ernst & Young is a global digital transformation company with a presence in various industries like finance and banking, energy and resources, advanced manufacturing realized, private equity, healthcare, real estate, hospitality, etc. The company helps with digital acquisition strategy for banks and provides the necessary support for quick transformation to adopt modern technologies. It offers services for strategic consulting, corporate finance, law, tax assurance, managed services, technology, sustainability, and more. Ernst & Young actively promotes artificial intelligence and its adoption in the financial and banking sectors. It uses technology to strengthen banks’ core operations and help them provide long-term value to their clients. The company follows a multi-step process to provide end-to-end digital transformation banking solutions. Glassdoor Rating: 3.8 stars 5. Bain & Company Bain & Company is among the well-known digital transformation companies in the global market. It works with businesses from industries like banking, financial services, aerospace, automotive, healthcare, aviation, consumer products, media, transportation, telecommunication, retail, etc. The company is a digital transformation consultant and also provides various other services to manage customer experience, sustainability, operations, innovation, technology people, etc. Bain & Company provides a robust digital marketing strategy for banks to reach out to a wider audience. It amplifies the digital capabilities of the clients and increases growth opportunities by creating strategic and personalized solutions for digital transformation. The company calls itself a trusted advisor in the rapidly evolving banking industry by providing expert support to enhance operational efficiency and
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