The Imperative of Digitalization in the Banking Sector: A Professional and Banker's In-depth Analysis
In the financial landscape of the 21st century, digitalization has become not just an option but a matter of survival for both banks and bankers. It is not merely about technological advancement but a revolutionary restructuring of overall banking operations, customer service, risk management, and business strategy. The leap from traditional physical banking systems to the cutting-edge digital era holds profound strategic importance, which is detailed in the following points: 1. Elimination of the Need for Physical Account Opening: There was a time when customers had to physically visit a bank branch, wait in long queues, and complete extensive paperwork to open an account. However, digitalization has completely transformed this practice. Now, customers can easily open an account from home or through any other digital medium. Banks have provided facilities to open new accounts via online portals or mobile banking apps, which saves significant customer time and leads to a substant...