With the increasing penetration of Internet & embracement of IT, every company is transforming into the Digital Age. Banking and digitization are two sides of the same coin. An industry which is dominated by information and where the products and services are in a sense virtual is ideally suited to the digital revolution. Many large banks today already have a larger payroll of IT staff and software developers than the largest standalone IT companies. The latest phase in the global banking sector’s ongoing digital revolution is the current mobile banking wave. The ubiquity of smart phones in developed markets (DM) and mobiles in emerging markets (EM) is creating opportunities and disruptions across many axes.
Incumbent commercial banks in developed markets can use digital to boost efficiency via the reduction of branch networks and staffing levels. Online commerce Continue reading How Internet is Transforming Banking & Payments to a Digital Experience ?