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The financial services industry is changing rapidly from the traditional way of living to a technology-dominated now. Emerging technologies play an important role in transforming this sector as they offer new means of achieving efficiency and greater productivity. What do we mean by emerging technologies? In general, it refers to any existing or developing technology that has the potential for significant impact on the organization through its ability to increase competitive advantage, create new market opportunities and achieve better results with less effort.

When it comes to banking, the game has changed. Those who look to the physical model may be finding that there is an increasing push to the digital world. There are already banks like Tangerine and EQ that rely on solely off-site solutions for banking needs. Now though, even with conventional banks, people can obtain meetings online in forms such as video banking. In the following article, we will explore why there has been a digital transformation in banking and financial services as well as the importance of digital transformation in banking and financial services.

Over the past few years, the rising number of FinTech companies and solutions have completely metamorphosed the financial services landscape. The increasingly changing customer expectations, pressure to streamline operations, increasing regulatory complexity, and tough competition, among other factors, are pushing businesses for renovation and innovation. That’s where digital transformation in banking and financial services becomes handy, allowing for quick and seamless integration of systems with new platforms and applications. Essentially, digital transformation requires understanding its components and a seismic shift in leadership focus and organizational culture. After all, change is gradual, and no business or organization can transform all at once.