Banking Market Research Reports

However developing innovative solutions, evolving regulatory reforms around capital and risk management, costs related to regulatory compliance, debt crises and cyber-attacks on financial infrastructure may pose severe challenges to the industry.

Digital revolution in banking sector

Banks are increasingly adopting technological changes in order to meet customer demands, improve operational efficiency and enhance regulatory compliance. With the rising smartphone usage and social media activities, banks are leveraging digital channels to deliver customized offerings to their potential and existing customers. These include mobile banking applications, mobile wallets and banking services through social media channels.

In an era where costs and regulatory compliance remains a top priority, banks are tapping into the cloud computing solutions for their core and non-core business processes. Cloud-based solutions offer security, greater flexibility and can handle critical workload apart from avoiding operational expenditure and IT infrastructure costs. Based on the requirements, banks can choose from various types of cloud applications like public or private clouds. Since private clouds offer better security they are usually used to store highly sensitive data. Sometimes, banks use a hybrid model that combines the two to ensure greater security along with larger storage capacity.

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