The digital revolution in the banking sector was already in full swing. Still, the coronavirus pandemic, self-isolation, and the transition to remote work globally pushed financial institutions to an even faster transformation. Digital space has become an integral part of the life of modern people. Everything is digital today: shops, telecom operators, social networks, and instant messengers. To maximize customer satisfaction in financial services, banks also need to be digital. Let’s see what is digital banking.

Banks have been using cloud technologies for some time already: 95% of banks have implemented them in one way or another. According to Accenture’s report The Cloud Imperative For The Banking Industry, the transition to cloud services reduces the company’s operating costs by 10-20%, and the time to market is reduced by 30-50%. Cloud computing in banking is of increasing interest to the financial sphere, analysts say.

Digital transformation enables companies to expand their capabilities and reach, as well as maximize the value chains associated with assets and operations. Key technologies such as cloud computing, industrial Internet of Things (IIoT), artificial intelligence, and augmented and virtual reality are transforming traditional industrial operations. These innovations provide unprecedented potential for business growth. But they also bring new risks to the modern enterprise, such as cybersecurity and data privacy. Still, digital transformation in the manufacturing industry is a strong trend.