With IBM technologies, the banking sector accelerates to become full digital

Paying a bank slip, going to a bank branch to negotiate credit, talking in person with the account manager and even withdrawing money are actions that are becoming obsolete because more and more customers have less time. And currently, they don’t see the slightest need to do all this in person.

With the digital acceleration boosted in recent years, the population has already gotten used to paying their bills through the app, talking to the manager via WhatsApp and taking out a loan through the website.

This transformation has no turning back. And from now on, the race is on to make the journey of these customers full digital, that is, increasingly personalized, fast and with the same sensitivity that an in-person service could offer.

According to Global Outlook for Banking (BFM) this year, top priorities for financial services organizations start with true reinvention of the industry . The temporary measures that were adopted during the pandemic to accompany the inevitable digital acceleration must become permanent. In addition, business models must be customer-centric, personalized, with the end-to-end digital journey through the implementation of AI factories and transformed data environments to take action and accelerate transformation.

There are several ways to do this, but in the highly competitive scenario, the time to market has become central to decisions on how technology will support business transformation.

The adoption of infrastructure hybrid cloud , with multiple clouds (private and public), open solutions and ways to protect data, has become essential to shaping financial services. The hybrid cloud brings agility, storage and processing capacity, which helps to provide flow and scale in moments of transactional peaks. In addition, it allows access to the world’s innovations, such as 5G technologies, edge and Quantum Computing.

With the implementation of AI, it is possible to extend customer service with conversation and human interpretation of intention, feeling and perceptions such as irony, joy or annoyance.

“Predictive models are built on the past. In AI, decision algorithms are built from the data of the present to project the future. This is a big difference from AI. That’s why it’s very useful for predicting fraud and cyberattacks, for use in automating processes, reading documents, things that AI has the ability to learn (machine learning) and for bringing insights into future intent.” says Mirian Cruz.

But none of these technologies are worth anything if there isn’t trust in every interaction. In the same way that technologies evolve, the criminal side also follows this evolution.

“The cyberattack has become a business model and to fight it, you need to have a lot of intelligence input and speed in processing capacity. IBM spread a portfolio of solutions that work in conjunction with AI, with high processing power – which is in the nature of IBM’s birth – and took to the world cloud to gain scale and speed.” says Mirian Cruz.

In addition to improving processes and safety, becoming full digital is to conquer the digital native generation, the millennialswho don’t go to a bank, but want the bank to go to where they are, in the palm of their hand.

A very successful example of full digital was the co-creation work between IBM and O State Bank of India, the country’s largest bank. With 60% of the population under the age of 35, companies have taken the plunge to create an intelligent platform fully focused on the customer experience. It was then that YONO was born (You Only Need One), the digital bank that combines financial services and products, an online marketplace with partner lifestyle products, and an overall digital transformation with analytics that connect these options end-to-end. Currently, they have reached the mark of 64 million downloads and daily 9 million customers log in.

“YONO is a journey-focused SUPERAPP. For example, when a customer decides to travel, in addition to the bank offering travel insurance, the app finds e-commerce partners that help expand the ecosystem and offer exclusive discounts on intuitive products and services. To retain a customer, especially the digital native generation, it is necessary to keep them engaged, bring new experiences that bring benefits and surprise.” ends Mirian.

For decades, IBM has led some of the biggest and most important projects that have revolutionized the sector, consolidating partnerships with financial institutions to drive innovation and make them full digital.