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What factors slow down the digitization of banking?

Discover the factors hindering banking digitization. Get insights from Softtek's latest release.

18 April, 2018 – The world of banking has undergone a very significant change in its business model due to digitization. While in the past they lived in a physical services model, today the digital world drives banks to take new changes in search of redesigning their business model. Vector ITC Group, a Spanish capital 100% technology company, warns of the most common factors that tend to slow down the digitization process.

“The banking business is engaged in a profound shift to the digital world due to the globalization of the economy, greater regulation (PSD2, Open Banking, etc.) and increased competition from the same sector and from other industries (Fintech and Over The companies Top) “,explains Javier Agulló, Sector Director of Vector ITC Group. “In addition, the emergence of new players in financial intermediation, which have much smaller cost structures and more agile processes have caused customers’ habits to change.”

Banking continues to make efforts to update its digital structures, but they are not yet enough to make a full migration to the digital world. Proof of this is that, according to the AEB, only 13% of the banking customers are fully digital.

The main factors that prevent the digitization of banking

Vector ITC Group analyzes the main errors of digital banking and its potential solutions:

“To undertake a successful digitization process it is essential to have a high knowledge of the sector itself, as well as the latest technologies. In addition to these factors, at Vector ITC Group we also have a high degree of experience carrying out this type of process, accompanying the client from the first step to the end of the journey“, says Javier Agulló, Sector Manager of Vector ITC Group.

Karen Liedl
Softtek PR
+1 763-291-1464