The digital transformation of traditional finance through intelligent automation and cloud platforms

Abstract

The digital transformation of traditional finance is enabled through intelligent automation and cloud platforms. With these technologies, traditional banks and financial institutions can digitalize their products and services, transforming the banking and finance value chain along the way. Digital transformation goes beyond mere product digitization. As traditional financial institutions journey through the transformation process, they start to share their data and enable integration of back-end processes with other players in the finance ecosystem. Digital transformation leads to opening of traditional financial products through partnerships with fintech enabling easier access to financial services by suppliers, with embedded finance options. Traditional financial services such as lending and insurance underwriting become easier for customers to access through any supplier's front-end interface with integration to bank backends. Data sharing on transaction-based open finance and creditworthiness on decentralized identity with digital wallets, backed by blockchain privacy models enhances financial access for the unbanked and under-banked customers. Products are tailored to the needs of end-users through data analytics techniques and fintech partnerships.