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The banking industry is undergoing massive digital disruption, with online deposits, mobile transfers, and e-bill payments fundamentally becoming the norm.
Increased consumer demand for digital banking services has given rise to numerous technological advancements in banking — with artificial intelligence (AI) at the core of these transformations.
Below, we break down what exactly digital banking is, how it’s evolved over time, and where the future of digital banking is headed.
What is digital banking?
Digital banking is the digitization of every level, from front- to back-end, of banking. This means that digital banks rely on artificial intelligence to automate back-end operations such as administrative tasks and data processing — which in turn alleviates pressure put on employees to complete day-to-day tasks.
Not only do digital banks allow users to make account deposits and transfers remotely; but they also provide them with the opportunity to more easily apply for loans and access personalized money management services.
Digital transformation in …read more
Source:: Businessinsider – Finance