Learning Objectives:

  • Define digital transformation in banking.

  • Explain the role of AI, data analytics, and automation.

  • Identify the key trends reshaping banking technology.

6.1 Digital Transformation

Digital transformation in banking is the application of technology to fundamentally rethink business models, customer relationships, and organisational culture. The University of Edinburgh course covers “technological developments” in banking .

6.2 Key Technologies

Key technologies reshaping banking include:

  • Artificial Intelligence: Powering chatbots, fraud detection, and personalisation.

  • Data Analytics: Enabling customer segmentation and risk modelling.

  • Cloud Computing: Providing scalable, flexible infrastructure.

  • Automation: Streamlining back-office operations.

6.3 Impact on Banking Operations

Digital transformation is reshaping banking operations:

  • Customer Experience: Personalised, on-demand services.

  • Operational Efficiency: Automation of manual processes.

  • Risk Management: Real-time monitoring and predictive analytics.

  • Compliance: Automated regulatory reporting.

 

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