Council Post: Digital Transformation And Its Impact On Finance And The Banking System

During this pandemic, we are becoming aware of the strong need for a massive digital transformation that allows the banking system to consciously and responsibly take care of customers, account holders, stockholders and other investing entities. Computerizing the processes in management and control has already passed. It's not enough in 2020 when a considerable part of savings and ordinary transactions are being acquired and processed by the new FinTech platforms and hybrid banks, often without holding a banking license. Some of the most powerful digital-only banks are Revolut, Chime, N26, Up, Monzo, Nubank and Starling. Many banks are exploiting digital tools, which is satisfying, but not enough until they move away from customer/user management as it happens in ordinary banks, face to face and hand to hand, and in private, corporate and retail sectors.