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Digital transformation is transforming industries beyond recognition. Not only does the digital revolution simplify tasks but also makes them more transparent. Retail banking is one such sector where digitalization has immense potential. Especially as the conventional systems are getting outdated and the older workforce aware of the hardcoded methods is retiring, banks are under high pressure to digitalize their systems.
Although the greatest advantage of the traditional banking system has been the trust factor, consumers are increasingly shifting towards new players such as Google, Amazon, and Apple because of the convenience in transactions offered by them. Customer preference is also putting the retail banking under pressure to digitalize.
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