Unlike industries like healthcare, financial services mostly deal with structured quantitative data which makes it easier to digitize and automate processes. This is a double edged sword: Financial services institutions can have more effective digital transformation initiatives compared to other industries, however, it is also easier for attackers to launch digital native financial institutions.

Given the numerous tech giants and fintech companies encroaching on their business, banks need to ramp up their digital transformation efforts and adopt technologies such as machine learning, automation and blockchain. We have answered all relevant questions on digital transformation in banking.