Build IT Presented by Banks are revamping their digital strategies to make better use of technology at their companies. AI and cloud tech are giving some banks an edge over competitors and enticing brand loyalty. Outdated IT systems are hard to modernize, but they must be updated to meet current needs. This article is part of " Build IT ," a series about digital tech and innovation trends that are disrupting industries. It might be hard to remember the last time you visited a bank branch for a financial service. You likely conduct most of your banking via apps and websites, whether you’re paying bills, seeking help for a transaction, or checking your account balance after an expensive night out at your local cocktail bar. In a 2023 GoBankingRates survey of US consumers, 59% of respondents said they would rather bank with smartphone applications , and 22% said they were more inclined to use banking websites. Meanwhile, 19% said they preferred physical branches and ATMs to online banking. However, online banking is only a small part of the digital transformation underway in the sector as innovations such as AI-driven tools and cloud technology radically restyle the industry. Traditional banks […]
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