The transformation of traditional banking services to digital formats is a challenge that is not yet over. Banks are gradually becoming advanced technology hubs in order to compete in a new era based on non-presential financial experiences.

The use of digital platforms is increasing quickly as people realise the potential and convenience provided by apps. This trend has prompted institutions that previously had, or still have, traditional practices to make the leap to mobile banking.

The accelerated technological irruption resulted in the banking market moving towards an environment that favours remote service. Some banks were caught off guard, but those that caught on in time were able to rethink their business path. This has helped them to remain leaders until now.

Mobile banking is a prerequisite for organisations working hard on modernisation and innovation strategies. Such a solution enables banks to improve the ways in which they interact with their customers, simplify processes, and generate a positive return on investment.

On the other hand, for banks that want to increase their client base, online banking platforms are more successful among younger audiences. Digital natives prefer services they can manage from their mobile devices and are more loyal to companies that offer that option.

In addition, by modernising or adopting a digital banking project it responds more quickly to the changing needs of the environment.

For example, the Bank of Jamaica concluded in the National Financial Inclusion Strategy Report that it is through the continued expansion of electronic banking services that people obtain quality and affordable financial instruments.

From my experience in different regions of the world, mobile banking helps an organisation to restructure in multiple business dimensions. With DigitalAccess, our digital banking solution, banks incorporate competitive features such as modular financial products, omnichannel capabilities, and self-management services.

A solution like DigitalAccess makes it easier for banking institutions to achieve strategic goals. Whether they aspire to modernise, improve the customer experience, or go to market with cutting-edge technology.

In short, the banking industry is one of the most technology-driven industries, so the demand for digital services will only grow.

Jaime Tapia is business director at Fiserv Central America and the Caribbean, a global financial technology and payment processing company.