Tradition Embracing Digital Transformation: Banking and Communication

The digital shift we are experiencing is not unique to any specific industry.

It may seem strange now, but not that long ago all banking transactions were conducted within bricks and mortar establishments. Cash and checks (cheques) were the dominant payment methods, the later taking several days to clear as funds in your bank account.

Since 1981 banks have steadily worked to advance online banking. In 2006, 80% of US banks offered online banking to their customers. While slow to develop, online banking is now mainstream.

However, the communications industry moved online much faster, and their success is broadening their reach. Leading communication technologies are increasingly expanding into banking services to create a more progressive customer experience.

In this article, we will be taking a closer look at the Banking and Communication industry focusing on three key areas:

  • Client Need and Expectation
  • Continuous Improvement
  • What professional service firms can learn

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Launched in 2021, Inflo Insight delivers thought leadership articles, research and expert opinions on accounting and audit issues. Our content examines the complexity and challenges audit firms are facing in an evolving business landscape. Our intention is to summarise and simplify key trends and takeaways that saves you time, builds knowledge and capability to adapt.

Inflo was founded by former Big Four auditors with the objective of making more progressive audit technologies and methodologies available to audit firms of all sizes. Our Digital Audit technology and approach improves the quality and relevance of the audit product for over 70% of the UK’s largest, non-Big Four firms. Our goal is to educate and support the profession to embrace and adapt to change and strengthen your advantage.

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Tradition Embracing Digital Transformation: Healthcare

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