A broader and more informed use of information technologies offers an opportunity that all banks should seize, especially those that must swiftly return to sustainable profitability levels. Digitalization could radically change the structure of the financial system, opening the door to the entry of new operators, creating new ways of interacting with customers and stimulating process and product innovation.
For banks, the possible applications, in addition to making it possible to reduce regulatory compliance costs and make back-office operations more efficient, allow them to fully exploit the enormous mass of data (structured and unstructured) they have access to in order to offer products better suited to customers’ needs.