Digital Transformation for SME Banks

DOI

10.2991/978-94-6463-080-0_32How to use a DOI?

Keywords

Digital Ombudsman; Digital Onboarding; Digital Scoreboard; Digital Marketplace; Digital Roadmap; Digital Entrepreneurship

Abstract

Digital economy has brought about new technological competencies that have made it possible for banks to embark on digitalization of processes and digital transformation implementation across their product offerings. From digitization to digitalization and then digital transformation, technological advancement is slowly making traditional boundaries disappear. In such unprecedented volatility and market regulatory turmoil banks are rethinking banking and have begun introducing banking platforms that will be based on hyperconnectivity; supercomputing; cloud computing; robotics; embedded sensors and cyber security. Digitization has been an ongoing process, where moving everything analog to digital has always been seen as the main objective and much of that has been completed. Nevertheless, the process aspect of digitization and digital transformation is still very much work in progress. This research examines how process transformation can shape the future of Small and medium (SME) banking and provide an overarching framework for digital transformation in SME banking. Six groups of stakeholders provided insightful feedback which led to the proposed building blocks necessary for this idea to succeed. The paper highlights the following technological structure to be established; 1) digital scoreboard, 2) digital onboarding, 3) digital marketplace, 4) digital roadmap, 5) digital ombudsman, and 6) digital entrepreneurship as pillars for SME banking framework. This paper also suggests issues and challenges that need to be overcome with specific case examples to ensure the success of the six core areas mentioned.

Copyright

© 2022 The Author(s)

Open Access

Open Access This chapter is licensed under the terms of the Creative Commons Attribution-NonCommercial 4.0 International License (http://creativecommons.org/licenses/by-nc/4.0/), which permits any noncommercial use, sharing, adaptation, distribution and reproduction in any medium or format, as long as you give appropriate credit to the original author(s) and the source, provide a link to the Creative Commons license and indicate if changes were made.

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TY  - CONF
AU  - Saravanan Muthaiyah
AU  - Thein Oak Kyaw Zaw
AU  - Kalaiarasi Sonai Muthu Anbanathen
AU  - Lan Nguyen
PY  - 2022
DA  - 2022/12/26
TI  - Digital Transformation for SME Banks
BT  - Proceedings of the International Conference on Technology and Innovation Management (ICTIM 2022)
PB  - Atlantis Press
SP  - 364
EP  - 374
SN  - 2352-5428
UR  - https://doi.org/10.2991/978-94-6463-080-0_32
DO  - 10.2991/978-94-6463-080-0_32
ID  - Muthaiyah2022
ER  -