The benefits of virtual banking are compelling for both customers and banks. Organizations operating without physical brick-and-mortar have lower costs, need less staff, and can harness powerful technology to respond faster and personalize their services. For banking customers, virtual banking provides instant access to accounts and other banking services, such as fund transfers, bill payments, and loans anytime and from anywhere.
The next generation of virtual banking solutions will be powered by AI and advanced automation to curate a comprehensive, expanding range of financial services from cradle to grave. A secure and accessible single source of truth would allow customers to access liquidity and localized financial products at the touch of a button.
Realizing this vision will require not only technology but also a fundamental shift in organizational structures and banking controls while maintaining regulatory integrity. This report explores the challenges and potential solutions from Infosys and AWS.
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