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Top trends in digital transformation: pain points and opportunities
Journal of Digital Banking,
10
(1),
87-98
(2025)
Abstract
The banking sector stands at a pivotal moment in its journey of digital transformation, propelled by rising customer expectations for seamless, personalised experiences and rapid advances in artificial intelligence, blockchain and cloud technology. This paper explores how traditional banks can successfully navigate digital transformation to stay competitive in an era where agility, innovation and customer centricity are essential. Through real-world examples, it examines strategies like agile development, phased modernisation of legacy systems and fostering of a digital-first culture. The paper also addresses pressing challenges — from outdated infrastructure to cybersecurity risks — highlighting the need for a strategic, incremental approach to overcoming these barriers. As banks embrace digital solutions and forge partnerships with FinTechs, they pave the way for a future defined by autonomous financial agents, open finance and secure, real-time transactions. In an increasingly digital world, those who prioritise transformation and customer relevance will shape the future of banking. This article is also included in The Business & Management Collection which can be accessed at https://hstalks.com/business/.
Keywords: digital transformation in banking; AI in banking; customer-centric banking innovation; blockchain; open finance
The full article is available to subscribers to the journal.
Author's Biography
Aman Virk is a seasoned financial services leader with over 15 years of experience across banking, FinTech and technology. She is known for her ability to drive digital transformation and deliver customer-focused solutions that improve business outcomes. Throughout her career, Aman has successfully led initiatives that leverage data-driven insights and digital innovation to enhance operational efficiencies, optimise customer experiences and reshape the future of financial services. In her current role as an adviser at VASS, Aman specialises in digital transformation and go-to-market strategies for the banking and financial sectors, helping organisations navigate technological shifts and embrace digital solutions. Her experience includes championing digital-first initiatives and guiding businesses to leverage cutting-edge technologies that disrupt traditional industry practices. Previously, as Senior Industry Adviser for Salesforce, Aman worked closely with FinTech and banking leaders, providing strategic guidance on implementing scalable digital solutions and building strong partnerships at the C-suite level. Aman has also held leadership roles at Monzo Bank, Barclays Bank, Deloitte and West Brom Building Society, where she led teams in complaints management, quality assurance and regulatory compliance, always with a focus on improving processes and driving customer satisfaction. Her expertise in mentoring teams and fostering a culture of innovation has been a crucial factor for success throughout her career.
