DIGI SOCIETY

Digitalization in Banking

Digitalization has had a major impact on the banking sector in recent years. I have worked in banking for eight years, mainly in tasks related to corporate financing. During this time, I have seen how services, processes and customer interactions have become more and more digital.

In my daily work, I use a variety of digital systems to handle financing applications, manage customer information and communicate both internally and externally. Many tasks that used to involve paperwork and physical meetings are now handled through digital channels. Most documents are signed electronically, meetings are often held online, and customer data is processed using secure digital tools.

Digitalization has clearly improved efficiency, speed and accuracy. However, it has also brought challenges. Learning new systems takes time and constant development requires flexibility. In addition, not all customers are equally comfortable with digital services, which must be considered in customer service situations.

My Thoughts About the Future

Looking ahead, I believe that digitalization will continue to shape banking strongly. AI, automation and data-driven decision-making will become even more important. Routine tasks, such as document handling or initial application processing, could be largely automated. This would allow banking professionals to focus more on advisory roles and personalised customer service.

I also see potential in improving user experience. Systems should be even more intuitive and faster to use. In the future, digital solutions could be developed more closely together with customers to better respond to their needs. At the same time, information security and data protection will remain essential. The more we rely on digital systems, the more important it becomes to manage risks and ensure trust.

Risks of an Open Digital Society and the Role of Data Protection

In an open digital society, services are increasingly built around digital platforms, and personal data is used in many ways, often without the user fully realising it. This creates both opportunities and risks.

One of the most significant reforms in data protection was the introduction of the General Data Protection Regulation (GDPR). In my personal life, GDPR has made me more aware of my own rights as a data subject. I now pay more attention to privacy notices, cookie settings and where I share my information. However, it is still not always clear how and where personal data is used, especially on international platforms.

In my work in banking, GDPR has had a strong impact on how customer data is handled. For example, we must ensure that all personal data is processed lawfully and stored securely. Customers must also be informed about how their data is used, and they have the right to access, correct or delete their data.

This has increased the amount of documentation and internal processes, which can be time-consuming. However, it has also improved trust, both within the organisation and with customers. Data protection is now seen as part of good customer service and risk management, not just a legal obligation.

Conclusion

GDPR has created a more secure and transparent framework for handling personal data, which is necessary in today’s digital world. While it brings challenges in terms of compliance and workload, it also builds a foundation of trust that is essential for digital services to function in the long term.

Testing ChatGPT 

As part of this assignment, I logged in to ChatGPT and asked a few questions related to my work in the banking sector. 

Here are some of the questions I asked:

• What are the current trends in corporate financing?
• How can banks improve customer experience through digital services?
• What are the risks of automation in banking?

The answers were clear, structured and generally accurate. For example, when I asked about trends in corporate financing, ChatGPT mentioned digitalisation, sustainability-linked financing, and the increasing role of data in credit decisions, all of which are relevant in my field. It also gave good suggestions for improving digital customer experience, such as personalised services, streamlined processes and the use of AI-based tools.

However, the answers were quite general. ChatGPT does not have knowledge of specific organisations, tools or regulations, so the answers lacked practical detail. For example, when I asked about risks in automation, the response mentioned job losses and data security issues, but it didn’t go very deep into how these risks show up in banking processes.

Despite this, I found the service helpful for idea generation. ChatGPT can be a useful tool for getting a quick overview or starting point, especially when writing texts, preparing presentations or thinking through a new topic. However, its answers should always be reviewed critically. It’s not a replacement for expert knowledge or professional judgment.

What I think about AI in general

AI has great potential in supporting knowledge work. In the banking sector, I see opportunities especially in automating routine tasks, improving customer service, and analysing data more effectively. At the same time, ethical questions, information security, and the risk of misinformation must be taken seriously.

AI can support, but it should not replace human expertise. The best results come when technology and people work together,  combining the efficiency of AI with human judgment, experience and responsibility.

Self-Evaluation 

This assignment gave me a good opportunity to reflect on how digitalization has changed my work and how it will continue to shape the future of the banking sector. I realised how strongly digital tools and services are already part of everyday tasks and how important it is to stay up to date with new developments.

I am already familiar with GDPR through my job, but revisiting the topic reminded me how strongly data protection is linked to building trust with customers. It’s not only about compliance, but also about responsibility and transparency.

Testing ChatGPT was not new to me, as I have already used it for brainstorming and drafting ideas in my work. In this assignment, I looked at it more critically and was reminded of both its strengths and limitations. While it can speed up idea generation and support writing tasks, the answers can be quite general and always require human evaluation.

Overall, this task confirmed how important it is to keep developing digital skills. I see opportunities in using AI and automation to support everyday work, but also recognise the importance of human expertise, critical thinking and ethical awareness. I believe that continuous learning is necessary, as digitalization will keep evolving and changing the way we work.

I commented these blogs:

DIGI SOCIETY

DIGI SOCIETY