Digital Transformation of Banking: a Human-Centered Approach

International Laboratory for Digital Transformation in Public Administration together with the Bank of Russia and the Laboratory of Human-centeredness and Leadership Practices completed an applied study of human-centeredness in the digital transformation of the banking sector using artificial intelligence. Researchers presented the results at the Central Bank of Russia's conference “Focus on the Customer 2024”.

In the course of the study, the Lab team analyzed more than 200 scientific sources and cases of digital banking solutions over the last 5 years, identifying strengths and weaknesses of digitalization and the use of AI both for customers and for the banks themselves. The work included systematizing the theories of digital transformation, behavioral economics and fiscal psychology, organizing focus groups with experts and conducting more than 50 in-depth interviews.

The key conclusion of the study: the bank of the future is built on three pillars – cognitive, technology and human-centeredness. This means that digital solutions must take into account not only technological capabilities, but also the needs of different generations of customers, focusing on convenience and personalized experience. At the same time, the bank of the future is unthinkable without an effective synergy between humans and artificial intelligence. Human experience and expertise must be combined with AI capabilities to ensure maximum efficiency and personalization of services. Finally, flexibility and adaptability through continuous monitoring and evaluation of the human-centricity of digital solutions is required. This will enable banks to respond quickly to changing customer needs and improve their services.

As a part of the further development of the project, International Laboratory for Digital Transformation in Public Administration together with the Bank of Russia and the Laboratory of Human-centeredness and Leadership Practices plan to deepen the joint study by broadening its methodological framework, planning to gain a better understanding of customers' needs and expectations and make relevant recommendations for the development of human-centered banking.