Digital Transformation Companies in Banking – Top 10 Emerging Players

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Digital Transformation Companies in Banking – Top 10 Emerging Players

Digital transformation is necessary for banks to revamp their outdated processes and adopt new technology. Here, we’ll discuss the top digital transformation companies in the banking industry and their role in digitalizing the sector to enhance customer experience.

Banks have been following the traditional business model for decades. However, the changing trends and new technologies disrupted the industry to promote digital transformation on a large scale. The digital transformation definition presents it as integrating digital technologies into various aspects of a business. 

Statistics show that 93% of customers want their banks to know about their banking needs. With many people preferring digital transactions, the banking sector is making major changes to digitalize its operations. A report shows that the global market share of AI in banking is expected to grow at a CAGR (compound annual growth rate) of 22.5% and reach $6,256 million by 2032

The best way to create and implement the digital transformation strategy in the banking sector is to partner with a reliable service provider. In this blog, we’ll find out how digital transformation banking can be achieved and the top ten companies offering customized services for the same. 

Role of Digital Transformation Companies in the Banking Industry

Digital transformation for banks has become mandatory in today’s world. It is no longer something to try after a few years. Many banks around the world have already embraced digitalization to offer various online services to customers. However, digital transformation in retail banking is much more than providing online bank accounts. It involves transforming the entire business model, the operations, processes, systems, etc., to adopt modern technologies like artificial intelligence, machine learning, computer vision, business intelligence, etc. 

The digital transformation consultant will create a comprehensive strategy to select and apply the right technologies for streamlining operations, improving customer experience, reducing overhead costs, reducing stress on employees, increasing business efficiency, and helping the bank survive competitive market conditions in the long term. 

Digital transformation in banking and financial services also deals with data compliance and governance. Banks can automate recurring tasks, derive insights from datasets, and quickly share reports through analytical dashboards. Digital transformation is a set of various processes, technologies, and tools to help an establishment unlock its full potential and make data-driven decisions. 

Top 10 Digital Transformation Companies in Banking

1. DataToBiz

DataToBiz is one of the leading AI and digital transformation companies in the market. It provides end-to-end transformation solutions to clients from banking, finance, insurance, manufacturing, transportation, surveillance, telecommunication, education, healthcare, retail, eCommerce, hospitality, and other industries.

The award-winning company offers services, such as big data analytics, AI, ML, NLP, and LLM development, data engineering, cloud transformation, business intelligence, and IT staffing. The teams have years of experience developing digital marketing strategies for banks and making the establishment cloud-ready to achieve its long-term objectives. DataToBiz follows a multi-step procedure to ensure the successful digital transformation of banks. From cultural shift management to security and compliance, the company handles all aspects of digital transformation. 

Glassdoor Rating: 4.1 stars 

2. SmartOSC

SmartOSC offers holistic digital transformation for banks by diving deep into core challenges and realigning the establishments’ vision and mission to overcome the concerns. The company primarily works with the banking sector to offer comprehensive solutions by leveraging technology. It deals with cybersecurity, blockchain, operations, digital commerce, digital banking, application development, and cloud technologies.

The company builds tailor-made solutions based on the bank’s requirements and seamlessly integrates them with existing systems. SmartOSC is among the well-known digital transformation companies working with top banks to effectively manage HRM, CRM, recruitment, RPA, e-office, and much more. It has been announced the gold winner for IT solutions for financial services at the 18th Annual Globee Information Technology Awards in 2023. 

Glassdoor Rating: 4.1 stars 

3. McKinsey & Company

McKinsey & Company is a popular global service provider in the industry. The company offers personalized digital marketing strategies for banks along with robust transformation services, operations management, cloud solutions, risk management, strategic consulting, and many more. It works with several clients from industries like banking and finance, agriculture, aerospace, chemicals, education, chemicals, healthcare, life sciences, metal & mining, oil & gas, etc.

The company also handles legal and wealth management for its clients. McKinsey & Company specializes in large-scale and cross-functional transformations. It helps businesses simultaneously focus on sustainability and inclusive growth. The company has customized capabilities like FinLab, GCI analytics, Finalta, PriceMetrics, etc., which provide data-driven insights for banking establishments to analyze their data and make informed decisions. 

Glassdoor Rating: 4.1 stars 

4. Ernst & Young 

Ernst & Young is a global digital transformation company with a presence in various industries like finance and banking, energy and resources, advanced manufacturing realized, private equity, healthcare, real estate, hospitality, etc. The company helps with digital acquisition strategy for banks and provides the necessary support for quick transformation to adopt modern technologies.

It offers services for strategic consulting, corporate finance, law, tax assurance, managed services, technology, sustainability, and more. Ernst & Young actively promotes artificial intelligence and its adoption in the financial and banking sectors. It uses technology to strengthen banks’ core operations and help them provide long-term value to their clients. The company follows a multi-step process to provide end-to-end digital transformation banking solutions.

Glassdoor Rating: 3.8 stars 

5. Bain & Company

Bain & Company is among the well-known digital transformation companies in the global market. It works with businesses from industries like banking, financial services, aerospace, automotive, healthcare, aviation, consumer products, media, transportation, telecommunication, retail, etc. The company is a digital transformation consultant and also provides various other services to manage customer experience, sustainability, operations, innovation, technology people, etc.

Bain & Company provides a robust digital marketing strategy for banks to reach out to a wider audience. It amplifies the digital capabilities of the clients and increases growth opportunities by creating strategic and personalized solutions for digital transformation. The company calls itself a trusted advisor in the rapidly evolving banking industry by providing expert support to enhance operational efficiency and agility at scale. 

Glassdoor Rating: 4.4 stars

6. ScienceSoft

ScienceSoft offers full-cycle IT and digital transformation services to establishments from industries like banking, insurance, travel, hospitality, retail, healthcare, manufacturing, and others. The company’s digital transformation for banks includes the modernization of legacy systems, process automation, data management, IT management, etc. It understands the intense competition in the market and helps banks overcome the various operational and marketing challenges to enhance customer experience and offer seamless financial services.

ScienceSoft also focuses on building lasting relationships with clients by providing them with domain expertise. It has been a part of the IAOP Global Outsourcing 100 list for three consecutive years. The company streamlines all internal processes like customer relationship management, inter-department collaboration, website and app management, etc. 

Glassdoor Rating: 4.4 stars

7. Innowise

Innowise is a full-cycle software development company and one of the top digital transformation companies offering out-of-the-box solutions to businesses. It has a presence in several industries like banking, financial services, healthcare, insurance, education, eCommerce, manufacturing, logistics, etc. The company provides extensive solutions for web development, artificial intelligence, mobile development, DevOps, UI and UX design, cybersecurity, and more.

It helps banks embrace new technology and accelerate digital transformation to offer seamless digital services to their clients. Innowise develops custom software for banks to manage and automate payments, customer transactions, etc., and streamlines core banking operations. The company uses IoT (Internet of Things), blockchain, and other latest technologies to help banks find effective solutions to their concerns and gain a competitive edge. 

Glassdoor Rating: 3.9 stars


DICEUS is a reliable custom software, digital transformation, and staff augmentation company working with businesses from the banking, FinTech, insurance, retail, logistics, and healthcare industries. It helps establishments stay up-to-date in using the right technology for automation, customer service, and operational efficiency. The company’s strategy for digital transformation for banks includes various services, such as business model transition, digitalizing customer experience, risk management, cloud-powered transformation, etc.

DICEUS streamlines online banking solutions by building web and mobile applications and AI solutions. The company follows a four-step process to initiate digital transformation in banks and provides long-term support. It also offers dedicated teams to directly collaborate with employees in the banks and help them use the new technologies efficiently. 

Glassdoor Rating: 4.4 stars

9. LeewayHertz

LeewayHertz is an AI development and digital transformation company that brings together people, processes, and technology to help business organizations invest in emerging technologies. It supports clients from banking, finance, insurance, logistics, hospitality, retail, healthcare, consumer electronics, and other industries.

The company’s digital transformation consultant also works with startups to guide them in creating a robust strategy and implementing the right technologies to grow their businesses. LeewayHertz offers an array of services like artificial intelligence, software development, web3, blockchain, data engineering, Internet of Things, etc. It uses AI to build customized chatbots for banks to enhance customer experience. The company’s digital transformation solutions include fraud detection, risk management, operation optimization, predictive analytics, digital marketing strategy for banks, and more. 

Glassdoor Rating: 3.9 stars

10. Boston Consulting Group

Boston Consulting Group (BCG) is one of the most popular digital transformation companies in the international market. It works with establishments from industries such as aerospace, banking, financial services, healthcare, retail, public sector, travel, transportation, consumer and industrial goods, etc. The company promotes sustainable value creation and takes care of the cultural shift the banks go through when implementing digital transformation.

BCG develops holistic strategies to increase revenue growth and reduce costs for clients. Its other services include AI, ML, international business, operations, people strategy, customer insights, climate change, marketing, and many more. The company uses proprietary tools and expertise to ensure successful digital transformation for its clients. It also provides leadership coaching to help the management align their ideas with the changing market conditions. 

Glassdoor Rating: 4.2 stars

What are the Four Pillars of Digital Transformation in Banking?

The digital marketing strategy for banks stands on four pillars that define and guide the entire process. 

Redefining Consumer Journey

People find banking tedious. The long lines, multiple pages of forms, weeks of waiting time, etc., can be discouraging. However, digital transformation in retail banking can simplify these processes and provide relief to customers. For example, a person can apply for a credit card or a loan online instead of visiting the bank. This saves time for the customers and makes it easier for more people to approach a bank and avail of its services. 

Using Data for Decision-Making 

Data-driven decision-making is the best of digital transformation examples. Bank employees need to make many complicated decisions about customer accounts, loans, applications, repayments, defaulters, etc. By building business intelligence dashboards, the bank can help its employees access vital data about the customers and assess the risk factors before making a decision. This will minimize the chances of fraudulent transactions and increase profits. 

Streamlining Operations 

The digital acquisition strategy for banks primarily focuses on changing the operational model to provide customers and employees with a better experience. By combining the traditional and modern methodologies, banks can create a hybrid model where employees focus on the core aspects of the job and customers use self-servicing applications (chatbots, etc.) for regular transactions like checking account status, finding balance, applying for loans, making payments, etc.  

Building a Digital-First Model 

Digital transformation and banking may seem like two very different elements but by developing a digital-driven model, banks can merge the traditional banking culture with modern technology. For this to be successful, banks should involve employees in the process from the start. Hire digital transformation companies to minimize the risks and ensure successful implementation of the digital transformation strategy for banks.

What are the Three Main Components of Digital Transformation?

Digital transformation for banks has three major components that determine the end results for banks. 


Digital transformation banking is not possible without people and talent. Employees, top management, stakeholders, customers, and cloud transformation companies fall under this component. Each of them has a role to play, and everything should be aligned to get the desired results. 


Digital acquisition strategy for banks has a prominent role in defining the transformation process and helping banks overcome various challenges along the way. The digital transformation consultant will create a detailed strategy to implement the necessary changes. 


Digital transformation is not possible without investing in technology. But which tools and technologies should you use? The digital transformation companies will help you identify and integrate the right ones based on your preferences and long-term goals. 

Who is Number 1 in Digital Banking?

Many banks worldwide have already adopted digital solutions. According to TABInsights, Nubank, based in Brazil, ranked first among digital banks as of March 2024. 

Which Company Uses Digital Transformation?

Several companies use digital transformation to gain a competitive edge and stay relevant in the ever-changing market landscape. Small, medium, and large businesses from various industries, including banking and financial services, insurance, IT, education, healthcare, manufacturing, automotive, retail, travel, logistics, and others, are investing in digital transformation by partnering with reputed service providers.


Digital transformation and banking go hand in hand. It helps implement the changes in the industry to increase efficiency, reduce costs, and retain customers. From offering online banking applications to setting up data visualization dashboards for employees to make data-driven decisions, digital transformation can bring much-needed change to the banking sector. 

Choose a digital transformation company that understands your banking processing and objectives to provide tailored solutions for end-to-end digital acquisition and adoption. Revamp your banking model to enhance customer experience and generate more profits. 

Schedule a meeting with our expert team to get started today!

Fact checked by –
Akansha Rani ~ Content Creator & Copy Writer

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