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FREMONT, CA: The banking industry has come a long way and is witnessing a tremendous transformation. With the advent of smartphones and mobile applications, banks are fostering the change by providing a gateway to multifold operations to consumers. Consumers can buy financial products using their phones, which eliminates the need for making physical visits to the bank. However, the proliferation of digitized environment has created its own set of challenges, especially with the demanding consumers, who are trying to make pace with the rapid transition.