Banks forced to roll out more e-channels due to pandemic
Key priorities for 2021
In the ever changing digital world and pandemic forced the banking industry to go for major overhaul of the entire functionalities of the banking sector.
Keeping in mind the social distancing banks are moving towards digitizing their products with an ease to give more services to the customers. Like Online deposit schemes, loans on a click of button, AI integration to understand customer needs, RPA process, payment channel integrations and rolling-out more innovative digital payment systems so that customers can do the transactions on their own with a minimal interaction from the Bank.
The pandemic and social distancing forced the banks to roll-out more e-channels like e-Passbook, KIOSK based cash deposit / cheque deposit, ATMs, mobile banking, UPI, FDs through Mobile / Internet Banking, Video KYC etc. to reduce the customers’ physical presence in the branch also to give the best services to the customer.
Adopting Work-From Anywhere
Since the banks are under the essential service and supposed to cater to the customer needs, the remote activity is restricted to the back office activities, but the front office has to function with the precautions and social distancing. The pandemic also taught us how to run the branch with less staff at branch.
The branches can be run with minimum staff with full functionalities available digitally, in the future the number of branches will come down, but not the banking and the digital banking power will take-over from the personal banking.
Redesigning IT & Security strategy
The rapid adoption of technology, digitally enabled channels, emergence of new business models, security has been the biggest threat for the entire banking sector, even a single instance in the bank will have a great financial impact, but also tarnish the image and reputation of the bank and the bank will lose the customer’s confidence simultaneously.
Hence the banks are deploying sophisticated equipment, AI / ML based analytics, early warning systems, stringent security controls, rule-based, risk-based fraud management system / security system is the need of the hour.
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