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Digital Banking: Step Towards Progress

The 24x7 Bank reinvents itself as a value aggregator, advice provider and access facilitator, acting proactively on the customer’s behalf, improving reputation and trust

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In the modern world, there are 6 defined generations living now, Baby Boomers, Gen Y, Gen X, and Traditionalists. Everybody is talking about the lifestyle, the habits, the preferences and the way to engage these generations.

I get up in the morning and I sleep at night; during this Everyday cycle, I need my banking. Sometimes I travel by Uber or Ola do payment by the wallet. I sometimes book train, Metro or train to travel. Regularly I do buy my monthly groceries. I stop at times to eat my breakfast or lunch. I love to go restaurant in evening for my dinner. I love going out on weekends and I keep searching places, hotels and modes of travel. For my future, I wish to save some money. I have to pay EMIs of my TV or Car on monthly basis. I have a function coming up then I should save or spend? I need to plan my finance around education Fees, monthly Bills, Shopping. I search hotels on GoogleMap. I love sharing my updates on social media. After doing all this, I wish to be financially stable every day.

Well, can I achieve all this through my Bank? Can I search them on my bank’s mobile application to get some offers around that location? Can a Bank keep guiding me on daily basis towards my financial stability? Can a banking model help me to keep track of my level of financial stability? Can I share my updates on social media thru my Bank? Can it keep me engaged and motivated enough to be on its banking channels to live my life happily? Can I see some savings after my retirement? Where should I invest in an insurance or Mutual Fund? I do not know “English” Can I use banking? Today I am 22 & I earn 10 Lakhs per year, I wish to save 20 Lakhs in next 30 Years, how can I?

For me, I wish to achieve my needs every day. As a part of any of the mentioned generations, I wish my Bank should be with me every day. That’s Everyday Banking Model

24X7 Everyday Banking Model

Becoming a 24x7 Bank can transform a traditional banking organisation from being a reactive product provider to being a proactive financial advisor.  

24x7 Bank leverages the vast amount of insight it possesses to become central to a customer’s financial and non-financial digital ecosystem.

The 24x7 Bank reinvents itself as a value aggregator, advice provider and access facilitator, acting proactively on the customer’s behalf, improving reputation and trust.

1. Omnichannel Distribution & Architecture: By having a retail-like distribution strategy that gives every channel the same sales & service functionalities, the same interaction logic and total integration, banks give customers a seamless experience and full freedom to choose the channel(s) they prefer (in every stage and need).

2. Customer Experience Management: As traditional processes of pre-sale, sale and post-sale are becoming more linear and “woven” into the whole banking experience; every interaction needs to be sales- and service-oriented in order to catch all the interaction opportunities, whilst at the same time engendering experience excellence throughout (all channel, 24x7).

3. Partner Ecosystem Set-up and Orchestration, Including Digital Wallet: Banks can leverage the existing ecosystem (individual, SME and corporate customers; merchants; partners) to connect and fulfil customer needs, through an insightful and tailored experience.

4. Customer Analytics,

Big Data: Banks should use analytics based on internal, external and “sentiment” customer data to create a deep, intuitive and actionable understanding of overall customer needs, and driving capabilities such as next best action, personal finance management.

5. Multichannel CRM: Banks should have a truly multichannel CRM system, to create a holistic view of customers and deepen the relationship. It’s possible to interact with the customer from all channels in a more valuable way, both for clients and for the bank.

6. Bank As Service: To accelerate going to market, a bank can acquire specific digital capabilities “as a service” – for example in areas such leveraging cloud delivery, digital media and digital channel expertise to create targeted and personalised advertisements, whilst cutting mass media costs.

7. Contextuality: Using customer insights and advanced analytics to proactively provide personalised solutions. By tapping its wealth of transactional data, without ever sharing analytic information outside of its four walls, the bank reaches out to the right third-party providers and other key players to build a digital customer experience combining mobile, big data, analytics, digital marketing coupling, ticketing capabilities.

8. Banking beyond the borders:
Using customer data to become a virtual advisor. Provides services that are digitally optimised across a variety of platforms that offer a human touch for high-value interactions. A 24x7 Bank drives continuous daily interaction by building partnerships and connections with provider partners who offer goods and services in every area of area of consumption, including retail, home services, health and security, travel and leisure, communication and transportation.  

Digital Banking Is Journey 
During Demonetisation we have experienced DIGITAL going by the deep penetration within a relatively lesser turnaround time, state-of-the-art digital payment systems are now poised to take quantum leaps in this new era that is largely driven by the omnipresent Internet.  

The intent is very clear by National leadership to be Digital India, to be Cashless Or Less Cash India. In spite of various current challenges e.g. Education, Network, Culture, Device Availability, Connectivity, Electricity, Logistics expenses With Digital Banking and Mobility, the need is no longer to "leapfrog" but to "deep-dive" into the future.  The goal is to make banking cheaper, more efficient and easier to access for all of the country’s citizens.

Going digital and mobile for a bank is no longer an option, it's a simple bare necessity - to collaborate and flourish.  

Let’s create a digital vision of “Everyday Banking” for each citizen. It will help customers to be engaged and to be financially stable throughout the life.

Disclaimer: The views expressed in the article above are those of the authors' and do not necessarily represent or reflect the views of this publishing house. Unless otherwise noted, the author is writing in his/her personal capacity. They are not intended and should not be thought to represent official ideas, attitudes, or policies of any agency or institution.

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Prasanna Lohar

Prasanna Lohar is Head of Technology (Digital Banking) at DCB Bank Ltd. He has almost 15 years of application design, development and deployment experience in a Senior Developer/Team Leader/Architect / Sr. Manager Position.

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