India is one of the world's fastest-growing fintech markets. In 2021, the market size for fintech sectors was estimated at $31 billion. By 2025, the banking industry in India is anticipated to reach $150 billion. Our guests today are Mr Kiran Gadhari, Senior VP of Digital Banking at Axis bank, Mr Mahesh Ramamurthy the CIO at Yes Bank, Mr Vivek Belgavi Partner at PwC and Mr Riddhi Dutta Regional Head for ASEAN and South Asia at Backbase joined Karunya Rao from Moneycontrol and talked about, “How to build a bank that customers love”.
Mr Kiran Gadhari, Senior VP of Digital Banking at Axis bank, says customers today prefer to complete tasks digitally instead of visiting branches for anything and everything, while the same customers were previously happy to visit a branch and speak in person. Customers now anticipate that banks and digital channels will provide a personalised experience. Banks are aware and have started on a path which will ultimately end with a highly personalised experience for the consumers.
Mr Mahesh Ramamurthy, CIO of Yes bank, shares that one of their focus areas is that products and services should be simple to use. Customers seek transaction safety and security, it is crucial to them. Customers should be able to communicate their needs to the bank and that means going beyond what banking has been traditionally about.
Banking in India has its roots in a system where customers were expected to come to a branch for any financial transaction, and terms like ‘high-value cheques’ are still fresh in the minds of senior professionals. With that in the background, what we see today is a concentrated effort to digitise. Financial institutions have started to focus their energy on how to increase touch points where a customer is engaged with the bank. We are steadily moving into an era of Engagement Banking.
Mr Riddhi Dutta Regional Head for ASEAN and South Asia at Backbase was talking about developing customer touch points and customer applications for various customer types. It includes retail and corporate clients at various stages of the customer life cycle. Starting with how you are contacted in the first place and ending with how you access your accounts, more frequently than not, banks are looking at developing touch-point solutions and improving customer engagement.
Engagement banking will encourage a layer that draws its strengths from technology. Could it be true that there is a conflict between new and legacy systems? Partner at PwC Mr Vivek Belgavi is of the opinion that working with legacy systems is not actually difficult; rather, it is dealing with the legacy procedures that banks inevitably build on top of those systems. The struggle with legacy procedures is true for large and small financial institutions.
In the future, banking will be highly personalised and accessible on mobile devices. Customers may conduct their financial transactions wherever they go, just as they can with other services. Indian banks are setting new standards for customer delight and technology platforms are assisting in the creation and execution of maverick ideas. Soon, you're going to notice a multitude of touchpoints between you and service providers and many of which will be influenced by technology. The focus of banking in the future will be on stakeholders, and the experiences will become increasingly engaging.