One of the key learnings from the pandemic was the digital quotient of an organization, in the backdrop of accelerated adoption of technology across sectors, especially banking. Today's banking ecosystem, especially the small finance banks and neo-banks, is heralding a new paradigm, a new approach to financial inclusion that is setting the course for the future of banking.
How is Technology Helping Banking?
Thanks to technology and digitalisation, the way to bank has been condensed into the screen of our mobile device. With the pandemic, there was a need to re-visit the approach of traditional banking just so as to ensure accessibility, reach in times of lockdowns and social distancing. As such, several processes that would otherwise require physical contact between bank and customer were done away with and moved to the digital realm.
Small Finance Banks have made a mark in acquiring new customers digitally. With the use of modern applications, on-boarding new customers has been made possible by simply uploading scanned documents or conducting eKYC, using the bank's mobile app and getting access to banking services in under 10 minutes; and this is just the beginning!
With the penetration of AI, chatbots, Machine Learning and blockchain in finance, the entire industry is sitting on the brink of a permanent shift in business as usual. Small finance banks have begun to employ the intelligence of technology to improve its processes, deliver better products to its customers faster and, best of all, enhance penetration of banking across the full section of the population all in order to make banking accessible to all.
The banks that have fortified their technological moats, and the banks which are born digital, both have unlocked the potential of delivering financial products and services to customers online. From loans to online payments, from opening a new banking account to managing savings and term deposits, from money transfer to buying and claiming insurance - today, technology has made all of this possible through a single mobile application.
With technology, it is also possible to deliver an improved customer experience to all sections of customers, and not just the privileged. That is adding dignity to banking.
Technology has opened up the floodgate of possibilities for banking, making the delivery of many financial products possible over digital channels, akin to buying a retail/FMCG product or service. Although cybers risks pose a tough challenge, it is possible to secure transactions and digital footprint completely with the use of advanced security systems such as blockchain and that is a sign of times to come!
Technology and Fincare!
Banking isn't the same any longer. Fincare Small Finance Bank is demonstrating that with modern technological capabilities, it is possible to service the country's underbanked and unbanked customer segments efficiently and effectively. Using Big Data to drive customer engagement with the bank, and leveraging analytics to deliver customised, personalised banking experience right on the mobile screen, Fincare bank is showing the world how it is done.
Fincare utilises technology to streamline its banking processes by reducing documentation to a minimum, improving service delivery to customers through a paperless experience and addressing queries better by using BOTs and intelligent call center activities.
Gone are the days of long queues and physical banking. Technology has empowered the world, and it has turned banking into a commodity that is accessible anytime, anywhere without a hassle; and, the customer is not complaining!
Moneycontrol journalists were not involved in the creation of the article