7 Innovations Shaping the Digital Banking Experience
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We are living in an era of major technological advances. The Fintech revolution is changing the way we bank, invest, handle our finances, and transact. Most of the leading banks and non-banking financial corporations of India are now waking up. This all-new world of tech-led innovations. Most of these are centred on customer needs and consumer behaviour. Some of the top innovative leaders in the banking and finance industry. That have been working on digital technologies and enhancing customer experience. The onset of the COVID-19 pandemic, however, and the need to work in a virtual environment has perhaps only become a catalyst to the emergence of these key banking and financial technologies.
Advanced Self-Service Capabilities
Gone are the days when banking meant visiting branches, standing in long queues, and filling out a ton of paperwork. Most banks and NBFCs are now opting for technologies that have self-service capabilities for a variety of activities such as account opening, ID verification, and KYC, application for financial products (such as insurance) and credit facilities, digital signatures, biometrics verification, etc. Enabling these technologies on various platforms such as digital banking websites, mobile applications, ATMs, etc. has made banking and financial services faster and more convenient for the average user.
We live in a world that is increasingly relying on interconnectivity. This makes it very important for banks and NBFCs to be active participants in the digital ecosystem of the country. APIs (Application Programming Interfaces) make it possible for the end-user to use their banking and NBFC accounts to use 3rd party products and services. From digital wallets to interconnected service providers, banks and financial service providers are designing APIs that will enable us to share data and communicate with 3rd party vendors. Some of the digital Pioneer in india such as Sanjiv Bajaj are focusing on this to promote the growth of his various financial services companies.
With financial inclusion becoming the watchword, big data, data analytics, and security have become the defining factors for success. This is where cloud computing comes in. Cloud computing helps banks and NBFCs such as Bajaj Finserv to quickly scale up operations and cut down on large infrastructure costs by minimising hardware and software costs.
With most banking and financial services going online, customers are now looking at building relationships with banks and NBFCs with the highest levels of security. More and more instances of PIN and password breaches are coming to light across the globe and this only serves to highlight the need for biometric security technologies. Fingerprint, voice, and iris recognition technologies are increasingly being adopted by banks and financial institutions. Most tech-savvy and innovative entrepreneurs of India are now using biometric security technologies to power their operations giving customers the risk-free environment needed to operate online.
Online banking and financial services have one perceived shortcoming – the long wait time for call centres, the pending operations due to TAT on customer support, and the lack of personalised support. This can be easily fixed by personalised chatbots. Digital assistants are available 24*7 and offer real-time support. Answering questions, offering quick resolutions, providing personalised suggestions – are some of the many advantages of employing a chatbot service. Chatbots have significantly reduced the time, manpower, and costs that banks and NBFCs spend on customer query/complaint resolution.
Process Automation – RPA, AI, Machine Learning
One of the greatest challenges faced by banks and financial institutions is the lengthy, often cumbersome process of maintaining compliance. Modernising these processes involves the employment of process automation technologies such as machine learning, AI, and RPA. The use of the digital platform and fintech innovations can seamlessly stitch together various departments making. The workflow smoother and more integrated. From opening accounts and to KYC, from core banking to credit, and from fraud detection. To payment facilities, much can be done to automate processes using innovative digital technologies.
Internet of Things (IoT)
The Internet of Things (IoT) goes towards building an interconnected smart environment that allows us ease of operations. Banks and financial institutions are now building digital systems. That can talk to the appliances, machines, automobiles, and services. We use on a regular basis making payment and credit easier.
Some of the top innovative leaders of India are leading banking and financial services. A new era of interconnectivity and hassle-free operations. The technologies employed by them are offering customers an all-new digital experience that is fast, secure, and convenient.
Fintech innovations and digital technologies are increasingly being employed by banks and NBFCs in India to improve. The digital experience of customers. Behind this revolution are some of the top innovative leaders in the world of banking and finance. Not only are these technologies making virtual banking possible, but they are also greatly contributing towards improving efficiency and reducing costs of banks and financial institutions.