Page 47 - Banking Finance March 2022

ARTICLE

REGIONAL

BANKS' SECRET

WEAPON FOR

DIGITAL

SUCCESS

R egional rural banks and credit unions often set counterparts, and digital solutions aren't just a helpful

alternative anymore. They're often the primary-and
themselves apart by offering personalised,
community-oriented experiences their enterprise
sometimes only-way users want to manage their finances.
competitors can't. As financial services shift to a
virtual-first dynamic, maintaining those connections is the This presents a challenge for regional banks who have
key to winning and keeping customers. historically relied on traditional, in-person experiences: the
lion's share of users are becoming more and more likely to
According to IBEF's Indian Banking Industry Analysis report, gravitate toward larger institutions with an existing suite
India is emerging as an economic giant, with its fintech of advanced digital features.
market projected to grow to Rs. 6.2 trillion by 2025. This is But that outcome isn't inevitable; leaders at regional
a testimony to the enormous growth, increasing popularity, institutions have a deep understanding of what customers
and the myriad of benefits offered by digital banking. While need from their financial partners and know how to build
online banking in India isn't new, financial service providers lasting, trusted relationships.
are navigating a massively changed landscape today.
Younger, more technologically savvy users are more likely Bringing that experience to a digital strategy sets your
to rely on mobile banking solutions than their older
business apart from the competition, helping you win and
keep customers who want the best in convenient,
About the author personalised, and trusted financial services.

Ved Antani Personalised solutions are key to
Vice President,
Engineering & MD standing out
Twilio India The most valued features of mobile banking apps are simple

BANKING FINANCE | MARCH | 2022 | 47