Page 25 - Banking Finance February 2021

ARTICLE

Answer to this is :

Banks thus need to have dedicated resources both people Without a doubt we are living in a world ruled by digital
as well as infrastructure to form a responsive innovation services. Whether this was realized before or as a result of
amidst changing customer's expectations and sea change COVID-19, all sectors of industry are facing how our world
in the competitive landscape. truly turns. Virtual collaboration and innovation are our new
reality. With these realization comes a greater responsibility
To retrospect; with COVID-19 came a situation; which the for institutions to educate their users. The digital innovation
customers are not ready for, a full seizure of people's practice has reached a critical mass, banks are shifting gears
willingness for anything involving potential contact with the to create a stronger innovation culture via the internal
virus. Even tapping a door for opening posed a risk. For many social collaboration platform and adopting cutting edge
it's a time for adopting digital person to person payment technologies like Artificial Intelligence (AI), Block Chain and
system. In turn for the financial institutions and banks it's Internet of Things (IOT) among others. Customers are taken
an opportunity to educate customers about digital payment into a new world of multi channel banking, where they can
systems and mobile banking. access services from home at the office or he can go through
mobile banking, SMS banking, phone banking, ATM and Net
To fight against the pandemic people are maintaining social Banking.
distancing and they are getting away from family and
friends, during the first phase of lockdown people were stuck Forced adoption comes with unique challenges, adoption
where they had been and at that time this digital platform albeit aided by necessity is frustrating for customers - change
of payment has rescued them from very grave situation of is hard and is always resisted. Strong customer service serves
financial crisis. Mobile banking had enabled family and to make this new forced adoption a guided and eye opening
friends to help their loved one out of difficult times without opportunity for users. It turns the frustration of unknown
the need of any physical exchange. With the already processes into recognition of value adding services. This
deployed mobile banking services, which a large volume of customer service goes beyond the expected hotline of
customers were reluctant to use, has helped them out at password reset questions and empowers a relationship
their finger tips. In case of receiving physical cheques; beyond Question & Answer.
customers suppose to reach to cheque deposit points i.e.
branches and the staff required to handle the cheques by
touching, and all such touch points will put all the bank staffs
at risk with every transactions. So both bankers and
customers are opting for mobile payment and deposit
systems.

COVID-19 "an Opportune Period For
Adoption Of Digital Platform" :

Up till now even though the bankers are toiling a lot to
educate the customers for adopting digital and mobile
banking solution but customers are resistant and reluctant
and hence there was huge foot fall in the branches.

BANKING FINANCE | FEBRUARY | 2021 | 25