Page 26 - Banking Finance February 2021

ARTICLE

Digital banking or mobile banking means banking 24 X 7 i.e
customers banking in all hours. Increased growth of
transaction during pandemic warrants an increased need for
banks to be there for supporting the users at all hours.
While this 24/7 support is needed in these unprecedented
time, budgetary allocation will help to reduce man hours,
putting stress onto an already stressful situation. Institutions
have been able to have exceptional services and support by
employing low cost users. So successful banks or financial
institutions have refocused their customer service team to
provide tools and contents that helps their users complete
digital services with ease. Video, guides and dedicated
expert staff identify and deliver top notch support services
to support adoption and continued use of these digital
services this will deepen the customers reliance on digital As COVID-19 impacts the global economy it will still be
services across all industries. crucial for most organization to ensure business continuity.
Having said that communication and quickly adapting to the
With the foray of new technology and more importantly with situation will play a key role in ensuring that this goal is met.
the uncertainty due to COVID-19 pandemic the banking In these unsetting times as banks will have to take drastic
industry needs to quickly adapt and look forward towards measures to reduce travel and move to a more remote way
customer elevation. Banks and FIs are required to do brain of business, technology will play a crucial role to fill in the
storming for retention of their customers. Managing blanks. However these measures now will give us perspective
investments for customers required to be simpler and faster. about remote work place and how business goals can be
Customers can now easily access research reports both achieved in challenging scenarios.
online and on mobile via apps, capitalize on investment
opportunities quickly through net and mobile banking and On line payments look more appealing as people fear cash
track investments using investment tracking apps. The focus could spread coronavirus. So mobile banking is actually the
on making customers accomplish more comes with the anti virus to cope up with the financial health of the economy.
assurance that the services are secure and protected. Mobile banking app with outstanding functionality is an
excellent tool to gain customer recognition. However, to
Banks / FIs have set up a digital security infrastructure which make it a reality it's not enough to introduce advanced
works with other teams to monitor and set up new security mobile banking functionality but a bank should have a clear
enhancements. Some of the banks are also collaborating marketing strategy in mind and add features designed
with Indian IT service providers in areas of voice enabled specifically for the target audience. There are several
system for customers to open new accounts on the basis of criteria which determine the effectiveness and efficiency of
Aadhaar authentications. Banks are also collaborating with any application, however when it comes to banking
IT service providers for e-Sign (digital signature) facility to applications the criteria could be narrowed down to eight
help digitally signing the loan documents. This will help in factors :
faster approval process, lesser paper work and lesser paper 1. User friendliness of the application
storage space. 2. Content and functionalities

3. Design and ergonomics
One of the area where banks are required to tap and
especially during this COVID-19 pandemic is the remote or 4. Navigation
rural areas. In the present scenario when the streets starts 5. Cyber security
to look like ghost towns but the inhabitants' are in acute 6. Advisory functions
need of banking services banks are required to be their
either through Video chats, SMS or Whatsapp services to 7. Applying for credit facilities
cater to their financial needs. 8. Account closing (Retention capabilities)

26 | 2021 | FEBRUARY | BANKING FINANCE