Page 28 - Banking Finance May 2019 N

COVER STORY

DIGITAL BANKING-

EXPECTATIONS OF

THE CUSTOMERS

AND HOW THESE

CAN BE FULFILLED

D igital banking is the incorporation of new and years, but several factors have combined recently to

developing technologies throughout a financial
accelerate this trend. Among the most important changes
services entity to provide enhanced customer
is the presence of a much stronger ecosystem to enable

and smart phone adoption and growth in e-commerce,
efficiently. services and experiences effectively and digital banking, which includes the rapid increase in Internet
resulting in the demand for digital banking moving from
Since last 8 to10 years, digital banking has soared across the early adopters to a broad range of customers.
country and consumers of financial services are turning to
computers, smart phones, and tablets more often to do The consumers most comfortable with digital banking,
business with their banks, while visiting branches and calling digitally savvy customers, are more attractive to financial
service hotlines less frequently. Despite some structural institutions than other consumers. They are more educated
obstacles, the shift is likely to continue. than other segments, have account balances that are two
to three times higher, and interact with their banks almost
The rise of digital banking has been anticipated for many three times as often. They also hold multiple banking
products.
About the author Banks are using online platforms not just to present selected

products and services but also to create improved customer
Rajeev Shankar experience across the full product portfolio by taking
Assistant General Manager
(Sbiicm) advantage of online technology.Digital banking is most
Hyderabad popular among the affluent and the young. The trend toward
digital banking is unlikely to stop, even as factors such as

28 | 2019 | MAY | BANKING FINANCE