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regulatory obstacles and, for some consumers, a personal *Digital Banking includes Internet Banking, Mobile Banking,
affinity for physical branches work against it. POS and Kiosks

Most of us would pay attention to the 'series of interactions' In today's cut throat competition people are willing to shift
and forget about the 'customer' part. We need to look at some of their holdings to a bank that offers a compelling
the experience from a customer's perspective. What is digital proposition.Today's demand of banking is anytime/
missing in most of the digital banking experiences is the anywhere banking. This requires innovative, robust, secured,
emotional aspect. We should be able to empathise with our optimised and ready to meet the expectations of
customers in a way that we can capture their intent logically empowered and tech-savvy customers.
and emotionally and solve it so that they can be both
successful and happy after the interaction. Why is this Thrust on Digital India is going digital at an unprecedented
important? There is a huge realisation that if banks don't pace where almost everything is available at just a click -
get their digital banking strategy and execution right, their be it banking, shopping, ticketing in fact everything that
customers might leave them for another bank that does. money can buy. In recent years new age Banks and Fintech
Banks have realised that digital is a fundamentalnew companies have caused major disruption in BFSI sector
challenge for them. It is also a huge opportunity to re- targeting young and digitally savvy customers.
imagine customer experience.
Customers are sometimes apprehensive of doing
So, what does a digital banking user want or expect the digital banking due to-
bank to provide? There are many things, but we need to
Y Lack of product knowledge.
remember, everyone in this world has a relationship with
Y Bad network connectivity in the area.
money. And they need help to manage that relationship so
as to maximize their wealth. Digital makes that possible like Y Sometimes, delay in rectification of erroneous
never before. transaction.
Y Data security and breach possibility remain key risk for
Today all banks are working aggressively towards bringing customers.
maximum customers on the digital platform. As per data
released by RBI, we can observe the no. of ATMs, POS Here are customers' latest expectations and the
terminals, credit cards, debit cards, and amount of banks need to meet them-
transactions done through ATMs, POS terminals and Mobile
1. More personalization- Most customers still want a
Banking.
personal one-on-one experience. Customer care centre/
branch can take customer requests and questions at the
All Bank Data RBI report (for Sept 2018)
Total No. of ATMs 205866
Amount of Transactions through ATMs 2690597
(Rs million)
No. Of POS terminals 3393396
Amount of Transactions through POS 458411
(Rs million)
Total no. of Credit cards (lacs) 418
Total no. of Debit cards (lacs) 9898
Mobile Banking Transactions (volume) (million) 487
Mobile Banking Transactions (value) (Rs billion) 2135

(Users of Internet Banking in India have crossed 500 million)

BANKING FINANCE | MAY | 2019 | 29