The traditional banking ecosystem in India is heavily reliant on paper-based documentation for various processes such as account opening, lending, and record-keeping. Many interactions are associated with necessitated in-person visits, inflexible routines, and lengthy wait times. As a result of a shift towards the digital engagement model and the need to prioritise time management, people are gradually transitioning toward self-service…
The banking industry is constantly evolving in order to keep up with the rapidly changing customer expectations in a world dominated by digitization. A key component driving this evolution is automation, particularly in customer service. Automation, which has its roots in technological advancements such as artificial intelligence (AI) and machine learning, has the potential to significantly alter the landscape of…
The easy accessibility of digital banking services has strengthened India’s initiatives to bridge the economic gap between rural and urban areas. Multiple initiatives from the Government of India, Banks, NBFCs, and Fintech players to promote digital transactions and online capabilities for financial services have come a long way. With the benefits of convenience, speed, and security, the impact of digital…
Digital banking is the process of carrying out financial transactions using electronic devices that are connected to the internet, such as computers, tablets, and mobile phones. Digital banking offers a wide range of benefits to both customers and banking institutions. Customers can experience convenient and efficient banking with features like 24/7 access to accounts, bill payments, fund transfers, foreign exchange…
Banks are speeding up the adoption of automation technologies to ride the wave of cost-effectiveness, productivity, and improved customer experience. Automation in banking sector in India gives banks a unique opportunity to maintain a competitive edge by transforming a core part of their strategy and delivering a comprehensive banking experience. The industry is rapidly marching ahead on the digital transformation…
With the growing prominence of digital banking across the global economic landscape, traditional banking processes are being challenged and transformed rapidly. Building on the advancements in technology and the emergence of innovative business models, it is possible to easily execute regular banking transactions online, through self-service channels and web-based applications. Customers now have access to digital wallets, instant payments, online…