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 increasing competition from the fintech industry and digital-first banks, the traditional players in the banking and financial services sector need to continually evolve, remain competitive, and provide a holistic customer experience. Banks and NBFCs are looking to reduce operational costs, boost profitability, and improve productivity in addition to dealing with a lack of skilled resources, inefficient procedures, technology usage…
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…
Digital financial services are accessed and delivered through a wide array of internet based digital channels such as mobile phones, ATMs, Point of Sale (POS) terminals, laptops, and other electronic devices. They include making payments, remittances, insurance, credit savings, and other financial transactions. The availability of digital financial services has led to a change in the way people manage their…
A young population contributing to the e-commerce boom, the rise in digital adoption, and consistent growth in GDP over the past few years, have reinforced Indonesia’s position as a prominent economy in Southeast Asia. Despite many economies facing economic slowdown and yet to recover from the after effects of the pandemic, the Indonesian economy has continued to grow steadily. A…
OpenAI’s launch of ChatGPT (Generative Pre-trained Transformer), has catalyzed the transition of AI from the peripheries to the very forefront of technological development. A tool that exploits Artificial Intelligence, Machine Learning and Natural Language Processing models to create algorithms that create human-like responses, ChatGPT is regarded by tech experts as a positive step in the direction of the democratization of…
With shifts in technology, changes in regulatory requirements, and diverse borrower demographics, the field debt collections needs innovation and technology intervention. Field debt collections are beset by multiple challenges that include disconnected teams, inefficient borrower communications, paper-based processes, ambiguous performance metrics and management of third-party agencies. Inconsistency in capturing location of field agents adds another layer of complexity. When the…
In a nation like India, where availing credit is a major contributor in addressing the populace’s financial requirements, requisite processes need to be regulated and monitored to ensure compliance and hassle-free resolutions. With a greater need for credit and lower interest rates, demand for retail loans is sure to show upward trends in the near future. Therefore, before asking for…
The rapid developments in financial technology over the past few years have changed the way financial services are consumed across different economies and altered the perception of banking and finance. With its transformative agenda, technology has enhanced effectiveness, fast-tracked adoption, and simplified various banking practices. The combination of business and financial technology has also given rise to new innovative models.…
Indonesia is working to establish itself as one of the top 10 economies in the world by 2045. A McKinsey reportⁱ¹ has predicted that approximately 90 million Indonesian citizens will join the consumer class by 2030 – a number higher than all emerging nations except China and India. In addition, government data indicates that Indonesia’s GDP is expected to grow…
The digital disruption in the financial sector over the past decade has not only simplified financial management but also improved financial inclusion. A McKinsey report¹ highlighted that despite rapid urbanization, the rural population is likely to form 63% of the total market share in India by 2025. The rapid adoption of digital technologies by various banks and other non-banking financial…
Businesses today are moving toward integrated, specialized, and intelligent strategies for effective customer engagement and retention. With the advent of Artificial Intelligence (AI), Natural Language Processing (NLP), and Robotic Process Automation (RPA), the banking and financial services industry is leveraging new possibilities in digital transformation. With 600 million smartphone users¹ in India, and social media facilitating faster information exchange, powerful…