There’s no doubt that advance digital technologies have empowered banks to take the customer engagement to its next level with very personalised and innovative offerings. The industry is already leveraging technologies like AI/Machine Learning (chatbots), IoT (combined with mobile apps), cloud, blockchain, etc. Banks, for example, use blockchain to transform their business processes. It helps address problems like frauds in a big way.
Another technology that is making a big impact in banking is big data. There is no doubt that banks are among the most data-driven organisations along with retail and ecommerce. While data comes from various channels, the bigger issue is how to mine information to generate insights. If used properly, this can convert into deeper engagement and value creation for customers.
Excerpts from the Chapter by Deepak Sharma, Chief Digital Officer, Kotak Mahindra Bank in the Book Titled “Accelerating Enterprise Innovations”
Technology plays the role of a leveller. But the true value of technology comes when you blend technology, customer design and insights. It means that empathy and technology both are equally important to decide how you mix these ingredients in the right proportion in order to get value. The biggest limiting factor in a lot of organisations is initiatives run in silos, without having a 360-degree view. Those kind of initiatives fail to create any impact. If we have an initiative which is customer facing, we ensure that all stakeholders who are interacting with customers, be it the social media team, contact centers or field force, have factored in customer insights, right from marketing to research to customer experience.
Digital transformation is not a sprint but a marathon. We need to keep doing a series of things. Some of those could be long-term projects with high impact. Even they consist of a lot of small things, but consistent and ongoing. In order to successfully embark on the path of digital transformation, one needs to zero down on both initiatives and outcomes. We have to first identify the initiatives and then assess their impact. Ideally, they should either solve existing problems or create new business opportunities. Assess the initiatives on parameters like efficiency, cost, turnaround time and other similar measurable impacts.
Companies aggressively pursuing digitization in this way will be better suitable to compete for the increasingly digital consumers than those who take a myopic approach.
Excerpted from the Book Titled “Accelerating Enterprise Innovations“