DCB Bank is a leading private sector commercial bank with a network of more than 331 branches. The bank, which offers products to small and medium businesses, has been particularly forward looking as far as adoption of the latest digital technologies is concerned. It has been at the cutting edge of new technology assimilation, experimentation, innovative customer servicing and engagement, RPA and automation along with several other aspects. Prasanna Lohar, who heads Innovation at DCB Bank, has been closely associated with the digital transformation in the organization.
According to him, digital transformation is a must for every organization today and has to be closely aligned with customer engagement. Before undergoing digital transformation, organizations need to ask the following basic question: “Do we understand our customers and their expectations well enough? If I have to understand them and their transaction patterns then I will have to use transformation techniques. We should be able to advise them on how they should do their banking and through what channels,” he points out.
Talking about the focus of the various digital initiatives at DCB Bank, he says it has to be customer centric. For him, optimum customer experience is very important as it motivates customers to recommend the organization to their partners and customers.
“Most of our customers are SMEs and we primarily emphasize on them. Customer experience is a key to all our business models. We want every customer to be happy. I want to give them what they want. This can only happen when we provide them with the insights and the right set of data along with the correct platform for their transactions,” he says.
New Business Models Needed to Engage with Customers
Digital disruptors like Ola, Swiggy, and Olx are giving traditional businesses a run for their money. New business models are emerging. Existing businesses will have to find ways to stay relevant in the fast digitizing economy. He says banks need to work with these disruptive models and try to find ways of engagement. According to him, financial institutions need to understand these aggregation businesses and align with them. He repeatedly emphasizes on the dire need to bring in new business models in the banking and financial sector.
“These are new business models. If my bank is not there, then I am losing that pie of the business,” says Lohar.
One step in that direction could be reskilling to stay relevant, he adds.
“New skill sets will help to create new business models for organizations. It is a must to inculcate such new ideas in order to understand customer expectations as well as engagement with them,” he points out.
Organizations Must Engage with Customers Across Channels
Today, customers are available anywhere and everywhere and want their requirements to be fulfilled on the go. This has led to mobility being taken as a given. Lohar draws attention to the fact that there has been a heavy proliferation of digital channels.
“Apart from the normal brick and mortar infrastructure and online banking, channels are increasing. For example, the Internet of Things or connected devices is producing a lot of channels that we need to keep an eye on. Therefore, new technologies like Blockchain or IOT are needed to support business units,” says Lohar.
Create Awareness about New Technologies
Organizations must create awareness of emerging technologies such as Robotic Process Automation (RPA), Blockchain, etc. and do capacity building. They must also identify relevant use cases and areas in which such technology can be implemented.
“The right technology is necessary for business enablement and providing customers with the optimum experience. People say that everything has to be aligned with business goals, but the role of new technology can’t be ignored. If you don’t have the right technology, then you will have inefficient ways of implementing your business models,” says Lohar.
No doubt, a proper digital roadmap is essential to prioritize use cases with the help of governance and stakeholders.