Aug 22, 2022
The endemic stage of Covid is upon us; the question on most stakeholder’s mind is – “Are the Covid induced Banking Changes Permanent or Temporary?”
Research and my own interaction with Banking clients suggests that it is Permanent change underlining an urgency to accelerate digitalization. This article gives below glimpses of major changes planned or already live as a standard practice post Covid.
- Banks are enabling their customers to complete common banking service journeys remotely. Actions like securing credit lines, Bill payments, managing Term Deposit / Loan are enabled on the internet portal of the bank. And this is available 24×7.
- Remote banking is built over a relationship and Banks have already implemented or currently implementing Self-Onboarding applications for their clients. Such digital initiatives have end to end integration with KYC verification databases and other value adds like Video KYC, Handholding by Relationship Manager, Priority activation with standard packages, Promotional pricing and more.
- AI & Machine Learning have become integral to understanding customer patterns and map service offerings. Banks are shifting from human intelligence to software based Insights & Predictive analysis for diverse use cases like working capital requirements, optimum investment, cross selling opportunities or even conversational banking with AI Chatbots.
- There is increased collaboration & partnerships not only with Fintech providers but also social platforms & online retailers. Banks are getting open API ready to not only ensure speedy rollout of products and services but also extend platform capabilities to Marketplaces and Consortiums.
- As digital interactions with customers grow, banks are Onboarding Chief Information Security Officer (CISO) to manage cybersecurity and Malicious content including Phishing emails. Banks now demand software applications to be secure & also be compliant with data privacy norms and data sharing through Open Banking.
- Banks still have to cater to the psychological need for human interaction for major decisions, so Bank branches are undergoing changes to function like a service lounge.
It is imperative that tomorrow’s business models run seamlessly and not be impacted the way it was at start of COVID. It’s time to align your Product strategy & Technological Architecture to function under the ‘New Normal’
Aurionpro is a 25-year-old global technology provider helping enterprises to embrace Digital Transformation across Banking, Mobility, Payments and Government sectors through a platform led approach.
The Next-generation Banking platform from Aurionpro is a flagship offering for full-spectrum corporate & wholesale banking, giving a superior and consistent client experience.
For more information, & product demo, please write to us at firstname.lastname@example.org
About the Author: Ashley Cerejo is a Digital Banking veteran and Certified Business Analyst. He follows technology developments keenly to channelize their transformative impact. An avid horticulturist, he is also a budding writer and motivational speaker.