PIGGYBACKING on the push Covid-19 gave to digital transformation over the last two years, most banks have moved fast to strategise and establish a connect with their customers remotely via the digital medium. This has happened with such vigour that multiple financial entities from the country today conduct over 90 per cent of their transactions through digital and mobile platforms. Similar trends have been observed with other large banks, including the State Bank of India, Bank of Baroda and even HDFC Bank.
But bringing digital banking services to its customers' fingertips comes with its own challenges and the banks have had to address them to keep up with the times and competition from the fintechs. And it has been crucial for the banks to get the basics right before delving into leveraging cutting-edge tech like AI/ML.
While big tech companies such as Microsoft and IBM along with fintechs have mobilised resources to innovate and reach the masses, banks with their old ways have had to adapt and evolve to keep up. This journey for banks began with moving away from JVM structures and web app servers and figuring out the way onto cloud-native architecture. This has been important for the banks in order to deliver experiences that the customers love. To make this happen, they have had to look into Flutter and React Native platforms amongst others.
"Digital experience and customer experience is going to be very important for banks moving forward. And they will invest in these technologies," says Rishi Aurora, Senior Partner & Financial Services Sector Leader at IBM.
Diese Geschichte stammt aus der February 11, 2023-Ausgabe von Businessworld India.
Starten Sie Ihre 7-tägige kostenlose Testversion von Magzter GOLD, um auf Tausende kuratierte Premium-Storys sowie über 8.000 Zeitschriften und Zeitungen zuzugreifen.
Bereits Abonnent ? Anmelden
Diese Geschichte stammt aus der February 11, 2023-Ausgabe von Businessworld India.
Starten Sie Ihre 7-tägige kostenlose Testversion von Magzter GOLD, um auf Tausende kuratierte Premium-Storys sowie über 8.000 Zeitschriften und Zeitungen zuzugreifen.
Bereits Abonnent? Anmelden
MEMORIES & IMPRESSIONS
Ratan Tata was an exceptional human being. He was a visionary leader, esteemed industrialist, and a humanitarian, who left an indelible mark on India and the world.
The Robotaxi Market
The robotaxi market is shaping up to be a high-stakes battleground as tech giants and automakers race to transform urban mobility.
And the Nobel Prize Goes to AI
The recent Nobel Prize T awards to AI pioneers affiliated with Google have sparked a broader conversation about Big Tech's influence on research and the limitations of traditional prize categories.
Ola Electrified
Once considered a trailblazer in India’s electric vehicle (EV) ecosystem, Bhavish Aggarwal’s Ola Electric now faces a major accountability crisis.
Sharp Slide in Industrial Output on Eve of Deepavali
India’s index of industrial production (IIP) saw a sharp reversal in August, contracting by 0.1 per cent, in stark contrast to the 4.7 per cent growth in July, mostly because of significant contractions in mining and electricity generation.
Heralding the Solar Era with Sustainable Electrification
RAJEEV KASHYAP on the economics of solar power, the hurdles in scaling it, and much more
A WELL-GREASED MACHINE
The OmniBook X14 laptop runs on first-generation Snapdragon X Elite, which bets big on Al-enabled productivity and battery life, but falls short when it comes to overall experience, says Deep Majumdar
DO NOT LETA HEALTH CRISIS RUIN YOUR FINANCIAL HEALTH
For a family of four living in a metro, it is recommended to opt for a family floater health insurance plan with a sum insured of at least Rs 15-20 lakh
Disruption Ahead: Beyond Organisation Charts and Structures
ALBERT EINSTEIN FAMOUSLY said, “We cannot solve our problems with the same thinking we used when we created them.
Dr. Rahul Shivajirao Kadam: A Visionary Leader Blending Sustainability, Innovation, And Social Empowerment
We are on the stage of global warming, and these technologies not only help prevent further damage but also leave behind a better environment for future generations.