Digital helps Branches boost Customer-Centricity

Public sector banks in India, long cherished for their reliability and extensive reach, are at a pivotal juncture.

The integration of advanced digital technologies and the reimagining of traditional branch structures are essential to meet the evolving needs of their diverse customer base.

This transition is not merely about adopting new technologies but also about fundamentally reshaping how these banks operate to deliver more value to their customers. The convergence of physical and digital banking, often referred to as ‘phygital’ banking, is a paradigm shift aimed at enhancing CX, improving operational efficiency, and maintaining the trust that these institutions have built over decades.

In this comprehensive exploration, we delve into the insights shared by key figures from Punjab & Sindh Bank, Cosmos Bank, a senior official from a public sector bank (let’s call him PBanker) and Harshal Dunakhe, CEO, Busines Automation, Kores India.

RETHINKING BRANCH DESIGN & PURPOSE

The conventional role of bank branches is undergoing a significant transformation. Traditionally seen as mere service points, branches are evolving into multifunctional hubs that blend digital convenience with personalized service. Ratnesh Chandra, Head of Digital Banking of Punjab & Sindh Bank, emphasizes the importance of this evolution: “We are catering to both old and new customers by physically expanding our presence and bringing in a lot of technology for the new generation who prefer mobile banking.”

Chandra’s approach illustrates a critical aspect of modern banking: the need to balance traditional banking services with digital innovations. By implementing platforms like PSB UnIC, which integrates mobile and internet banking, Punjab & Sindh Bank aims to offer a seamless experience across channels, thus bridging the gap between conventional and digital banking.