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.
Denne historien er fra June 2024-utgaven av Banking Frontiers.
Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.
Allerede abonnent ? Logg på
Denne historien er fra June 2024-utgaven av Banking Frontiers.
Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.
Allerede abonnent? Logg på
It's a bank and a brokerage - FinecoBank
FinecoBank of Italy is a highly tech-enabled bank that is a combination of a bank and a brokerage:
A model for cloud adoption - Zurich Cantonal Bank
The bank is had opted for cloud to offer better service to its customers:
RBI Governor urges NBFCs to adhere to fair practices code
The Reserve Bank of India (RBI) Governor has urged Non-Banking Financial Companies (NBFCs) to strictly adhere to the Fair Practices Code, emphasizing sustainable growth and robust risk management in the sector.
Automated, Adaptive, Al-enabled Architecture is a must
Security heads from 2 BFSI companies reveal the key cyberfrauds and strategies to combat them:
Fraudsters too gain ground as real-time payment systems grow
There is a need for the technologies behind the real-time payment systems to gain a march over the methods of fraudsters:
Ethics & Challenges of AI in Cyber security: Navigating the Moral Maze
Even as AI is finding its place in the cyber security domain, an entirely new frontier of ethical challenges awaits.
Bangladesh Finance: 25% faster customer service; 15% higher customer retention
Bangladesh Finance, established in 1999, is a leading financial institution in Bangladesh.
Fino sparkles with technology & brand upshift
Fino Payments Bank started operations in June 2017, providing banking services to mass market customers, who are largely rural-based.
Savington Upshifts: 48% Faster, Churn down 31%
Savington International Insurance Brokers LLC, founded in 2006 by Dev Maitra, is a prominent insurance provider in the UAE.
Zoroastrian Bank: Multiple awards for being the Best
Established in 1927 by Sir Hormusjee Cowasjee Dinshaw Adenwalla, Zoroastrian Bank is a prominent urban cooperative bank headquartered in Mumbai, India.
