Small & Medium Banks and NBFCs can reduce their costs by 50 percent and increase customer base by 50% in next 36 months by driving digital initiatives. This is on top of their current Business As Usual Growth.
Key initiatives for driving digital:
– Get Digital Expert in the Board
– CEOs to gain expertise on power of Digital
– Empower Chief Transformation Officer (reporting into CEO) to drive digital
– Create Digital Strategy Backed by Board & CEO
– Pick up key digital initiatives like Customer Onboarding, Lead Management, API Banking, Mobility, Omnichannel
– Hire the best talents for Digital Initiatives in API, Mobility, Design, Analytics etc.
– Partner with Fintechs in key areas like lending, payments, wealth management
Through Digital Initiatives, Financial Institutions have huge opportunity to add Speed / Innovation / Tech to their armoury. The results of these initiatives would be astounding.