Digital strategy is an essential part of business strategy and needs to be created around capabilities (as well as incapabilities) of the technology available. Most of the private banks / public sector banks / cooperative banks / NBFCs have old core platforms, which do not have APIs / Digital Capabilities. This is considered a big bottleneck and blocks them from going digital. This is another myth and needs to be broken.
There are major digital initiatives that can be taken despite these challenges. In this series, I will share some of these initiatives
Customer Onboarding Initiatives
Customer Onboarding experience for deposits and lending can be enhanced & enriched without much dependence on backend systems. This would mean brilliant customer journey including integration with EKYC / PAN / Account Validation through IMPS / CIBIL / Social data / Regtech APIs, which will finally help in getting customer on-boarded smoothly. On this platform, the organisations can create superstore to sell, what is relevant to the customer (based on analytics). BTW entire experience is independent of core platform APIs.
The dependence of online customer creation / account creation can be removed through
– Batch Upload programs available in old backend systems.
– Frontend Screen based data entry through software scripts (this is how migrations happened two decades back)
– Robotic Process Automation can easily be used to smoothen the process
– Incase, there is no other way, use the age old method of “Manual Data Entry” in a tight SLA (30 min turnaround) mode.
Customer is least bothered about what backend platform you have…. Give him / her flawless experience… Focus on “How”…