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Mobility / Omnichannel / Website : Not Cool Enough

In last 12 months, there has been massive interest around Artificial Intelligence, Blockchain, Cloud, API Banking, Fintech collaboration etc. Banks have created innovation / digital teams, which have started working on these interesting areas. This is the right starting point to take the challenge ahead.

However, due to focus on newer areas, banks have started defocusing on their core digital platforms like mobile banking, internet banking, website etc. These channels will continue to be central to customer experience for many years to come. Most of the newer technologies will get embedded in these channels like AI, API, Blockchain (which is focused on backend and not on customer interface) etc. Lack of investment in these platforms is creating customer dissonance and moving them faster towards Fintechs.

What can be done in these channels:

– Simplify websites (reduce the clutter) and channels

– Make it responsive (website and internet banking) to form factors (surprisingly most banks are still in desktop era)

– Initiate digital on-boarding across deposits to loans

– Start cross-sell based on analytics

– Add simple services like change in nomination, address change (can we use Aadhaar), FD closure

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