The average banking clients are today much more than just account numbers or account holders. The era of digital transformation with online shopping, focus on the cashless economy and digital India has meant banks no longer can ignore the tech disruptions. Banks, however, face a dilemma as they press on the digital transformation accelerator. Not all clients are tech-savvy and some still rely heavily on traditional human touch and paper-based methodologies. The future is digital but banks face a huge challenge to bring all non-tech savvy consumers including semi-illiterate or less tech-savvy consumers on board. .
DIGITAL-WORK IN PROGRESS
With the sudden onslaught of the covid and its immediate fallout, the focus shifted to ‘digital’ in a big way, but most banks were already following a roadmap to expand their digital umbrella for all consumers including the less tech-savvy ones.
Sharing his experience as the Chief Operating Officer of UGRO Capital, Anuj Pandey shared how they started with the premise of digitizing and digitalizing together to handle problem of tech adoption and logistical hassles concurrently. Giving an example, Pandey shared how they at UGRO Capital are digitizing the sourcing via an intermediary for small business lending. “Typically, when a small business applies for a loan, it applies with a load of documents including balance sheets, P&L sheet, bank statements, etc. Lenders over the years are also used to that physical touch and feel of such a file and documentation.”
This story is from the July 2020 edition of Banking Frontiers.
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This story is from the July 2020 edition of Banking Frontiers.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.
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