Onboarding Non-Tech Savvy Customers: Challenges & Solutions
Banking Frontiers|July 2020
Onboarding Non-Tech Savvy Customers: Challenges & Solutions
Banking Frontiers hosted 3 industry experts - Vivek Chaturvedi, Marketing Head at Digit Insurance, Anuj Pandey, Chief Operating Officer at U GRO Capital, and Mohan Kumar Sahni, Head of Cards, Payments & Digital Banking at Utkarsh Small Finance Bank - for a panel discussion on the challenges in attracting and serving non-tech-savvy consumers into the digital ecosystem:

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.”

Explaining how UGRO Capital changed the norm, Pandey revealed it developed a software platform that scanned all documents, digitizing them at the source while adding to the rule engine to ensure an instant decision making. Changing mindset, developing technology capabilities, and integrating the same as philosophy are what Pandey believes contribute to getting digital transformation truly embedded in the future. “In small business lending it’s not the lack of being tech-savvy as a consumer but the complex digital ecosystem which is a challenge,” he added.

To make consumers incubate and be comfortable with U GRO Capital’s digital processes, Pandey says all it takes is one successful transaction proving how going digital was more a mental block at the consumer level.

“During the COVID crisis we contacted our customers for a survey sent to them as a link on their mobile phones, and most consumers were comfortable answering the same,” revealed Pandey.

CUSTOMER ENROLLMENT JOURNEY

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July 2020