In just 8 months, the covid pandemic has brought about years of change in the way companies across sectors and regions conduct business. The focus has dramatically shifted towards digital with the integration of services, unveiling of newer apps, etc. Banks, financial institutions and NBFCs have also joined the bandwagon in the adoption of technology.
In the Middle East, retailers were the first to get affected by the pandemic as the delivery channels came to a standstill. That triggered the need to check the strength of their delivery channels. This also applied to the exchange houses and banks in the Middle East. The difference was that Middle East organizations knew that the brick-and-mortar model would not last long, and the financial institutions in the region heavily invested in digital in 2018-2019. But this was not just about being digitally ready, it was also about creating the best infrastructure to make the transactions seamless.
“The advantage was as we invested earlier, we had the choice to pick up the right technology and partners. We didn’t fall for the hype when the pandemic hit. Things were more realistic in 2018-2019. Working across the globe, we understood that it is not about identifying a technology or signing an agreement, but the work starts after that. Every business is unique, and customization is required,” says Joseph Cleetus, Head of Business Transformation, Lulu International Exchange.
Now, it is all about customer experience, he adds, maintaining that to formulate the right customer experience, the journey should start while identifying the technology partner. It is imperative to get the right partner who shares the customer experience mindset.
This story is from the December 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.
Already a subscriber ? Sign In
This story is from the December 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.
Already a subscriber? Sign In
Kamdhenu & Sammrudhi loans top rural customers
Unnayan Bharat Finance Corporation (UBFC) Director & Co-Founder Avneesh Trivedi shares the company's attempts to enhance the rural lending environment & deliver better services to its consumers:
It's going to be a 'world' of CBDCs
Practically, every central bank in the world is testing and readying a CBDC system:
Training for behavioral & social skills is key
3 CHROs from the top BFSI companies in India open up about their training and motivation programs aimed at enhancing employee effectiveness. The story is divided into 4 parts: (i) functional and behavioral training, (ii) manager to leadership training, (iii) learning-based training, (iv) motivational programs:
THE AI COMPASS
Artificial Intelligence has risen to be the hottest topic of discussion today. It is expected to impact everyone, and the impact could exceed that of war, global warming, supply chain disruptions, geopolitics, and much more.
To mentor & coach emerging leaders
Manish Shah, MD & CEO of Godrej Capital, outlines his focus areas today and in the future:
Innovation will unlock India's Mission 'Atmanirbhar’
Sunita Handa is Chairman, Toyota FSIN and Principal Advisor & TLAB Chairman, Protectt.ai Labs. She shares her current activities and her deep insights on innovaiton in an interaction with Manoj Agrawal:
Algorithm is the Boss
Irem Sayeed, Chief Credit Officer at U GRO Capital, dwells into business focus and modernization at the lender:
Fintech and Neobank under the same Umbrella
It was started in 1902 to build what came to be called Israel:
Bajaj Allianz Revolutionizes Employee's HR and IT Experience with WhatsApp, MS Teams, Al and Automation
A productivity booster shot at BALIC:
Small Beginning for a Big Opportunity
AMU Leasing's focus on serving the underserved market of individuals and fleets looking for financing for electric 3-wheelers and 2-wheelers: