Government-owned public sector banks remain the backbone of banking spread across India, a large geography. The type of customer base is also distributed across a wide spectrum of technology awareness.
As per data from UN, 62% of the total population of India, viz 0.85 billion people, are from rural background. This population still prefers physical banking services, while people in urban areas prefer the digital mode.
Deepak Sarda, GM – IT at Indian Bank, explains this nicely: “It’s obvious that digital technology can do several chores quicker and better than humans, but it can never replace humans since it lacks emotional intellect, empathy, can’t work outside the box or something creative. This technology will simply assist humans (both service provider and consumer) and this physical-digital blend will always exist irrespective of the type of industry.”
Demonetization and the pandemic enabled large scale technology adoption even in rural areas. Empowered with high internet penetration, the rural masses have access to similar digital banking infrastructure as their urban peers. Although they are familiar with technology, they are cautious, and therefore, reluctant to transact on digital banking platforms, observes Rajesh Ram, GM & CIO at Bank of India.
Harshal Dunakhe, CEO, Business Automat at Kores India, observes that most banks have taken strong steps towards servicing the relatively tech savvy customer base by investing in kiosks, ATMs, UPI, and mobile based banking channels. The experience that a customer who prefers going to the counter gets at the branch needs to be upgraded. Kores a technology solutions provider that helps banks adopt relevant technologies that improve customer experience.
DE-CROWING THE BRANCHES
Diese Geschichte stammt aus der June 2023-Ausgabe von Banking Frontiers.
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Diese Geschichte stammt aus der June 2023-Ausgabe von Banking Frontiers.
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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: