Posted by Ashish Goyal, Lead Consultant, Infosys Australia and Pooja Kumari, Service Delivery Manager, Infosys Limited
The global economy cannot exist without banks. Banking institutions play a critical role in the lives of consumers who are constantly conversing with their banks to transact and invest.
Previously, the business of banking involved educating customers about banking products and services as well as cross/up-selling. However, most of these interactions along with daily/monthly transactions could be done solely by personally visiting branch offices. Further, as banking offerings grew, customer information began to reside across disparate systems making it challenging to glean a holistic customer view.
The digital age with its new technologies is disrupting the traditional ways of banking. Advancements such as automatic teller machines (ATMs), phone banking, net banking, mobile banking, digital security, etc., have created a new segment of customers that want simple and quick access to products and services. Customers no longer want to wait in long queues or depend on branches, tellers or personal visits to transact. They want quicker processes, leaner applications/mechanics and meaningful conversations with their bankers.