Customer Satisfaction Is A Key Step In Digital Transformation

Experts from the banking sector describe the future of the new trends and business transformations with respect to financial institutions. Abhay Johorey, Head Digital IDFC Bank describes the goal of companies in doubling retail books in the coming five years.

He said, "The important thing when you set goals in the business should primarily be to understand the problems of the customers instead of buying shiny technology to help them."

Prasanna Lohar, Chief Innovation Officer, DCB Bank describes new roles in organizations with respect to digital banking.

"I was hired as a channel head and in within two years, I was promoted to an innovation officer. Our job is to understand the new technologies that enter the markets and analyse how impactful it is to satisfy the demands of the customers."

He also mentions that new technologies need to understand the problems in artificial intelligence, blockchain etc. Providing solutions without manual intervention is key states Prasanna.

"We need to bring out the best in digital banking and understand the earn to pay model where it affects on rural areas and provide awareness to educate people about the new trends in banking. We have acquired 4 million customers and we aim at transforming rural areas at scale."

Deepak Sharma, Chief Digital Officer, Kotak Mahindra Bank states that Kotak Mahindra Bank is the no.1 mobile banking application in the country within a period of 4 months. He also describes that different types of transactions and customer experiences provide more information and prioritize goals accordingly.

"Public sector banks have gone ahead of many other banks. Only public sector banks can penetrate through sectors where other banks could not go especially rural areas. All types of banking methods are being adapted first by public sector banks." Said P.C. Panigrahi, GM-FI, Union Bank of India on providing new innovative experience to customers.

To commence the panel discussion on digital transformation in banking at the NetApp and BW BusinessWorld's Data - Fueling Digital Transformations Deepak Sharma said, "In 2020 we will have new problems to solve and as customers priorities and demands are changing, we have to work on disruption models effective than the previous ones rather than worry about profit pools."