The retail banking of India has been undergoing a drastic change currently. Although the change is mainly process-oriented, it can be experienced in all the products as well. You can check out the change in the newly launched mobile applications of the retail banks. It is quite evident that almost every retail bank is trying to promote its customers to increase the usage of the mobile banking applications.
Needless to say, mobile phone usage has increased tremendously in India within the last decade. So, if the retail banks succeed in catering to the banking needs of customers through their mobile applications, they would be able to maintain a competitive advantage in customer service. As a result, huge investments are going in the development of new features in the mobile banking applications. In fact, there are a few banks which offer almost all services a customer can think of on their mobile applications.
However, offering end-to-end service through mobile applications can never be possible if the bank is not digitally transformed in its internal applications. This has provided the current impetus to the journey of digital transformation in banking. It has been understood by every bank that it must undergo digital transformation in all of its operational domains if it wants to satisfy the increasing requirements of its customers.
If a bank wants to enhance its customer service index, it must take the responsibility of facilitating digital banking to its customers and it would only be possible when the bank’s digital infrastructure is both elaborate and robust. The expenses which the banks would incur while digitalizing themselves is actually the investment they would make to maintain their hold in the market and secure their future on the face of increasing competition both from within and outside banking sector.
It is worth mentioning here that several non-banking organizations have started competing with the banks in certain banking domains such as account-to-account money transfer; only because they are using mobile technology as the primary medium too. So, it makes it all the more important for the banks to strengthen their digital transformation system.
The good thing is that there are a number of agencies today that offer a variety of models to help the banks run their digital transformation program. It is true that banks can initiate their digital transformation process without the help of any external agency. However, it is always recommended to take the assistance of an established digital transformation service providing agency to make sure that the digital transformation program is flawless and bug-free. At the same time, it is also the responsibility of the bank to find out the digital transformation service providing agency which would serve the purpose in the most effective manner.
