Optimizing processes to meet evolved customer expectations: While digital banking has been on the rise globally, a country like India is still driven heavily by physical transactions at the bank. BFSIs need to quickly implement technology-enabled processes to adapt to the new normal to deliver customer satisfaction across branches and retail outlets. Customers have become increasingly health conscious and COVID-aware, and are looking for ways to transact while prioritizing their health and safety. Banks need to leverage technology, AI, machine learning, data, and human resources to innovate and digitize the delivery of products and services providing for seamless, contactless experiences.
Connectivity: While some largescale BFSIs have started leveraging the cloud, others still need to ensure connectivity across all their operations and transactions for a seamless experience in the new normal. The pandemic has led to an increase in online banking activity, nudging financial organizations to embrace digitization and a hybrid multi-cloud model to enable an array of services including payment gateways, online fund transfers and transactions, digital wallets and more, all aimed at driving a unified customer experience. This connectivity needs to be extended on the ground to banking experiences, identifying, aiding, and mapping the customer journey within the bank through kiosks, facial recognition systems, thermal scanners, digitized ledgers and more for a safe banking experience.
Security: As banks embrace technology at speed and scale, ensuring data security is another key concern. The dependence on digital banking in recent times and the ensuing tech upgrades on premises have left the industry vulnerable to security threats, heightening the need for tighter security, both for physical devices and data.
Regulatory compliance: For BFSIs operating across boundaries, ensuring compliance to evolving regulatory requirements is another huge concern. Regulators increasingly want to make sure that boards are engaged, and capital and liquidity standards are maintained per norms, and effective risk management practices are in place even as BFSIs pull out all the stops to ensure uninterrupted customer service and deal with wildly fluctuating and unprecedented economic and market conditions.
Riding the digitization wave for positive customer experiences
As BFSIs embrace large-scale technology upgradation and digitization in an attempt to limp back to normalcy, IoT - along with 5G and the cloud - is transforming the way banks are operating post COVID. Seamless customer experiences and transactions while ensuring employee safety and maintaining productivity, renewing operating models to support customers, leveraging technology to minimize operational disruption to processes and mitigating risk will be key. Banks are buying out legacy assets and shared services carve-outs and entering into long-term integrated technologies and managed services support engagements that will further their digital transformation strategy.
IoT is bringing the banking world closer than ever before, offering clients a completely connected and integrated experience by servicing all their financial needs across devices including tablets and mobiles. Enabling digitized transactions and pay-from-anywhere models, every IoT-enabled device has the ability to become a Point of Sale (POS) device. Banking transactions and queries can now be carried out from the comfort of the customer’s home or within the safety of the bank with the increased use of connected devices including voice activated and facial recognition software that require minimal touch. IoT also enables device tracking and spend analysis on-the-fly, offering better protection from cyber-fraud. The growth in 5G adoption will further increase productivity levels with connected devices and help optimize the digital banking experience.
Cloud is the core technology at the forefront of digital transformation in BFSIs. It provides an infrastructure fabric for other technologies such as mobile, automation, artificial intelligence, social computing, Internet of Things (IoT), analytics, and blockchain, to name a few. Cloud technologies such as virtualization, Infrastructure-as-a-Service (IaaS), and Platform-as-a-Service (PaaS) can help banks improve cash flow by moving from a Capital Expenditure (CapEx) to an Operational Expenditure (OpEx) model. Risk Profiling Systems, Early Warning Systems using Predictive Analytics, Non-Performing Assets (NPAs) monitoring are applications which can be built on a cloud technology infrastructure. The banking industry has been an early adopter of cloud and these new technologies will drive domain transformation in the future.
Leveraging transformative technology solutions
Even as the banking industry adapts to work-from-home, it will require an active workspace for routine business operations with employees present to service customers. How then can banks ensure people safety and well-being in the new normal?
Wipro’s ‘Health COV-ER’ solution leverages the power of IoT, cloud and analytics, helping BFSIs manage their employees returning to work with a system driven, thoroughly designed process aimed at ensuring workplace safety and compliance. Health COV-ER is truly comprehensive with a hassle-free work employee schedule and attendance management, health assessments, and integrated contact tracing solutions. This is a SaaS product designed to help BFSIs fortify and strengthen their business, while ensuring customer and employee safety on-premises.
The ‘Health COV-ER’ solution features applications for seamless management of all people at the bank including employees, contractors and vendors, and customers by supporting visit/ work scheduling and detailed health assessment and monitoring. The solution helps banks resume branch operations easily in the new normal with integrated mobile communications, easy-to-fill digital forms and social distancing mechanisms that can be tracked with the latest technology. Some of the salient Health COV-ER features that drive workplace transformation and productivity include: