Smart Digital Banking
The banking sector is undoubtedly going through substantial reforms to cope up with the technological advancements. Unlike the past, revenue is now being considered as a byproduct of superior service & client engagement. Thus, greater customer experience through digital platform has become the most crucial factor. The value building exercise through digital medium also comes with its own perils. But, by ensuring necessary defense mechanisms, this intelligent approach is much more appealing.
Smartness in Absolute Terms
With regards to smartness as a feature, Banking has to be analyzed against the traditional methods of banking & transacting. Certain important & integral aspects related to smart banking can be:
- Seamless end-to-end solution
- Less or no Manual Intervention
- Data Security
- Multi-Product Access through Single Platform
In a broader perspective, smart digital banking has to be absolutely flexible to operate on diverse platforms. A client may wish to do banking from his home, car, office or maybe from the shopping mall. The digital & smart solutions to help the customer for banking have to be flexible, reliable & less complicated.
Many market leaders & early entrants in the digital space have gone beyond the limits of imagination. One of the digital banking organizations has implemented strong device-based security, which eliminates the requirement of an OTP. Clients are also looking forward to newer & smarted banking solutions. An innovative idea like a virtual greeter, where the client can access various banking services &products in a kiosk set-up or maybe from his mobile device are surely quite appealing for customers.
Pushing the Limits
Smart Banking is an intelligent approach to cater to customers. However, in a hurry to be smart banks should not be complacent with the safety & security aspects related to the digital medium. The security domain of the banking function has to go through continual evolution. Just like smart digital banking solutions, smarter ways to find a snag in the systems also keep erupting.
The hazards related to data leakage & financial frauds have always been a pain factor for banks while expanding on the digital front. Still, banks should keep innovating & match up with the alternate & trending technological discoveries. Technologies such as blockchain may be integrated into banking function to defeat the security challenges. Such changes will also help the banks to create agile & safe ecosystems. Tools as mentioned below can be of great help for banks to achieve smart status:
- Smart branches
- Smart kiosks
- Smart staff
- Cashless & Paperless approach
Constant innovation in the domain of smart digital banking can only help the banks to survive in this era.
Smart digital banking works on the strong foundation of effective segmentation. This may take place for the clients externally & also for transaction modules & products internally. One more significant advantage that banks can take is efficient data & trend analysis. Hence, this new age smart digital banking has immense opportunity to manage & understand massive data pool from various systems & turn it into meaningful, actionable information.