The responses on any query on how customer friendly digital platforms for banking
are follow a set pattern.From the basic issue of urban vs rural user profile being
different;to issues like'the tech-savvy nature' of Gen-Y users as compared to senior
citizens being 'techonology-use challenged' as also,security issues of digitized
platforms-these are the standard reactions.
There's convenience-banking for the customer becomes free of the constraints of
'branch location' and the restriction of 'woking hours and holiday'- but it comes
with a price tag:it has to evolve and be able to meet the challenges which crop
with unfailing regularity."This is the biggest challenge for these new platforms:how
do they manage tradeoff between keeping the online transaction experience simple
and user friendly and at the same time,makes sure that the customer doesnot suffer
losses due to fraud," says Prasad C.V.G,Chief Infomation Officer,ING Vysya Bank.
While the internet and mobile banking platforms have been successful with educated
customers in urban and semi urban-areas,being user-friendly is on going challenge,one
of the key issues is developing lacal language support as also 'device support'
for the basic handsets that are widely used by customers in rural areas.M any of
the 'unbanked' potential customers may not be educated or may not have access to
hte broad-band/Smart Phones,this needs to be factored in,"feels Prakash Sreewastav,
CEO,WINTIT."To ensure that digital platforms are truly customer friendly,litreacy
and technology need to be accepted as major drivers,even as Indian Banks continue
to roll-out mobile and internet-based banking services,"he adds.
In the present scenario,the digital banking platforms used by Indian Banking for
the customers provide an experience which is not as customer friendly as it should
be-or can be,feels Vishwanath Alluri,Founder,CEO,Chairman,IMIMobile."take the example
the thousand of innovative applications which have been ddveloped by third party
vendors and are available to banking customers worldwide,through 'appstores'.However,in
India,mobile applications are tightely controlled by mobile operators.This limits
innovation and use of operator assests in conjunction banking data to provide a
truely customer centric mobile experience.."There'sroom for improvement'.he feels.
G Ramasubramanian,Head Business Analysis Center of Excellence,Fiserv India feels
being customer-friendly is a goal which for most Indian banks using digital platforms
is still far away."Consider that 'mobile banking' still have a lot of restrictions
by RBI and the cost implication of 'smart phone' are still to be overcome,these
are the most common aspects,"he says.
On the other of the equation,Srinivas Chari,Co-Founder and CMO,Xerago feels that
internet and mobile technology that powers the Indian banking for a 'branch-less'
existence is truely 'customer-friendly'."Digital platforms,Internet and Mobile,are
being seen as the extermely useful for banks to get customer centric and user-frindly,"he
"Indian banking can no longer to afford a 'one-size fits all' kind of service model.It
started with privatization of banks from 1993 onwards and now expectations of higher
level of services from the consumer means banks have to 'go beyond' to win and retain
them.Digital platforms provide this opportunity at a cost advantage,so that banks
can get customer centric and user friendly.I see banks leveraging some Digital medium
attributes,like(i)Analytics led insights for personalization(ii)Graceful degrading
and flawless transition technologies that render memorable customer experiences
and(iii) fulfilling the information and task orientation needs of the customers."
Innovation and simplicity have always been the prime motto of the digital platforms
vendor,feels Vishwanath Alluri."Theseensure that digital banking can be used and
accessed by customers easily.At IMImoblile,we have a 'Open Mobile Market' initiative,which
entails federating telci assets and web-based services such as payments in providing
ab open,democratic, cloud-based platform to stimulate innovation and create compelling
propositions for a wide range of target markets.Access for the users has to become
more customer friendly and technology partners and service providers for these digital
platforms will continue to develop innovative technology,making it much more accessible
and friendly to use in coming times,"he concludes.