The document discusses how digital transformation has accelerated for banks during the COVID-19 pandemic. It notes that customers now strongly prefer online and mobile banking over in-person transactions. Many banks have launched customized digital offerings to improve the customer experience with self-service capabilities. Going forward, banks must continue improving the customer experience through technologies like AI and delivering compelling digital service models to fully benefit from digital transformation.

1. Banking on
Digital Customer Experience
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Digital has become the way forward for banks across the world. The coronavirus
pandemic has accelerated the need for digital transformation and many forward-
thinking banks have adopted a digital-first strategy swiftly to keep pace with the
new demands.
A recent research has shown that “customers across the globe prefer online
banking as compared to branch visit or in-person transactions.” The banking and
financial services industry has been the latest adopters of digital technology. It is
commendable that in the year 2020, banks went the digital-strategy way in a short
span of time and displayed resilience and agility.
And rightfully so, banks have initiated a whole lot of customized offerings to exceed
the customer demands. These include seamless customer engagement solutions,
enhanced digital adoption with self service capabilities and personalized offerings
that have ensured an improved customer experience especially in these times of
social distancing.
So, banking has moved from beingtransactioncentric to being
highlycustomercentric.
Here are some interesting statistics:
 A leading bank reported that almost “44% of retail banking customers use
the bank’s mobile app”
 Similarly a Brazilian bank has seen a “steep rise in the number of
accounts 50% with digital banking in the offering”
 Customer engagement is the utmost priority and banks have noticed that
not just millenials but every customer today prefers mobile banking.
 “In India the use of mobile banking apps has increased significantly and
this ushers in the new-age of digital banking with much fanfare.”
Impressive numbers seen during the pandemic and what better than having an
increased tech-savvy customer base who can make the most of self-service
portals that reduce operational costs and reduce contact centre volumes.
In fact banking experts and industry leaders opine that the pandemic has served
as a catalyst for business transformation. So, what’s next for banks? To completely
benefit from the digital transformation tools and solutions that aim at improving
customer experience, banks must deliver compelling service delivery models. First
and foremost, technology such as AI will soon be a norm across industries
including Banking industry.

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Customer engagement is the key differentiator!
The year 2020 saw a shift in the way we banked and challenged the traditional IT
model. Most banks have shifted from a conventional structure to digital-first
strategy. This has ensured business continuity for banks through self-service and
surely transformation of the banking industry will continue with digital-first. The use
of AI, chatbots that allow collaborative banking has redefined the way banks
interact with their customers. From being able to respond to queries and taking
feedback, to resolving issues on priority, these technologies have surely made
banking easier and better.
Increasedadoptionof self-service,Video Bankingand
contactless transactions
AI enabled video banking that allows customers to subscribe to new products
and services without the hassle of visiting a branch. A simple click on an SMS,
whatsapp or email and the digital KYC process can be initiated, a video call with
the baking officer to complete authentication and identification ensures complete
compliance to the KYC regulations. What more, the process can be for a new
customer or even an existing customer wanting to add new service. With this kind
of Self-service, transformational banking is expected to continue into 2021 and
beyond.
AI enabled digital video call enables a safe, interactive and engaging environment.
And, interactive videos via video bills have given rise to a new experience of self-
service thus reducing the contact centre volumes and improving customer
experience.
Increased use of contactless with authentication through the use of smartphone
biometric recognition and digital signatures ensures security, a major concern for
both banks and customers.

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Banking transformation will continue with nextgen technology
infrastructure
As banks do away with legacy systems operating in silos and adapt the next gen
architecture, it will ensure a cohesive ecosystem that delivers seamless customer
experience and enhanced digital customer engagement. This also means they will
accelerate digital initiatives with automation and advanced technologies. And,
invest in digital technologies- not just with single app technology, but ensure the
banking ecosystem is digitally enabled for a cohesive and seamless customer
experience.
The need to be a “Service” while ensuring sustainability
For the banking sector, the need to be not just a transactional model but a service
model is of utmost priority. Not just that, there will be demand for better digitally-
enabled solutions that are safe, and complaint while mitigating risks. The
paperless, contactless service is certainly revolutionary by all means for a
traditional sector like the banks. On-the-go payment, self-service and interactive
videos are just a few trends we are witnessing. Going forward, technology will
change the face of banking and this will be for the better!