The banking and financial sector has undergone some major changes in the last decade or so. With the customers becoming more informed and tech-savvy, their expectations have also risen. Customers today do not like to visit the physical bank, they would rather go on the web to perform the banking functions. Even the handful of customers who do visit the bank have no patience to wait in long queues or deal with bureaucracy. Customers want easy access to information along with quick solutions.
These rising customer expectations and the changing times have created the need for the BFSI sector to go through digital transformation. Taking this thought forward, all the major BFSI and technology leaders like Anup Purohit, CIO at Yes Bank, Sachin Bhatia, Co-founder at Ameyo, Rajiv Sabharwal, MD & CEO at Tata Capital and others gathered at the ETBFSI CXO Conclave’19 held this 16th May at Sahara Star, Mumbai to share their thoughts and deliberate on the future innovations, challenges and the ways to tap BFSI’s digital potential.
From net banking to e-loans and bots answering customer queries, the technology has enabled the sector to take customer experience to the next level by opening up the digital channels which offer multiple benefits such as instant replies, round the clock customer support and self-service options as mentioned by Mr. Sabharwal, MD & CEO at Tata Capital. Meeting and exceeding customer expectations can further be achieved by well supported advanced technology. To this effect, Mr. Bhatia addressed the shift in the way consumers seek support. As opposed to face to face interaction earlier then moving to phone calls, today consumer expectations are different – they seek support via multiple channels. That’s where the business-technology fit comes into play. The businesses need a technology partner which not only caters to their current requirement but, at the same time allows the businesses to grow.
Another important aspect of the BFSI segment is the need for high-tech security, curtailing any cyber frauds. At the same time complying with the regulatory requirements. The good news is that the regulators are accommodating and encouraging innovation in the banking sector. Peer to peer banking and opening up the APIs being just a few examples.
This digital wave in the BFSI domain led many to question the future of CEOs and whether the CIO and CTOs will take over that position. Mr. Purohit being in agreement said that the role of the CIO has changed – from being one of support to being an enabler and quickly moving towards technology in banking becoming a business in itself.
The bottom line is, the speed at which we are moving towards digitization, banks will soon be technology companies in the business of banking.