In the list of scenarios and instances that feel nostalgic today, we could clearly add visiting the bank. Today, visits to banks are only limited to circumstances that involve paperwork for loans, approvals & statements that require physical verification. Otherwise, pretty much every banking-related action can be carried out through apps or online portals. Digital transformation in banking has made our lives simpler instances of stepping out and personally visiting a bank.
Today, we have IoT-enabled banking services, tap and chip-based cards with added encryptions & app-based payment systems. From the elderly to the young population, banking has become accessible, banking functions more understandable and services more streamlined. All thanks to digital transformation solutions.
With that said, not all banks and NBFCs have implemented a digital transformation strategy in their banking operations. A lot of banks still operate on obsolete technologies today. Their strategies are so weak that they end up complicating processes rather than simplifying them.
Original Source: Digital Transformation in Banking
An effective end-to-end CCM solution can also help banks reduce communication costs.Increasing client communications can often mean sending more communications and making it harder to estimate the cost.
What if clients agree to have digital communication, but are not fully paperless?
These ‘double dippers’ want digital communication facilities but are not yet ready to give up the habit of receiving envelopes in the mail.
This doubling of costs, while positive for your omnichannel communication strategy, can be devastating to your budget.In two years, the percentage of digital users alone is expected to increase to 36%, down from 31%, at a print-only price.
This means that banks must either adjust their communications budgets to accommodate double dumpers or find innovative ways to encourage them to go completely paperless.Seek cost confirmation while preserving client engagement.Unexpected communication costs can wreak havoc with the bank’s annual budget.
ROI calculations become more accurate when the annual fee (ex-post) is fixed.All you need is cost assurance — an expected fee structure that covers all communications in print and digital.
AI has made its presence felt in all walks of life due to its ability to help the user innovate.
It has also enabled users to make faster and more informed decisions with an increased amount of efficiency.Of late, the banking sector is becoming an active adapter of artificial intelligence — exploring and implementing this technology in new ways.
The penetration of artificial intelligence in the banking sector had been unnoticed and sluggish until the advent of the era of internet banking.One of the first steps was taken in 2015 by Ally Bank (USA) — introducing Ally Assist — a chatbot that could respond to voice and text, make payments on behalf of the customer, give an account summary, monitor savings, spending patterns, and use natural language processing to understand and address customer queries.Banks all over the world followed up with their best versions of chatbots: Erica to iPAL, Eva and the most famous one — SBI’s SIA.
Banks are increasingly spending on artificial intelligence and ML in data analytics for personalized and faster customer experiences to garner the interests of the tech-savvy and the millennial class.To Know About: Rise of AI-Powered Chatbots in the Banking IndustryAccording to the FinTech Trends India Report by PwC in 2017, the global spending in artificial intelligence has touched $5.1 billion.
The challenge now is in exploring more ways where the powers of artificial intelligence can be harnessed to streamline internal banking processes and improve customer experiences.Front end operations of artificial intelligence are those that involve direct interaction with the clients.
It includes applications and payment interfaces, digital wallets, chatbots, or interactive voice response systems.
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Before we dig into the process of how to use Pinterest for Business purposes, here are some facts that you should know: The half-life of a Pinterest pin is 1,600 times longer than a Facebook post.
On sites like Facebook and Instagram, the maximum engagement is gained in the first 24 hours of posting.
How to use Pinterest for business I order to successfully use Pinterest for your business, follow the below steps: Sign up for a business account You have 2 choices for this: Create a new business profile (apart from your personal one), or convert your personal profile into a business one.
Verify your website Without verification of your website, you won’t get access to Pinterest analytics.
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Boards are searchable, so don’t miss an opportunity to get found through Pinterest's Guided Search.
