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International Journal of Trend in International Journal of Trend in Scientific Research and Development (IJTSRD)Research and Development (IJTSRD)
International Open Access JournalInternational Open Access Journal | www.ijtsrd.comwww.ijtsrd.com

ISSN No: 2456 ISSN No: 2456 - 6470 | Conference Issue – ICDEBIICDEBI-2018

INTERNATIONAL CONINTERNATIONAL CONFERENCE ON DIGITAL ECONOMY AND FERENCE ON DIGITAL ECONOMY AND

ITS IMPACT ON BUSINESS AND TS IMPACT ON BUSINESS AND INDUSTRYINDUSTRY

Organised By: V. P. Institute of Management Studies & Research, SangliOrganised By: V. P. Institute of Management Studies & Research, SangliOrganised By: V. P. Institute of Management Studies & Research, Sangli

Digitalization in Banking SectorDigitalization in Banking Sector

Arati B. Pawadi
KLE Society’s Basavprabhu Basavprabhu Kore College Arts, Science and Commerce cience and Commerce College,
Chikodi, Karnataka, India

ABSTRACT
Digital transformation is far beyond just moving from Digital transformation is far beyond just moving from customer experience has become more important than customer experience has become more important than
traditional banking to a digital world. It is ing to a digital world. It is and other just providing financial service. To grab a bigger price service. To grab a bigger price
financial institutions learn about, interact with and financial institutions learn about, interact with and of the cake, banking industry has to understand the of the cake, banking industry has to understand the
satisfy satisfy customers. customers. An An efficacious efficacious digital digital unstated needs of the customer the way airlines unstated needs of the customer the way airlines
transformation begins with an understanding of digital transformation begins with an understanding of digital understands the preference of the frequent players or understands the preference of the frequent players or
customer behavior, preferences, choices, and likes, customer behavior, preferences, choices, and likes, the retailers understand the likes/dislikes of their the retailers understand the likes/dislikes of their
dislikes, stated as well as unstated needs aspirations dislikes, stated as well as unstated needs aspirations customers ,without even taking direct feedback of the out even taking direct feedback of the
etc... And this transformation leads to the major etc... And this transformation leads to the major customers.
changes in the organization, from product cechanges in the organization, from product centric to
customer centric view. E
Each and every day, new device /technologies are ach and every day, new device /technologies are
providing various customers touch points. Every time roviding various customers touch points. Every time
p
The most effective way to understand and bring the The most effective way to understand and bring the customers touch a computer or a screen, they are customers touch a computer or a screen, they are
organization from traditional banking to digital organization from traditional banking to digital providing an information trail and its banks providing an information trail and its banks
banking is omni channel approach. As customers banking is omni channel approach. As customers responsibility to understand how they use this trail to ility to understand how they use this trail to
continue to change their channel usage patterns, bank continue to change their channel usage patterns, bank move their bottom line upwards. Traditionally bank move their bottom line upwards. Traditionally bank
and credit firms need to focus on delivering a to focus on delivering a spent most of their efforts, time and money on spent most of their efforts, time and money on
seamless customer experience across touch points. seamless customer experience across touch points. transaction execution, which is nothing but has transaction execution, which is nothing but has
More than just an axiom, omni channels banking is a More than just an axiom, omni channels banking is a become a very basic feature of their overall service. become a very basic feature of their overall service.
prospect to take bottom line on higher note by gaining prospect to take bottom line on higher note by gaining While providing expedient, consistent and precise viding expedient, consistent and precise
insights from customer channels, behavior and insights from customer channels, behavior and transaction processing abilities still critical, we transaction processing abilities still critical, we
preferences. Today’s customers rs are are more more believe that banks can learn from how retailers see the believe that banks can learn from how retailers see the
sophisticated and tech savvy, and to cater to their sophisticated and tech savvy, and to cater to their customers’ journey through an Omni channel lens. customers’ journey through an Omni channel lens.
specific needs, each customer need unique customers specific needs, each customer need unique customers Banks now need to rethink the way customers are Banks now need to rethink the way customers are
from banking. They want the companies to understand from banking. They want the companies to understand being valued, may be from the angle of the industries ed, may be from the angle of the industries
their unstated needs as well as their likes. So, it should their unstated needs as well as their likes. So, it should that greatly value customer experience. that greatly value customer experience.
come as no surprise that these customers are e customers are
expecting similar kind of response and service from expecting similar kind of response and service from CURRENT PROCESS
banking institution too. From researching new service, banking institution too. From researching new service, Initially ,customer logins to its bank website and Initially ,customer logins to its bank website and
opening an account, checking balance, conducting opening an account, checking balance, conducting looks at the current assets and liabilities , based on looks at the current assets and liabilities , based on
transactions, loans, credits, wealth management, transactions, loans, credits, wealth management, various analytics algorithms bank suggest money various analytics algorithms bank suggest money
customer support, and experience has become a key to s become a key to investment options as well as borrowing options as investment options as well as borrowing options as
per the eligibility .Customers portal also gives a er the eligibility .Customers portal also gives a brief
success in this competitive market place.success in this competitive market place. p
picture of current financial markets and its impact to icture of current financial markets and its impact to
p
INTRODUCTION the customers current financial position ,in case he customers current financial position ,in case
t
Banking industry is going through of commoditization Banking industry is going through of commoditization customers wants go ahead with any of the investment customers wants go ahead with any of the investment
.In today’s scenario, differentiated and delightful .In today’s scenario, differentiated and delightful suggested or borrowing options ,and he/ she can have suggested or borrowing options ,and he/ she can have

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