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Banking sector has been slowly but steadily cruising towards digitization in the last decade but it's the pandemic that has accelerated its adoption. Digitization in banking is not just about translating the data into digital formats but encompasses the entire act of creating newer efficiencies and improved customer experiences. Digital transformation is most misunderstood as being built around technologies but in reality, it is built around people and operations. The digitization in banking is no more about the customer just accessing his or her account online and transferring. Digitization is this complete holistic approach wherein the customer interfacing and back-office support converge efficiently through intelligent workflows. The banks across the globe are geared towards building a collaborative platform bringing together technologies like blockchain, cloud, AI and smart APIs. All this is geared towards business continuity through a constant upgrade in customer experience and that too in a secured environment.
One of the greatest outcomes of digitization in banking is the complete transformation of investment products such as fixed deposits and insurance. The economic slowdown and the volatile stock markets have prompted investors to opt for much safer fixed -income securities such as FD or fixed deposits. Digitization here plays a pivotal role in helping the customers access their fixed deposit bank accounts online and leverage FD facilities. With net banking tools, account holders can easily track their investments, liquidate deposits and avail loans against fixed deposits too. Various banks offer their FD calculators to help customers understand prevailing interest rates and maturity amount sitting at home.
Digitization and Insurance
Apart from Fixed Deposits, Insurance is another financial offering that has undergone a tumultuous shift owing to digitization. The impact on the insurance sector is threefold. The first aspect is Efficiency. Powered by Big Data, Machine Learning and AI, the operations in the insurance sector have gained significant speed in terms of processing claims through applications, offering robust customer support and policy writing.
The second aspect is Personalization. Digitization has offered a plethora of tools to the insurers for supporting their clients in times of need. Customers can seamlessly access various policies, claim files and pay premiums online and that too without any broker interference. Data analytics and AI are empowering the insurance firms to tailor effective marketing programs for an improved grasp on the target market.
The third aspect is Scalability. The insurance companies currently offer smart intuitive self-service dashboards and apps to their clients for information dissemination and support. At the back-end, there are bots and analytical tools that help collect predictive data that enable insurers to create effective products that are in tandem with market demands.
So with the banking and financial sector constantly adapting to changing times, it is imperative to develop capabilities for adopting newer technologies and working robustly towards process transformation.
Why Enrol in the Executive Programme for Banking and Financial Sector (EPBFS)
With banking sector on a road to automation, it would be extremely vital for professionals from BFSI sector to take up a professional course in the likes of Executive Programme for Banking and Financial Sector (EPBFS) offered by IIM Calcutta This executive programme, in particular, has been developed for banking and Fintech professionals to empower them with functional knowledge to quickly adapt to changing times. The programme content has a great deal of focus on quantitative tools, fintech, marketing and strategy to enable new-age professionals to develop innovative financial products and services for superior customer experience.
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