Rise Customer Experience, Need of Metaverse Banking ?

We have evolved from branch banking to today’s era of internet and mobile banking, where everything is centred around customer experience. Banking in India is available for everyone and everywhere today. We are in a highly competitive market where every bank is vying for the same customers. The banks that will adopt the right emerging technologies in the right time will get an edge over others and disrupt the industry.

Movement from Web 2.0 to Upcoming Web3.0 Era will evolve around engagement and autonomous world.

For example, with the adoption of AI and data strategies, we can know about the interest of the customer, who is getting served by many banks, and offer our products and services. Then there are millennials – the future customers – who have a different need and approach towards banking. Emerging technologies will help us to create the millennial banking.

In the coming years, banking would be omni-channel and omni-everywhere. And technologies like 5G, wearables, augmented reality, virtual reality, and edge computing will be heavily adopted in the future.

With the help of technological advancements, banks are also looking at other nurturing others pillars like process and people advancement for better compliance and security. This is where technologies like AI, blockchain, and Big Data are being researched and implemented to create ‘smart banks. Then there are concepts of API banking, Open banking, and Automation with RPA, which is again gradually picking up. Most of the banks will undergo transformation using these technologies and lead us to an era of Variable Banking or Conversational Banking.

We can recommend creating a banking consortium on emerging technologies and come up with practical use cases of AI, blockchain, and so on.

Momentum of Banks should be to build Digital core banking Ecosystem from Traditional Core Banking system. This will require attention towards 6 Pillars viz

1. People reskilling & Employee Engagement with Culture
2. Process Enhancement – Onboarding , Operation Excellence
3. Technology Adoption – AI , ML , Cloud , Blockchain , Bigdata
4. Partnership with Fintech & Tech
5. Customer Experience , Engagement
6. Finally Security , Compliance & Regulatory adherence

Banks should have an omnichannel strategy to listen and serve customers at branch or through Internet, Mobile, conversational banking services, branches or contact centers. Each channel has its own importance to onboard, serve and engage customers.  

In future, banking will be available everywhere and it will evolve into marketplace banking. Banks are slowly exposing their APIs and data in secure way for customer servicing, on-boarding, and engagement. Customer will aspire to get banking experience from banks as well non-banking platforms such as an entertainment/media/food/travel app. This will require lot of integration between banks and partners. This is a tedious process and takes lot of time considering integration, security, and compliance approval. This is where we will see evolution of ‘Banking-as-a-Service’ model-based platform, which will ease out this integration. Banking-as-a-Service platforms will be help banks to integrate with FIntech and vice-versa.

Upcoming Web3.0 Era will evolve around engagement and autonomous world with Blockchain , Metaverse , 5G and combination of other Technologies. Organization should have view on this future which will be foundation of next 10 Years

Bottomline – We can recommend creating a banking consortium on emerging technologies and come up with practical use cases of AI, blockchain, and so on. We are gradually moving from a collaboration to an autonomous era. Banks that keep an eye on both will have a very successful agenda in the future