BFSI VISION Branch Transformation

   
 


Rishi Aurora

Managing Director, Financial Services,
Accenture, India

Using the right innovatively technology

Technology offerings for branch transformation
Today is all about digitalisation, we need to provide a consistent customer experience across channels, and branch is no different. A branch should be able to position right products through Customer Analytics, should be able to provide a seamless experience through straight processing i.e account opening, getting personalized cards and performing banking functions. We should be able to close transactions in the branch as well as get all their queries answered by connecting them to a set of experts. Technology is an enabler for all of this.

Will banks have to redo their customer interface completely
Banks will need to relook at their front ends and will need to ensure that they simplify from the outside. Banks will need to ensure that irrespective of the channel their customer is reaching out to them, the experience is consistent. It's all about User Experience and Simplification today. There are certain interfaces that need an overhaul. Most of the banks today have mobile applications that are an exact replica of a bank's website. To have a differentiated proposition, banks should answer some fundamental questions like why are they having an app? What purpose is it serving? Answers to these questions will help in making apps that serve a customer's needs.

Factors that banks should focus on while exercising branch transformation
Focus on user experience and simplification. The business objective of the branch should be clearly defined – It is an acquisition point or is it opened from a Customer Service perspective or both. Based on the same, the transformation program needs to be defined. What is also extremely important is continuous monitoring of whether the bank is meeting the objective eg. If the branch is an acquisition point, how many new customer accounts have been opened, how many products have been sold etc.