Role of Digital Transformation in Banking Sector during these COVID times

The impact of COVID 19 on the World Economy is disturbing. It has affected industries across the globe particularly the BFSI Sector.

According to the recent article by Livemint( , India's third biggest private-sector lender , Axis Bank Ltd has announced a loss of Rupees 1388 crore INR for the period of Q4 due to the COVID crisis in the month of April 2020. Yet another large player in the market “Indian Bank”  lost 218 crores in Q4  and “Bank of India” announced a net loss of Rupees 3571 crore in Q4 under loan-loss provision. The list goes on as the fact remains that there are a number of banks facing hugelosses during these pandemic times.

Recent statistics as posted by various analysts reveal that the major reasons for the losses are due to the Non Performing Assets (NPA’s), Credit Card Payment Defaulters, Bad Loan Repayments in addition to Corona crisis.

What can banks do?

To bring back the economy and improve the flow of money, the best bet for the banking sector would be to improve the customer base by opening new accounts. This will help encourage Cash Transfers, Online Transactions, Fixed Deposits and more.

However, the billion dollar question is, when the banks are operating with minimum resources, currently with 30% physical staff across branches, what are the possibilities to implement this change?

Digital is the way forward. The perfect solution is embracing the digital first strategy that helps bring in new customers, reduce contact center volumes by encouraging self-help through Digital Channels while digitally transforming the organization.

How Does Digital Transformation help the Banking Sector in Revenue Growth?

Adopting the digital has helped multiple industries including the BFSI sector to digitally transform the way they operate.

Here’s how Banks and Insurance Companies benefit from the digital-first strategy:

Acquire new customers with the help of Digital Onboarding Solution which is 50% faster than the regular Onboarding process

Enhance Customer satisfaction with a seamless onboarding process

Solutions built on UniServe™ NXT, an award winning platform powered by AI helps banks send personalized, consolidated and interactive communications that significantly enhance customer experience. Digital Onboarding Solution, Interactive videos and self-help strategy built on the platform transforms CX while improving business agility.

UniServe™ NXT platform powered by AI, Low- code, BPM, and Machine learning capabilities empower enterprises to exceed all the business requirements, collaborate and integrate seamlessly with processes, customers, partners and connected things.

With UniServe™ NXT:

  • Manage Processes, while delivering enhanced Customer Experience
  • Support and succeed in on-going business across the domains
  • Transform the back-end systems

Watch the video to know more about how Digital Engagement Solutions transform the Banking & Insurance sector.