Let us look at traditional banking. If you have to open an account what did you have to do?
- Visit a bank’s branch or a sales person visits you,
- Print a coupon from the queueing system if you are visiting the branch
- Meet the Relationship Manager and state your request
- Submit your ID (National ID, Passport if you are an expatriate, Visa Page, Photographs & Salary Certificate (If you wish to have Salary Account)
- It takes 2–3 working days for the account to become active.
- You have to visit again to collect your ATM card, cheque book (if you have not applied through the sales person) or the sales person or the courier company delivers them
- Once it is done, you open an online account or download the mobile app and start making your transactions
- Whenever you need a cheque book, replace your card, change your pin, you got to make those painful calls after waiting endlessly. Often it gets done only after a couple of verbal slugfests
- To apply for a facility like, credit card, mortgage, autoloan you would have to go through the same rigmarole and umpteen signatures, submission of documents, photographs…. what not
Now I may not have covered everything or perhaps in some cases have even exaggerated, but hope you get the drift
Now enters, digital banking,
- You download the app from your home, office, cinema, bar or wherever on earth where you have a connectivity, with a single scan of your ID and then you go, boom!
That’s just one step, in less than a minute you have your,
- with a limitation in the amount
- In two days someone visits you and delivers your ATM, cheque books after verifications (OSV process), takes one signature on a digital pad and now your account is fully active and you can carry all transaction with no barriers
- You top up your account from another account
- You avail all your deals and offers that are linked to your account or credit card
- You apply for loans and products from your app with simple 1–2 clicks
- In some cases (This is more than digital, let us say, lifestyle) the app tracks your interests like, food, shopping, cinema or such lifestyle activities, keeps track on them and offers you exiting deals, discounts, next time you are on a binging or hedonistic trip
- In some awesome cases (Again another feature to give you the idea that possibilities are unlimited in Digital Banking) you can even split a bill with your friend/s or colleagues through social media
Conclusion: Digital banking is all about doing every single banking activity from your palm top without having to exert a single step, sifting through a single document or meeting those boring faces, in a jiffy!
It is not enough, if a bank earmarks a lush budget, has executive blessing but also should think and act digital across all its channels, people & process to not only change but to transform.
Get the drift?