Sarvjit Singh Samra, MD & CEO of Capital Small Finance Bank, elaborates on the merits of banking technology, explains the significance of hyper-personalised banking and talks about the role of small finance banks in the financial sector

Disclaimer: The views expressed in this article are those of the author and do not necessarily reflect the views of the Economic Times – ET Edge Insights, its management, or its members

Sarvjit Singh Samra-SFB

Sarvjit Singh Samra, MD & CEO of Capital Small Finance Bank, elaborates on the merits of banking technology, explains the significance of hyper-personalised banking and talks about the role of small finance banks in the financial sector

Sarvjit Singh Samra, MD & CEO – Capital Small Finance Bank Limited, talks about hyper-personalised banking, digital transformation in banking sector and more

How will the future of banking be influenced by technological developments?
The future is digital and banking is no exception to that. With the advent of new age technological developments, it’s possible to conduct real-time data analysis and provide better customised solutions, enhancing customer experience by utilizing digital channels. This paves the way for:

• Efficient and quick service to customers: Banks are able to streamline their operations and give cost effective, swift and better experience to customers.

• Provide customers with significant financial solutions, interactive tools, customised products.

• Generate real-time insights into customer behaviour and measure internal performance, more accurately and faster.

• Creation of up-to-date monitoring, information and reporting system for efficient exchange of information with various stakeholders.

Banks are able to delegate all time-consuming, low value and data-intensive tasks and focus on activities of primary importance such as business development, product enhancement, compliance and building strong customer relationships.

Do you believe conversational AI can expedite and reduce the cost of providing superior customer service?
• Certainly, new age technologies like conversational AI can expedite and reduce the cost to provide customized real time solutions to diverse customer needs, with the use of interactive chatbots.

• This aspect of AI enabled interface removes the geographical limitations and helps in providing customized solutions.

How ready is India’s banking industry to use technology to better serve its customers?
Indian banking sector has been a global leader in utilizing technology for delivering high-end banking services to every nook and corner of the country.

• India is a diverse and versatile financial market place, where on the one had Millennial prefer all-digital and online platforms and at the same time a majority of remotely located rural clients still prefer brick and mortar model of banking.

• Small Finance Banks are a key player in the Indian financial sector to utilize technology for providing efficient banking solutions at affordable cost to rural and semi-urban, clientele and to hand holding their clientele in their digital banking journey.

• Banking has come of age to make a judicious mix of traditional and modern age banking model for sustainable future growth.

What is hyper-personalised banking, and why is it important?
Hyper personalization in banking is the process of tailoring banking products and services to meet each customer’s specific needs. It involves understanding the customer’s unique circumstances and preferences, and then configuring products and services accordingly.

The Hyper-personalised banking can play a big role in:

• Financial inclusion: more people can have access to certain benefits and service offers that they would not have had otherwise.

• Better Product Development & Product Offering: Banks can leverage customer data to customise certain financial offers that can support them in a timely and cost effective manner.

 

Disclaimer: The views expressed in this article are those of the author and do not necessarily reflect the views of the Economic Times – ET Edge Insights, its management, or its members