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| Retail Banking Capability Bank - A Case Study |
With an increasing focus on cost reduction, Banks are preparing to digitise most of their systems.
Banks needs to consider few things when embarking on this digital journey:
- Physical Branches - Digitisation of the systems can help bring most of the process online, making it easier to transact using the mobile phones. As less people go to the branches, banks can consolidate them based on their usage.
- 3rd Party Branches - Process standardisation can help in leveraging 3rd party branches in locations where it is not feasible to keep a branch open.
- App Developers - Enabling Open Banking will help app developers in bringing innovative apps to the customers.
- Automation - Internal processes could be automated with AI/RPA kind of technology to remove any redundant activity that don't require human intervention.
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