It means that banks will now function the way the world functions. Banking becomes as attractive as shopping for its customers and is no more restricted only to in-person transactions. Banking is becoming yet another activity like browsing or logging into Twitter, as evidenced by the success of SBI’s YONO (You Only Need One) app and Kotak Mahindra Bank’s Jifi app, which makes one wonder whether these are banks or e-commerce sites! Banks want their customers to shop for services from third parties – like booking movie tickets – but while still in the banking sphere of influence, so that they can access their purchase habits.
With more customers being welcomed to the banking system for the first time, the role of technology does not end there. Throughout the lifecycle of the customer with the bank, predictive analytics helps banks leverage the information that they have within the bank and outside, to provide more meaningful and relevant products and services with much higher ease and convenience.