Industrial IoT
Elevating the Customer Experience through Bank Branch Digital Transformation
Banks are a constant – they loom on urban corners and dot rural towns, providing necessary financial services to their customers. However, they’re also rigid, often resulting in slower adaptation of new technologies. In today’s world of heightened consumer expectations and the desire for more personalized and automated experiences, that’s no longer an option. Even…
Key takeaways
Bank branches must adopt digital transformation strategies to meet rising consumer expectations for personalized experiences.
Intel's technology is powering smart, connected branch environments that blend physical and digital banking.
Financial institutions that fail to modernize risk falling behind in an increasingly automated and experience-driven market.
Banks are a constant – they loom on urban corners and dot rural towns, providing necessary financial services to their customers. However, they’re also rigid, often resulting in slower adaptation of new technologies.
In today’s world of heightened consumer expectations and the desire for more personalized and automated experiences, that’s no longer an option. Even though physical, brick-and-mortar bank branches are here to stay, it’s time for them to evolve.
On this episode of To the Edge and Beyond, brought to you by Intel, host Sarah Dandashy was joined by a trio of industry experts in Senior Intel Principal Engineer and Chief Technology Officer of RBHE Sanjay Addicam, Chief Digital and Marketing Officer at Karnataka Bank Pankaj Gupta, and Co-founder and CEO of DaveAI Sriram P H to explore how that evolution is taking place.
“There is a shift that is happening away from the role the branches used to play, traditionally,” Gupta said. “The branches are kind of moving toward managing processes, managing collections, [and] managing other regulatory requirements rather than the transactions, themselves.”
From a technology standpoint, Addicam said there’s been a recent explosion in kiosk implementation and use, which is transforming the way in which a typical branch operates.
That’s where solutions like DaveAI, an artificial intelligence-powered sales augmentation platform that “helps brands create a virtual sales avatar to understand their customers,” come in.
“When you have to cover a larger space in terms of number of branches, how can do that much leaner without compromising on the experience?,” Sriram said. “I think that’s where we try and leverage some of these technologies, like intelligent kiosks, to create what we believe is going to be a ‘branch in a box,’ where you can deliver the same experience, digitally, without compromising what really happens in a branch.”
Learn more about innovation in banking by connecting with Sanjay Addicam, Pankaj Gupta, and Sriram P H on LinkedIn.
About the author
With over 18 years of luxury hotel experience, I've been proud to work at some of the top hotels in the country--from The Peninsula, Four Seasons, Fairmont Hotels, and The London West Hollywood. For 15 of those years, I was a hotel concierge and part of the prestigious organization Les Clefs d'Or International. In 2015, I earned a special award from the organization created to help foster future generations of concierge, the title equivalent of "Best Young Concierge" in the world. My biggest lesson from being a concierge: you are as great as the team, colleagues, and connections that surround you. Hospitality is a team effort!
