Do you know some of the advantages of working from home? 47% of those who work from home say that they’re very satisfied with how they live and work. The stress level of people working from home has reduced tremendously, according to various surveys. If you live in a city, the amount of money and time one can save on commuting and its expenses with ever-increasing petrol price is huge. Also, have you ever thought about how Eco-friendly it is? Compared to pre-lockdown, air quality has increased a lot all over India, decreasing 50% of the pollutants. So, isn’t it great to be sitting at home and contributing to air quality without having to do anything? These are some of the instances where the employees have their benefits. Let’s see how business has been affected due to this pandemic.
A country like Indonesia has about 1.53 thousand rural banks and 110 commercial banks. Indonesia is a country with 11,508 habitable islands with five major islands and about 30 smaller groups. Can you imagine how these bank branches are spread across these islands? Before covid, it would have been fun island hopping to get your document verification done in Indonesia. But all fun and games until the coronavirus decided to spread widely. Banks now believe in solving this problem through digitization of the bank processes. The main mottos of banks now lie around bringing the bank to customers and banking less and living more. That would be an ideal way of banking. According to JakartaPost, Bank Mandiri has become the largest lender in Indonesia. Bank Mandiri has achieved this because it aims at providing better decision making, credit risk evaluation, and shortening the process for data processing, preparation, and governance.
Digital reinvention is observed all over the globe. In India, the banking industry is experiencing a major transformation. With India’s population, the amount of time we must spend in the bank to verify a document or wait in a queue is tedious. An introduction of end-end bank procedures and techniques at home on our mobile is a boon. It is observed that nearly 43% of customers have a low level of satisfaction during the process of opening a new account, which indicates that they will be sure of switching to a different bank because they must enter information more than once, especially when moving from one channel to another channel. Hence banks providing video e-KYC products have the upper hand in this area. Along with this, video e-KYC has its other benefits of onboard fraud reduction, faster and flexible access to services, operation effectiveness, and document loss.
Some of the banks in India, like City Union Bank, is a very small bank in a district in Tamilnadu, which is moving towards bank digitization. Villages with banking solutions will help the farmers in educating their rights and increase transparency. There is a scope for connecting towns to cities and expanding their views on the benefits offered by the bank. More the transaction across the country, more the economic development and hence it’s a great way of measuring economic distribution. It is observed that it’s more expensive to complete a transaction at a branch than online, and cutting costs is the top priority for many financial institutions. Meanwhile, bank closures have pushed more customers to turn to online banking out of necessity.
In conclusion, all problems have a solution. And every key has a scope for improvement. And every improvement leads to greater customer satisfaction. With rising issues in banking and work from home culture, industries are looking at a platform that can provide high-level solutions to mitigate various problems and give customer satisfaction.
