How Mobility Is Transforming Banking Scenario
The smartphone has become a very important tool in the banking sector. With the Indian smartphone consumer base increasing to more than 300 million, banks are no longer relying on conventional methods of interacting with their customers. The customer is now transacting with the bank irrespective of location and time of day. Enterprise mobility solutions have changed the way consumers used to carry out banking services - by lining up in queues or waiting to meet the banking executive. Consumers can now access their bank remotely.
BANKING 2.0
Every bank has now equipped customers with online banking, feature rich websites and mobile apps through which they can perform transactions, check account statements and do many other things. According to Ernst & Young, the shift towards internet banking is fueled by the changing dynamics in India. By 2020 the average age of India will be 29 years and this young consumer base is internet savvy and wants real-time online information. Indian banks, therefore, need to move toward implementing and adapting a world class internet banking capability. Mobile banking continues to be a focus area for all banks in India. Our survey indicates that banks are not only looking at this channel as a way to increase their customer engagement in urban areas, but also to reach out to new ones in rural regions, and thereby furthering their financial inclusion agenda.
MOBILITY POWERS BANKING
Allahabad Bank, which is one of the largest Public Sector banks in India, has almost 40% of its operations concentrated in rural India, which translates into over 1050 branches spread across the country.
Which translates in over 1050 branches spread across the country.
The bank partnered with Airtel, a mobility partner, to ensure best in class services for their rural customers by seamlessly connecting most of their branches through a secure and responsive network.
The bank along with Airtel created a private APN solution with 2G/3G MPLS connectivity. With this, Allahabad Bank was able to connect the branches in remote areas, which had a clear impact on internal efficiencies and consumer’s experience.
BENEFITS ARE INFINITE
Costs: The deployed solution saved Allahabad Bank the immense cost of creating additional infrastructure.
Time: From conception to final execution, this solution was implemented across 1050 branches in just 3 months.
Customer: The bank’s huge rural customer base access to safe and secure transactions
Making the right choices in times of transformation can directly impact the extent of your success and right partnerships like these can add immense value to your business.
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