Future-proofing Finance with Digital Transformation

Financial institutions continue to undergo rapid evolution to transform themselves into digital-first organizations. To meet the rising customer expectations, it’s imperative to focus on customer-centric transformation to deliver rich experiences and build the ground to develop better business opportunities.

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Let’s deep dive into areas of improvement that financial institutions and banks can uptake to enhance the digital customer ecosystem and improve bottom-line impact.

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Gaps in Legacy Systems and Workflows:
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• Non-standardized alerting system with no real-time notification, alerts, or messages
• Absence of communication personalization for cross-sell and up-sell opportunities
• High operational expenditure on maintaining systems
• Absence of credit risk assessment for MSMEs and individual customers

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Perks of Digitizing Lending Workflows:
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• Automated loan approval and rejection to fast-track credit application process
• Faster eKYC, e-signature, and Aadhaar-based verification
• Personalized communications and offerings according to customer preferences
• Real-time notifications to enable faster loan approval

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