Smarter and engaging customer experience with seamless transactions across multiple channels is the surest path for digital transformation in banking
Digital disruption is very much a reality in the banking industry. Much of it is driven by consumer expectations; consumers around the world are rapidly adopting digital interfaces for their everyday banking services like mortgage, insurance, remittance, wealth management or payments.
Banks have three to five years to transform and become digitally proficient, or risk losing relevance in the industry, says Raj Menon, EVP and Head of Customer Experience Solutions, Aurionpro, a global Fintech 100 company. The company plays a dominant role in driving digital agenda during this crucial transformation phase for banks by creating unmatched customer experiences, reveals Raj Menon.
Excerpts from an exclusive interaction:
What are some of the examples of digital innovations in banking that Aurionpro has created?
We launched “Q on mobile” application, which is first of its kind application for banks. “Q on mobile” is a mobile application which empowers customers to efficiently book a virtual token at their own convenience from any place without being physically present in the branch.
Recently, we launched the Virtual Teller Machine at the IBEX, an International Banking Expo held in Mumbai. The Virtual Teller Machine has the potential to automate more than 90 % of banking transactions. It is a fully integrated self-service kiosk which helps migrate routine transactions like eKYC, account opening, passbook printing, cash and cheque deposit along with personalized instant card issuance and activation.
How do you see banks embark on digital transformation in their business?
Historically, branches have been the front-line for every banking institution. As more and more customers rapidly adopt online modes of banking, branches will struggle to stay profitable using their current model. The number of branches as well as the size and function of remaining branches must reflect today’s realities. While all banks do not aim to create a gleaming digital empire, they have the right ingredients in place to bring sweeping transformations with a few selective bets that focuses on our core strengths as a company, viz. self-service automation, robust payments framework and enterprise security practice.
We believe the biggest opportunity in the digital space would be the migration of front-end activity to digital channels followed by the automation of services and fulfillment processes. We at Aurionpro offer an unrivalled range of touchpoints that accelerate the entire process of digital transformation within an organization.
What is your approach to solving some of the key challenges in digital transformation? Does the approach remain the same in other industries as in banking?
For digital transformation to succeed, data access need to be changed. Organizations need to get their complex legacy systems stitched into a digital core, thereby creating an environment where every stakeholder is provided required services through access of their choice and location of their convenience.
We saw an opportunity in this space and that’s why we created the ACE (Aurionpro Customer Experience) framework. ACE is a high performance and low latency middleware platform that can help organizations deliver innovative digital experiences without exposing the underlying complex heterogeneous systems.
While our products and solutions may have a strong bias towards banking, they can be tweaked to work for other verticals and even today we are actively involved with several telecom, healthcare, and government institutions.
How does the product interface with the rest of the IT systems in the organization? In the sense, is it elegantly API-enabled and easy to deploy or does it take time and expert skills to deploy the software?
The ACE platform is the converging point for all our touchpoints. It is built on the strong foundation of an API centric framework and woven into the rich tapestry of HTML5 interfaces.This enables our customers to create smarter and more engaging experiences with seamless transitions across multiple channels – on the mobile, within the retail branch or over the web. Our platform can be augmented with the best of breed business and social intelligence tools infusing real-time analytics and contextual intelligence about customers, while providing unprecedented levels of scalability and security.
Who are some of the major customers in India?
We work with most of the Tier-I banks in India including the large public and private sector banks as well as many of the foreign banks.
What are you are planning next in terms of the product/ solution roadmap?
We believe that in the foreseeable future, banks will add more automation points within their retail branches to create a leaner and more retail centric banking operations.
On the platform front, we are continuously adding more capabilities to our ACE platform by augmenting it with best of breed business and social intelligence tools thus enabling seamless transitions and contextual intelligence across all channels. With the ACE platform, organizations now have an opportunity to redefine the Omnichannel Customer Experience with a set of stable, secure and feature-rich multi-channel applications that are easy to use. It can support your business objectives while providing revenue enhancing opportunities.