A 2022 McKinsey report states, “While much has been made of the threat from fintechs and Big Tech, we believe incumbent banks will continue to lead in retail banking.” However, to maintain this leadership, banks need to bolster their capabilities. As competition intensifies and technology evolves, discerning customers will expect far more in terms of service delivery, product innovation, and overall experience.

Leveraging Technology for Customer-Centric Banking

How can a bank make every customer feel valued and ensure that its services are perfectly tailored to them? Deo Shankar Tripathi, Chairman of Aadhar Housing Finance, emphasizes

Shantanu Rege, CEO of Mahindra Housing Finance, adds from a bank’s perspective

The Role of AI and Data Security

Ratan Kesh, MD and CEO of Bandhan Bank, highlights the importance of technology in enhancing the customer experience. With the rise of Generative AI and AI-driven chatbots, co-pilots, and more, the potential is immense.

However, he cautions that we must proceed carefully, giving due consideration to data security.

Crafting the Next Best Experience (NBX)

According to a Forrester article, banks must start delivering the Next Best Experience (NBX) to become truly customer-led. The article stresses the need to craft a customer-led strategy that cuts across business functions, removing silos and placing customer needs at the forefront. Technology then becomes an enabler in implementing this strategy.

Building Employee Skill Sets

Another key theme echoed by senior leaders across the banking industry is the importance of building the skillsets of their employees. Shantanu Rege explains,  “How can we enhance our processes to ensure that our people are not only efficient but also effective? We need to ask ourselves if we are equipping them with the right tools to be most effective. This will be a significant lever in delivering a solid customer experience.”

Evolving Role of Relationship Managers

Ratan Kesh elaborates on the evolving role of Relationship Managers (RMs) and future expectations, 

Deo Shankar Tripathi insists that continuous learning and development are imperative for RMs to thrive in this competitive landscape

Looking Inward to Drive Future Growth

Carl Jung once said, “The person who looks outward dreams, the person who looks inward awakens.” As banks forecast their growth and plan their NBX strategy, they must address organizational silos, streamline processes, and make necessary tech investments. Equally important is ensuring that employees are equipped and trained to deliver exceptional customer experiences.

By focusing on these elements, banks can not only retain their leadership in retail banking but also create a truly customer-centric experience that meets the evolving expectations of today’s discerning customers.