{"id":36818,"date":"2024-02-23T15:21:01","date_gmt":"2024-02-23T09:51:01","guid":{"rendered":"https:\/\/vymo.com\/blog\/?p=36818"},"modified":"2025-09-01T12:46:57","modified_gmt":"2025-09-01T07:16:57","slug":"banking-2024-beyond","status":"publish","type":"post","link":"https:\/\/vymo.com\/blog\/banking-2024-beyond\/","title":{"rendered":"Banking: 2024 and Beyond"},"content":{"rendered":"
<\/div>

[vc_row][vc_column][vc_column_text]The banking industry has changed exponentially over the past couple of years.\u00a0Samraggi Bhanja Khandelwal\u00a0(Deputy Vice President – Liabilities Product, HDFC Bank)\u00a0shares her views on these changes, and the overarching trends for 2024.<\/p>\n

\"\"<\/strong><\/h3>\n

Hi!\u00a0<\/strong>So, what were some of the biggest changes you saw in banking in 2023?\u00a0<\/strong><\/h3>\n

With the pandemic impacting the global economy, the Indian banking sector has witnessed significant changes over the last three years. In 2023, the industry saw a noteworthy 26% profit growth, with public sector banks thriving and private banks embracing digital transformation.<\/p>\n

The Indian banking and finance sector reflects a story of resilience, innovation, and significant strides towards digital transformation.<\/p>\n

Digital wallets and payment systems, especially Unified Payments Interface (UPI), saw a significant increase in adoption, driven by the convenience and<\/p>\n

the security they offered.<\/p>\n

All big players in the industry have transitioned into the digital space and are progressively encouraging their customers to adopt the changes as well.<\/p>\n

Read More: <\/span>Banking CRM Benefits<\/span><\/a><\/p>\n

That\u2019s the perfect segue into the next question \u2013 are there any trends you\u2019re looking forward to in 2024?\u00a0<\/strong>Any predictions?<\/strong><\/h3>\n

eah, there’s a lot to look forward to!<\/p>\n

In the banking space, key pillars such as\u00a0Open banking, Modular banking, Smart banking, and Omnichannel banking\u00a0are shaping the current trends.\u00a0We are expanding our capabilities by leveraging various technologies to enhance our customer reach\u00a0and experience.\u00a0Our goal is to stay abreast of customer trends, analyze\u00a0spend\u00a0patterns, and provide\u00a0best-in-class services to the customers<\/p>\n

The Age of AI is likely to have a transformative impact on the industry, affecting roles in virtually every part of the bank. Not only is the rapid adoption of Gen AI the most important trend for banks in 2024, but as we progress, it will be interesting to see how each bank contributes to this space.<\/p>\n

The upcoming months will likely reveal new trends and their impacts on the industry.<\/p>\n

You mentioned sustainability and AI. Any further thoughts?<\/strong><\/h3>\n

AI will revolutionize customer service; reshaping financial management tools and streamlining back-office operations.<\/p>\n

It will also help create more dynamic strategies for the Sales Teams with tools like Next Best Actions and Predictive Analysis.<\/p>\n

2024 will witness customer experience (CX) taking center stage, driven by technologies that analyze each touchpoint of customer journey immersive technologies like Digital journeys and Virtual Reality which help in better customer engagement.<\/p>\n

We at HDFC Bank have been actively adopting digital transformation in our processes and customer journeys with the objective of giving our customers the best experience in the industry.<\/p>\n

You touched upon seller productivity. What can banks do to <\/strong>improve this?<\/strong><\/h3>\n

All organizations across industries must increase resource productivity.<\/p>\n

Banking is not an exception.<\/p>\n

One key aspect is minimizing the effort required for daily tracking of customer contacts, sales pipelines, and conversion. Front-line sales staff should be able to use the latest digital tools to seamlessly update their interactions with customers even while on the move using integrated mobile devices. This will help improve their customer engagement, resulting in better productivity.<\/p>\n

Banks also need to provide their front line with intelligent data insights for a better understanding of customers. Furthermore, anticipating client needs will help improve the performance of sales teams by helping them offer the right product to the right customer.<\/p>\n

Finally, is there anything else you\u2019d like to touch upon?<\/strong><\/h3>\n

As customers navigate this digital landscape, it is imperative to be well-informed about the potential risks associated with a complete digital transformation.\u00a0 While we have adeptly embraced digital transformation, we need to educate ourselves on the nuances of digital transactions to safeguard ourselves from financial cyber frauds This awareness should be extended to our peers and families as well to create a safe and seamless financial ecosystem[\/vc_column_text][\/vc_column][\/vc_row]<\/p>\n","protected":false},"excerpt":{"rendered":"

[vc_row][vc_column][vc_column_text]The banking industry has changed exponentially over the past couple of years.\u00a0Samraggi Bhanja Khandelwal\u00a0(Deputy Vice President – Liabilities Product, HDFC Bank)\u00a0shares her views on these changes, and the overarching trends for 2024. Hi!\u00a0So, what were some of the biggest changes you saw in banking in 2023?\u00a0 With the pandemic impacting the global economy, the Indian […]<\/p>\n","protected":false},"author":10,"featured_media":36821,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[133],"tags":[45],"class_list":["post-36818","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-banking","tag-banking"],"_links":{"self":[{"href":"https:\/\/vymo.com\/blog\/wp-json\/wp\/v2\/posts\/36818","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/vymo.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/vymo.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/vymo.com\/blog\/wp-json\/wp\/v2\/users\/10"}],"replies":[{"embeddable":true,"href":"https:\/\/vymo.com\/blog\/wp-json\/wp\/v2\/comments?post=36818"}],"version-history":[{"count":4,"href":"https:\/\/vymo.com\/blog\/wp-json\/wp\/v2\/posts\/36818\/revisions"}],"predecessor-version":[{"id":37326,"href":"https:\/\/vymo.com\/blog\/wp-json\/wp\/v2\/posts\/36818\/revisions\/37326"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/vymo.com\/blog\/wp-json\/wp\/v2\/media\/36821"}],"wp:attachment":[{"href":"https:\/\/vymo.com\/blog\/wp-json\/wp\/v2\/media?parent=36818"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/vymo.com\/blog\/wp-json\/wp\/v2\/categories?post=36818"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/vymo.com\/blog\/wp-json\/wp\/v2\/tags?post=36818"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}