In The Reserve Bank of India (RBI) Deputy Governor K C Chakrabarty told banks that the Focus of all innovation should be on the customer and it should never be driven only by internal processes, systems or employees but customer satisfaction.
According to him banks would need to ensure that they implement solutions that exploit the latest available technology to build their applications/solutions to ensure customers delight. I would caution the banks that unless they keep them (solutions) simple, they run a risk of losing their customer base to their competitors, he said.
Addressing the CIIs BANKing TECH 2012 summit here, RBI Deputy Governor said it is also imperative that redundancy is a threat and alternate service delivery channels are available to the customer. We need to give a thought about this and provide workable systems at the earliest to retain the customer within the fold of the banking system, added Chakrabarty.
Emphasising the banking industry use of Information Technology, Chakrabarty said right from acquiring a customer to servicing the customers needs, building the customer relationship to managing employees, processes and partners, every action in the banks value chain relies on technology to ensure efficacy and efficiency.
Further, he said those retail banks will survive and thrive in the current economic climate that are using new technologies and channels to grow revenue from basic services, such as deposits and loans, by understanding customer needs and services cost-effectively and calculating the unique lifetime value of customers to the institution.
Touching upon cyber fraud in banks, he said it is necessary to improve controls and examine the need for pro-active fraud risk assessments and management processes in commercial banks.
* Source: Agencies
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