Automation, Omni-channel communication, ML based use cases: Drivers of Digital transformation
By MYBRANDBOOK
Sivakumar Nandipati
CDO
Fedbank Financial Services
CIO priorities for 2022
The three mantras that customers crave for – Quality, Speed and Comfort. So looking at the following verticals from an organization point of view.
Automation – Identify bottleneck and slackness in existing process, remove manual intervention to automate respective process
Omni-Channel Communication – Not all customers have the same taste. While few value e-mails, some are comfortable with notifications
ML based use cases – AI/ML helps us to tell – “what customer needs” before he can discover or articulate clearly. Working on this provides qualitative customer delight
Voice Bot/Blast – Simply put, conversation is richer, quicker and comfortable
Digitization - opportunities galore
If some management is - treating IT as a cost centre and support function, they should wake up. Digital is not just a new revenue driver, but turned to be crucial customer expectation even in Tier-2 and 3 cities. Thanks to e-commerce and startups which has proved in the last decade – an inspiration is taken for traditional companies to adapt. Digital products and services itself are objects which customers seek. If not a first mover, be a fast follower. The priorities discussed like – automation, Omni-channel communication, ML based use cases on core systems etc. will be drivers for digital transformation.
Technology & Brand amalgamation
Digital is the bridge between two old school towers - technology and branding. Mastering and thinking digital brings a holistic approach to the organization. Privacy has improved a lot – taking an example of finger print in 2FA – which is more comfortable and secure. Personalization has taken privacy to the next level by customizing the contents and action parameters to be shown to respective customers. Not only - this helps for cross-promotion or customer delight, but also ultimately it will result in brand differentiation. Commenting on S/w Products and solutions- Build vs Buy is always a debate – but it is time to consider the new child in town – which is the 3rd approach – “Partner”.
Digitalization : The future of India
Demonetization has re-defined payment in India. Instant loans and Quick needed funds to account is now a comfort and no more a luxury.
Pandemic has made people re-think on their travel and contact which pushed Mobile Growth multi-fold. Lot of forms for services are getting replaced with higher security from apps at finger tips. Physical movement with limbs replaced by Digital taps with finger taps. Customer expectation as well as Knowledge sharing between industries is growing at a rapid pace. IT stalwarts inspire from other industries to grow together aiming for newer heights. Automation, AI/ML based use cases, Voice will be the future of Indian industries.
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