Digital innovations for retail and SME banking in a post COVID-19 world

Technology-led innovations have become the backbone of modern-day banking, helping effectively meet the needs of diverse sets of customers. In the past decade, Indian banks and non-banking financial companies (NBFCs) have adopted technology to drive growth, operational efficiency, and customer experience for retail, and micro, small and medium enterprise (MSME) customers. However, the COVID-19 outbreak and resultant government response have triggered significant structural and behavioral changes across retail and MSME customers.

The new normal is likely to see a significant manifestation of social distancing (preference for contactless and remote business operations) and innovative business models (to survive and thrive amid disruptions).

Innovations for contactless or less-contact operations

Social distancing translates into restrictions on mobility and ways of working for both customers and employees, thereby resulting in increasing preference for contactless banking and remote working.