Open AccessDIGITAL PAYMENTS: INDIA GEARS UP THE DIGITAL FAST LANE BY INNOVATION ZIPPING
Author(s) -
Pallavi Pandey,
Bilal Mustafa Khan,
Harish Kumar Singla
Publication year - 2021
Publication title -
paripex indian journal of research
Language(s) - English
DOI - 10.36106/paripex/6406903
Subject(s) - omnichannel , service (business) , business , customer experience , focus (optics) , payment , marketing , covid-19 , function (biology) , finance , medicine , physics , disease , pathology , evolutionary biology , infectious disease (medical specialty) , optics , biology
COVID-19 has brought the challenges to the business industry.This pandemic has forced the banking industry to adoptdigitalization and new-age technologies.Due to the pandemic banks aim to deliver best-in-class customer service andfrictionless experiences to their customers. COVID-19 has accelerated the need for digital solutions, video-basedinteractions and omnichannel experiences. These features of digital platform are necessary for banks to provideuninterrupted services,safely to customers and allow business as usual.Artificial Intelligence and Machine Learning areenthusiastically adopted by the industry to transform their decision-making processes and focus aggressively on costs.Customer experience is the primary focus for the banks that are looking for ways to improve it either with theirapplications or simplifying customer journeys and introducing omnichannel experience.COVID-19 has forced banks tofocus on end-to-end digitalization that enable businesses to function, while “wow” (walk out working) factors such asdashboards take a back seat.