Digital Payments: India Gears Up the Digital Fast Lane by Innovation Zipping

Abstract

COVID-19 has brought the challenges to  the business industry. This pandemic has forced the  banking industry to adopt digitalization and new-age  technologies. Due to the pandemic banks aim to deliver  best-in-class customer service and frictionless experiences  to their customers. COVID-19 has accelerated the  need for digital solutions, video-based interactions  and omnichannel experiences. These features of digital  platform are necessary for banks to provide uninterrupted  services, safely to customers and allow business as  usual. Artificial Intelligence and Machine Learning are  enthusiastically 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 their applications or simplifying customer journeys  and introducing omnichannel experience. COVID-19 has  forced banks to focus on end-to-end digitalization that  enable businesses to function, while “wow” (walk out  working) factors such as dashboards take a back seat.