Private sector lender Axis Bank, too, is using Cloud and Gen AI to offer differentiated service to partners at scale At a time when the pace of digital transactions has risen rapidly in India, lenders must focus on usage of both human touch and artificial intelligence (AI) to grow their businesses in a sustainable manner, experts say. A report by BCG, IBA and FICCI released during the FIBAC 2023 event held here this week said that for a diverse nation like India , with pronounced digital divides, the relevance of physical branches in fostering customer trust remains crucial. It said banks must focus on transforming branches into advisory-led centres rather than product pushers and adopting a ‘phygital’ approach, among others. Speaking to FE, Hardik Shah, MD and Partner at BCG, said while globally branch networks have started receding, India is a unique place where branch network is still critical and expanding and at the same time also seeing different distribution networks like business correspondent (BC) and embedded finance. As per the report, India’s bank branches increased from 60,000 in 1991 to over 150,000 in 2021, whereas BCs have increase from less than 10,000 to over 1.8 million during the […]
Click here to view original web page at www.financialexpress.com
