Overview:– Banking sector has gone digital now with DIY processes taking over. How will the employees cope? How should banks enable employees with learning at point of sale and why should they? Get the answer from Dr Jasmine Gupta, a BFSI expert in her own right.
HCMG:- Hello, Welcome to HCMguru Dr. Gupta. We are very, very happy to have you on board. If you would please introduce yourself to our viewers once
Dr Jasmine Gupta:- Okay hi all my name is Jasmine Gupta. I have been a banker, all my career and 16-17 years into banking, I have worked with HDFC Bank, Kotak Mahindra bank and also now I am the national product head in Equitas Small Finance Bank. I’m also the national president of Women’s Indian Chamber of Commerce and Industry. I think that’s a brief introduction about me. Thank you.
HCMG:- So, today we wanted to discuss with you how the banking sector has been taken over by technology, and what are the changes that the sector is facing.So my first question to you is, how has technology taken over and has changed the face of the banking industry.
Dr Jasmine Gupta:-
Um, I think there have been revolutionary changes. In terms of technology as far as banking industry is concerned, especially in the post COVID era, we see that most of the banking products have now become “Do It Yourself” products. So whether you want to open a savings account or whether you want to open an insurance policy or a current account, everything is online, digitalized, end to end, for a seamless, complete experience for the customer, sitting at home customer can do his entire banking, right from opening an account, to ordering a DD to making bill payments, everything. Also, a lot of new banks and FinTech companies have come up in the entire digital space these days. And banks are also exploring potential alliances with these companies. So that the best of the worlds can be offered to the customer in terms of digital solutions, even blockchain has been used now for global remittances and payments.
So, I think artificial intelligence, analytics-based customer experience and customized offers to customers based on his very specific financial needs. So, these are the most recent technological advances in banking industry. And I think it’s the journey going forward is going to be much more interesting in the digital space.
HCMG:- What do you think are the L&D strategies that should be implemented to train the employees to meet the skill gap, as you just mentioned?
Dr Jasmine Gupta:- Yeah. So, I think learning also needs to go digital. And it cannot be the old method of classroom learning that can continue. So, we see virtual classrooms coming up, we see so many of online learning platforms. So I think even employees would want to like to learn on the go at the point of sale, no, they will not have the time to sit around and go through lengthy one hour or two hours of learning sessions, maybe, but they would want to learn it right when they are sitting in the front of sitting in front of the customer.
So how do we make that learning possible at the point of sale, can we give them a mobile learning app, for example, wherein they can learn in their free time, whenever wherever they are in the office in the customers waiting area, they can learn whenever they want, that is one.Now again, when they are sitting in front of the customer, or maybe talking to the customer, and a customer asked them something that they are not aware of, have we given them the learning solutions on their app, so that they can immediately you know, read, learn and immediately address the requirement on the job itself on a real time basis. So that’s one way of it. We see lots of chat bots that have come up for customers, you know, when they go to websites or apps have ecommerce companies, why not have chat bots for employees.
So, for example, if a customer walks into a bank branch, well, my officer is required to know everything that he needs to know. But then banking is a highly regulated business, wherein the need to know a lot of processes a lot of notifications. And it’s humanly impossible to remember everything. Can we enable employees to learn through chat bots, which are internal chat bots, so that if the customer is walked into the branch sitting in front of the employee, and the employee doesn’t know, what the answer is, you can immediately chat, get the answer and give it to the customer. So, chat bots are also an important learning tool for employees going forward.
Also, I think lots of innovations can happen in the field of artificial intelligence and analytics to help employees improve their performance. So, for example, my learning needs for my performance may be very different from your learning needs. And one fits all solution may not work in the long run, how can we use analytics in such a way that we provide on the job learning to employees, which is personalized for each individual employee, and which meets the immediate learning needs of that employee to ensure that he is able to meet his KRA, on a real time basis?
Yeah, so, I think even as far as intelligence is concerned, you know upskilling, when we talk of upskilling there are lots of areas of interest that an employee may be interested in learning about, now, how can we curate that content and give it to the employee so that it is becoming so that it becomes very easy for him to you know, learn the right content. So, I think technology has played a very important role in making learning easy for the employees and I think L&D without technology is something that we cannot, you know, even think of going forward.
So, I hope that you know, people make best use of these technological advances in the field of learning and development, and ultimately, the goal of learning is to aid performance and to aid business development. So that corporate aim can be fulfilled through learning at a high speed through this technological medium is my submission.
HCMG:- Thank you so much Dr Gupta. Thank you for your opinions, your suggestions, and HCM Guru, we’ll come back to you if we get any questions directed towards you, from our viewers. Okay.Thank you so much. It was great to talk to you.
Key Takeaway of the Interview:
- Most of the banking products have now become “Do It Yourself” products.
- Services have evolved to artificial intelligence, analytics-based customer experience and customized offers to customers based on his very specific financial needs.
- Chat bots will become an important learning tool for employees going forward.
- Using analytics in such a way that we provide on the job learning to employees.