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CX Trends for Banking In India, 2022

Traditional banking relationships are based on years of face-to-face customer care, but modern banking relationships are based on a customer’s ability to swiftly access banking goods and services digitally, via their phone or any device.

According to Deloitte, only 11% of financial institutions throughout the world have properly upgraded their core systems. Other banks, on the other hand, are having difficulty implementing modern technologies.

The challenges being faced by Indian banks:

Public Sector Banks struggling with economies of scale are not able to unleash technology on full scale to pass on low costs to consumers so far and despite the abundance of solution providers ready to help, more than half of the companies said they are having difficulty deploying artificial intelligence (AI).

Financial institutions will need to use new technologies that enhance agility, efficiency, security, and innovation to address these issues and become future-ready. Intelligent decisioning, open banking APIs, embedded solutions, cloud computing, metaverse banking, and cybersecurity will differentiate banks and credit unions in 2022 and beyond. Every technology deployment should make a concerted effort to improve digital consumer experiences on a big scale and in a timely manner.

Trends Revamping Customer Experience in Banking for 2022

AI and applied analytics

AI and advanced analytic algorithms can project reports on the organization’s processes and employees may use this data to improve back-office processes, customer service, loyalty, revenues, and save money and time.

Financial institutions will be able to provide the greatest value-added services in terms of client demands and preferences owing to AI and applied analytics. Personalized and contextual communication will explain how products and services fit customers’ needs in near-real time, reducing both engagement costs and financial consequences. At scale and in real-time, proactive and dynamic advising is also possible.

Conversation AI bots

With the development of chatbots, the high adoption rate of artificial intelligence (AI) has been leveraged to focus on customer happiness.

According to Mordor Intelligence, the chatbot industry was worth USD 17.17 billion in 2020 and is expected to grow to USD 102.29 billion by 2026, with a CAGR of 34.75 percent between 2021 and 2026.

Chatbots in the banking industry uses cognitive analytics to facilitate communication and establish customer relationships by learning what consumers are thinking and responding instantly.

For instance, YES Bank introduced YES ROBOT, an AI-enabled chatbot to assist its customers. YES ROBOT uses conversational AI with vast financial knowledge to enable clients to conduct financial and non-financial banking transactions. Similarly, there’s Eva from HDFC, AXAA from Axis bank, ADI from Bank of Baroda, ABHi from Andhra bank and the list goes on.

Open Banking APIs

An open banking API approach can enable a variety of useful services for both users and providers.

Banking firms, for example, can collect useful data about buying habits, financial goals, and risk tolerance from both internal and external sources. This information can be utilized to improve multichannel marketing accuracy and provide proactive solutions and advisory services. It can aid in the introduction of services like phone banking, peer-to-peer lending, risk management, and loan processing, among others.

Despite the advantages, there are certain drawbacks, such as data security and financial privacy, the lack of grievance redressal procedures, compliance issues, and cybersecurity risks.

However, open banking models established by State Bank and Axis Bank make customer connections and transactions easier every day.

Neo Banking

According to Statista, the average transaction value per user in the Neobanking segment is US$4.71k in 2022 and is expected to expand at a rate of 20.60 percent annually (CAGR 2022-2026), resulting in a predicted total amount of US$101.40 billion by 2026.

Neo Banks are a cost-effective alternative to traditional banks, providing very convenient and user-friendly financial services specialized to a specific audience (both business and consumer). They provide savings accounts, prepaid cards, bill payments, and money transfers, as well as financial management services, 24-hour customer care, and high-security features. The user interface of the smartphone app is straightforward and intuitive. A transparent structure with a real-time notification feature.

Customer neo banks like Niyo, FamPay, Jupiter, and Fi raised $230 million in total in 2021. In the commercial neo banking industry, Open was reportedly valued at $500 million. Neo banking has a lot of space to grow in India, as smartphone imports (and usage) are continuously expanding.

Cloud Computing

According to a recent IDC report, approximately 80% of corporate banks in India will be using Cloud technology to run their trade finance and treasury workloads by 2024.

Cloud computing will open doors for banks to react rapidly to changing market conditions as well as obtain and analyze data in real-time, resulting in high engagement and personalization across all channels. Cloud technology will also help banks increase their customer base by providing a variety of mobile and application-based capabilities.

Embedded Finance

Embedded Finance has created an ecosystem in which any organization can offer innovative financial solutions on a single platform, spanning from credit card transactions to insurance, billing, and payments, all without requiring much human participation.

Embedded finance has played a critical role in India in encouraging the adoption of digital payments— UPI.

According to Statista, there were over 25 billion UPI transactions worth over 41 trillion Indian rupees in the fiscal year 2021. In the fiscal year 2025, the country’s transaction value is expected to exceed 128 trillion Indian rupees. The increase was due to a spike in peer-to-merchant transactions, implying that UPI might play a larger role in financial inclusion by bringing thousands of people from tier 3 cities and beyond into the digital economy.

Metaverse

A metaverse bank can provide a “telecommuting” center for employees and allow customers to roam around in their own virtual financial town, complete with a virtual branch and financial playground while interacting with content and a real-life agent through video chat.

Customers visiting virtual branches for excellent customer service, having a real-time mortgage broker visit their home, discussing retirement plans with an avatar advisor, attending an investor event, or participating in a bank-sponsored community programme are just a few of the new ways the metaverse has opened up for reaching out to new audiences, including a younger, more experienced generation of NFTs.

According to Lina Lim (HSBC, Asia Pacific), the metaverse ecosystem is still in its early stages, but it offers many interesting potentials as organizations of all sizes and backgrounds flock to it. Therefore, HSBC is investing $3.5 billion into its wealth and personal banking division.

What Lies Ahead

All of these trends lead to the Indian banking industry adopting technology quickly, but data security is a major worry for both banks and their consumers. Recently, Microsoft has made it possible for users to go password-free by using their Authenticator app. While this will not stop fraudsters from operating, as biometrics becomes more frequently used, it will provide an extra layer of security.

Cyberattacks are more common than any other sort of attack these days. Captchas and tick boxes are no longer adequate security measures. As a result, financial institutions must invest in data security and protection. Conduct audits and re-evaluations of existing systems. Above all, make sure that privacy policies don’t become a roadblock for customers.

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Smart Manufacturing Dashboards: A Real-Time Guide for Data-Driven Ops

Smart Manufacturing starts with real-time visibility.

Manufacturing companies today generate data by the second through sensors, machines, ERP systems, and MES platforms. But without real-time insights, even the most advanced production lines are essentially flying blind.

Manufacturers are implementing real-time dashboards that serve as control towers for their daily operations, enabling them to shift from reactive to proactive decision-making. These tools are essential to the evolution of Smart Manufacturing, where connected systems, automation, and intelligent analytics come together to drive measurable impact.

Data is available, but what’s missing is timely action.

For many plant leaders and COOs, one challenge persists: operational data is dispersed throughout systems, delayed, or hidden in spreadsheets. And this delay turns into a liability.

Real-time dashboards help uncover critical answers:

  • What caused downtime during last night’s shift?
  • Was there a delay in maintenance response?
  • Did a specific inventory threshold trigger a quality issue?

By converting raw inputs into real-time manufacturing analytics, dashboards make operational intelligence accessible to operators, supervisors, and leadership alike, enabling teams to anticipate problems rather than react to them.

1. Why Static Reports Fall Short

  • Reports often arrive late—after downtime, delays, or defects have occurred.
  • Disconnected data across ERP, MES, and sensors limits cross-functional insights.
  • Static formats lack embedded logic for proactive decision support.

2. What Real-Time Dashboards Enable

Line performance and downtime trends
Track OEE in real time and identify underperforming lines.

Predictive maintenance alerts
Utilize historical and sensor data to identify potential part failures in advance.

Inventory heat maps & reorder thresholds
Anticipate stockouts or overstocks based on dynamic reorder points.

Quality metrics linked to operator actions
Isolate shifts or procedures correlated with spikes in defects or rework.

These insights allow production teams to drive day-to-day operations in line with Smart Manufacturing principles.

3. Dashboards That Drive Action

Role-based dashboards
Dashboards can be configured for machine operators, shift supervisors, and plant managers, each with a tailored view of KPIs.

Embedded alerts and nudges
Real-time prompts, like “Line 4 below efficiency threshold for 15+ minutes,” reduce response times and minimize disruptions.

Cross-functional drill-downs
Teams can identify root causes more quickly because users can move from plant-wide overviews to detailed machine-level data in seconds.

4. What Powers These Dashboards

Data lakehouse integration
Unified access to ERP, MES, IoT sensor, and QA systems—ensuring reliable and timely manufacturing analytics.

ETL pipelines
Real-time data ingestion from high-frequency sources with minimal latency.

Visualization tools
Custom builds using Power BI, or customized solutions designed for frontline usability and operational impact.

Smart Manufacturing in Action: Reducing Market Response Time from 48 Hours to 30 Minutes

Mantra Labs partnered with a North American die-casting manufacturer to unify its operational data into a real-time dashboard. Fragmented data, manual reporting, delayed pricing decisions, and inconsistent data quality hindered operational efficiency and strategic decision-making.

Tech Enablement:

  • Centralized Data Hub with real-time access to critical business insights.
  • Automated report generation with data ingestion and processing.
  • Accurate price modeling with real-time visibility into metal price trends, cost impacts, and customer-specific pricing scenarios. 
  • Proactive market analysis with intuitive Power BI dashboards and reports.

Business Outcomes:

  • Faster response to machine alerts
  • Quality incidents traced to specific operator workflows
  • 4X faster access to insights led to improved inventory optimization.

As this case shows, real-time dashboards are not just operational tools—they’re strategic enablers. 

(Learn More: Powering the Future of Metal Manufacturing with Data Engineering)

Key Takeaways: Smart Manufacturing Dashboards at a Glance

AspectWhat You Should Know
1. Why Static Reports Fall ShortDelayed insights after issues occur
Disconnected systems (ERP, MES, sensors)
No real-time alerts or embedded decision logic
2. What Real-Time Dashboards EnableTrack OEE and downtime in real-time
Predictive maintenance using sensor data
Dynamic inventory heat maps
Quality linked to operators
3. Dashboards That Drive ActionRole-based views (operator to CEO)
Embedded alerts like “Line 4 down for 15+ mins”
Drilldowns from plant-level to machine-level
4. What Powers These DashboardsUnified Data Lakehouse (ERP + IoT + MES)
Real-time ETL pipelines
Power BI or custom dashboards built for frontline usability

Conclusion

Smart Manufacturing dashboards aren’t just analytics tools—they’re productivity engines. Dashboards that deliver real-time insight empower frontline teams to make faster, better decisions—whether it’s adjusting production schedules, triggering preventive maintenance, or responding to inventory fluctuations.

Explore how Mantra Labs can help you unlock operations intelligence that’s actually usable.

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