Recently, IndusInd Bank added a new arsenal to its digital ecosystem. It launched Video Branch, which allows customers to communicate with their branch manager, relationship manager, or centralized video branch executive in real-time. While doing so, customers can even track all of their important financial transactions, such as initiating a fixed deposit or recurring deposit.
This is an excellent example of how building a digital ecosystem helps banks become more relevant to clients, allowing them to form stronger relationships and grab higher wallet shares.
According to Global Market Insights, the Digital Banking Market has crossed USD 8 trillion in 2020 and is expected to grow at a rate of roughly 5% from 2021 to 2027. This industry growth is due to consumers’ increased usage of mobile devices to accomplish day-to-day financial operations. Customers utilize digital banking to check their account balances, deposit checks, transfer funds and shop online. Furthermore, the expanding millennial generation (aged 16 to 34) is pushing banks to offer digital banking services and adopt a digital ecosystem strategy.
What is a Digital Banking Ecosystem?
Digital banking ecosystems are collaborations built on partnerships that use technology to provide new products and services to clients. The idea behind collaborative models like these is simple: altho