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Digital
Transformation
In Retail Banking
53% OF THE GLOBAL POPULATION
WILL ACCESS DIGITAL BANKING BY 2026
Table of Contents
01
Introduction
02
Why is digital
transformation in
retail banking
necessary?
03
How can digital
transformation change
retail banking?
Neo banks
Artificial intelligence for
AML & KYC compliance
Artificial intelligence for
personalized
recommendations
Cloud computing
Open banking
04
Conclusion
Copyright © 2021 / +91-98311 48300 / info@indusnet.co.in 02
Digital Transformation In Retail Banking
Introduction
Digital transformation in retail banking is not a new
trend in the market. But the pandemic has
accelerated digital transformation in retail banking
many times. A massive number of people are
switching to digital banking like mobile banking, net
banking, e-wallets, UPIs (Unified Payments
Interface), etc.
Fidelity National Information Services (FIS) which
works with 50 of the world’s largest banks, revealed
in a report that in 2020, there was a 200% jump in
new mobile banking registrations in early April, while
mobile banking traffic rose 85%.
And the good news is, this surge is likely going to
continue. Because customers have understood the
importance of digital banking. They can access
banking services at any time based on their
convenience. Earlier, many people used to believe in
a paradigm that digital banking will make them
vulnerable to cyber attacks and eventually, they will
lose their hard-earned money.
A 2020 Global Banking Consumer Study by
Accenture has shown that in 2020, 50% of
consumers connected with their banks via a mobile
app or website at least once a week, up from only
32% in 2018.
Copyright © 2021 / +91-98311 48300 / info@indusnet.co.in 03
Digital Transformation In Retail Banking
Copyright © 2021 / +91-98311 48300 / info@indusnet.co.in 04
Digital Transformation In Retail Banking
What is the importance
of digital transformation
in retail banking?
02 Before discussing the importance of digital transformation in retail banking,
we need to understand what the customers want from banks.
Copyright © 2021 / +91-98311 48300 / info@indusnet.co.in 05
Digital Transformation In Retail Banking
Quality of customer service
Low fees on checking and other…
Security and fraud protection features
Mobile and online access
Good brand reputation
Easy ATM access
Competitive interest rates
Types of accounts offered
Convenient branch locations
Availability of loans/other financial…
Sustainability and environmental…
Diversity in bank leadership
70% 75% 80% 85% 90% 95% 100%
Data source: The Ascent
Copyright © 2021 / +91-98311 48300 / info@indusnet.co.in 06
Digital Transformation In Retail Banking
The top demand from the customers
remains the quality of customer service.
Gone are those days when there were
only a handful of banks available, and
people didn’t have any options to
switch their accounts.
In today’s world, you will find plenty of
banks to open your account. If you don’t
like the service of a particular bank, you
can switch to another. That means,
banks need to be more customer
centric. But for that, banks will have to
understand what a customer wants by
analyzing his or her data like spending
habits, amount of loan he or she owes,
etc. That’s why digital transformation in
banking is really necessary to change
the banking experience of customers.
It’s a history now when people used to
dedicate a substantial part of their time
for banking activities. Customers used
to queue up in the banks to withdraw
money from the banks. But who does
that now? Everyone has ATM-cum-debit
cards to withdraw money, and they can
use it for depositing cash too in
selected ATM kiosks.
Most of us are busy with work and don’t
have dedicated time for banking. We
want everything at our fingertips and on
our smartphones.
Would you like to visit the bank to
complete KYC? Or, would you opt for a
bank that offers video KYC for its
customers?
You are likely to choose the second
option as you can schedule your video
KYC right from your smartphone and at
your convenience. This way, banks need
to understand customers’ demands
and improve their services through
digital transformation.
Copyright © 2021 / +91-98311 48300 / info@indusnet.co.in 07
Digital Transformation In Retail Banking
92%
Increased budget
for digital
transformation
28%
Increase the
budget by more
than 50%
25%
Increase the
budget by 25 - 50%
22%
Increase the
budget by 11 - 25%
17%
Increase the
budget by 1 - 10%
3%
Reduce the budget
5%
No changes to the
budget
Data source: Roland Berger
Nine out of ten
banks plan to
increase their
budgets for
digital
transformation
Copyright © 2021 / +91-98311 48300 / info@indusnet.co.in 08
Digital Transformation In Retail Banking
How digital transformation
is reshaping the retail
banking industry?
03 Retail banks need to understand that the speed of digital transformation is only going
to get faster. That’s why they have to catch up to that speed to retain their customers,
and rather expand it.
In this context, Richard Heeley, Chief Information Officer of Macquarie’s Banking and
Financial Services (BFS) said, “Our biggest challenge and opportunity is keeping
ahead of evolving user expectations. Being able to deliver on them in a timely and
efficient manner is dependent on the quality of the systems we have in place in the
background.”
Copyright © 2021 / +91-98311 48300 / info@indusnet.co.in 09
Digital Transformation In Retail Banking
The emergence of neo banks
During the pandemic, we have become well versed with the term ‘new
normal’. So, in the retail banking industry, neo banks are the new normal.
Have you ever imagined a bank without any physical existence but
providing excellent services? If not, you should experience the services of
neo banking. According to a PwC report, the neo bank market is expected
to accelerate at a compounded annual growth rate (CAGR) of around
46.5% between 2019 and 2026, generating around USD 394.6 billion by
2026.
Well, many of us may confuse neo banks with digital banks. No doubt, both
banking systems offer services through smart devices.
But neo banks are actually a good alternative to brick and mortar banks.
They offer banking services digitally without having any physical presence.
Some of the top neo banks in India are Digibank, RazorpayX, Jupiter, etc.
By opting for their services, you can experience the true digital experience
of banking services through neo banks.
Copyright © 2021 / +91-98311 48300 / info@indusnet.co.in 10
Digital Transformation In Retail Banking
Artificial intelligence for anti money
laundering and KYC compliance
As a result of globalization and emerging technologies, cross-border
payments are increasing, and so are money laundering activities.
You might have heard of those money laundering scams in the news. So,
banks have been working hard for anti money laundering (AML)
compliance. KYC (know your customer) is an integral part of AML to verify
the basic details of the customer while opening new accounts.
It is estimated that in the US, the cost of anti money laundering compliance
is estimated at $23.5 billion a year.
So, implementing artificial intelligence (AI) can lower these costs. AI can
help in the digitization of large numbers of documents and data, making it
easier to extract, index, and upload into an AML or KYC compliance system,
which can then instantly assess risk without the need for human interaction.
Copyright © 2021 / +91-98311 48300 / info@indusnet.co.in 11
Digital Transformation In Retail Banking
Cloud computing for risk management
Risk management has always been an integral part of the banking industry. And cloud computing
can play a significant role in risk management for both financial and nonfinancial risks.
The three major benefits of cloud computing for financial institutions are:
Cloud investment has expanded dramatically in recent years, according to Accenture, and it is
expected to grow at a rate of roughly 15% until 2022.
With cloud computing, banks won’t have to keep banking programmes and data locally.
Eventually, no physical infrastructure is required. Banks are likely to save a substantial amount
by eliminating the costs of acquiring, operating, and housing the essential hardware by using
the cloud.
Thanks to the cloud's exponential increase in data collection and processing capability. Banks
today have more information on client behaviour and more tools to make sense of it than ever
before.
Reduce storage costs
Increased computing power
Increased accessibility to information from any location
Copyright © 2021 / +91-98311 48300 / info@indusnet.co.in 12
Digital Transformation In Retail Banking
Personalized recommendations
through artificial intelligence
A report by Accenture has revealed that when a website does not personalise the
experience, over half of customers (48%) quit the purchase process, and nearly all
consumers (91%) say they are more inclined to do business with firms that know them,
watch out for them, and reward them. Eventually, it can impact customer loyalty too.
According to the Autonomous Next study reviewed by Business Insider Intelligence,
the overall potential cost savings for banks from AI applications is predicted to be
$447 billion by 2023, with the front and middle office accounting for $416 billion of that
total.
Banks can utilize artificial intelligence to better serve their clients by giving them
greater access to relevant data. A bank may use AI to assess how it responds to
client questions about goods, services, and loyalty programmes.
Also, banks can use Machine learning to assure predefined replies for basic questions
rather than approaching experts for help. Advisors can quickly obtain accurate
information about all of the bank's services. As a result, they were able to quickly
respond to client inquiries.
Copyright © 2021 / +91-98311 48300 / info@indusnet.co.in 13
Digital Transformation In Retail Banking
Open banking
Open banking, often known as open bank data, is a banking practice in
which third-party financial service providers use APIs to get access to
consumer banking, transaction, and other data from banks and NBFCs.
Consumers, financial institutions, and third-party service providers can
all access the same network of accounts and data through open
banking. Customers must tick a button adjacent to the 'terms of service'
page on the app to consent to share their data. Third-party suppliers'
APIs can get access to client data.
So, if we put it simply, the concept of open banking believes in
decentralization. It allows major, established banks to compete with
smaller, newer institutions. Eventually, large banks will have to make an
effort to integrate new technology to implement new technologies. So,
what if artificial intelligence is implemented in open banking?
Yes, you heard it right! Read this ebook to know more about what
happens when the power of open banking is coupled with AI.
Copyright © 2021 / +91-98311 48300 / info@indusnet.co.in 14
Digital Transformation In Retail Banking
Conclusion
Retail banks will have to use accessible data to offer
creative solutions and services for their consumers in order
to succeed in the transformative path. They will necessitate
a clear vision as well as a flexible strategy. Retail banks must
provide value to their customers throughout the journey in
order to increase deposits and improve customer
engagement.
04
Disclaimer
The data provided in this report has been obtained from public and private sources. We have made every
attempt to ensure that the information presented in this report is accurate and free from any discrepancies.
Indus Net Technologies is not responsible for any inaccuracy in the information presented or for any
damages caused by the use of information provided in this report. In case of any discrepancy or errors in the
data, you can contact us at info@indusnet.co.in and we will try our best to update the information in the
digital version of the report.
This report has been prepared on the basis of information available at the date of publication without any
independent verification. Indus Net Technologies does not guarantee the accuracy, reliability or
completeness of the information in this publication. Readers are responsible for assessing the relevance and
accuracy of the content of this publication. While this report talks about various individuals and institutions,
Indus Net Technologies. will not be liable for any loss, damage, cost or expense incurred or arising by reason
of any person using or relying on any information in this publication.
This document makes descriptive reference to trademarks that may be owned by others. The use of such
trademarks herein is not an assertion of ownership of such trademarks by Indus Net Technologies and is not
intended to represent or imply the existence of an association between Indus Net Technologies and the
lawful owners of such trademarks. Information regarding third-party products, services and organisations
was obtained from publicly available sources, and Indus Net Technologies. cannot confirm the accuracy or
reliability of such sources or information. Its inclusion does not imply an endorsement by or of any third
party.
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Digital Transformation In Retail Banking

  • 1. Digital Transformation In Retail Banking 53% OF THE GLOBAL POPULATION WILL ACCESS DIGITAL BANKING BY 2026
  • 2. Table of Contents 01 Introduction 02 Why is digital transformation in retail banking necessary? 03 How can digital transformation change retail banking? Neo banks Artificial intelligence for AML & KYC compliance Artificial intelligence for personalized recommendations Cloud computing Open banking 04 Conclusion Copyright © 2021 / +91-98311 48300 / info@indusnet.co.in 02 Digital Transformation In Retail Banking
  • 3. Introduction Digital transformation in retail banking is not a new trend in the market. But the pandemic has accelerated digital transformation in retail banking many times. A massive number of people are switching to digital banking like mobile banking, net banking, e-wallets, UPIs (Unified Payments Interface), etc. Fidelity National Information Services (FIS) which works with 50 of the world’s largest banks, revealed in a report that in 2020, there was a 200% jump in new mobile banking registrations in early April, while mobile banking traffic rose 85%. And the good news is, this surge is likely going to continue. Because customers have understood the importance of digital banking. They can access banking services at any time based on their convenience. Earlier, many people used to believe in a paradigm that digital banking will make them vulnerable to cyber attacks and eventually, they will lose their hard-earned money. A 2020 Global Banking Consumer Study by Accenture has shown that in 2020, 50% of consumers connected with their banks via a mobile app or website at least once a week, up from only 32% in 2018. Copyright © 2021 / +91-98311 48300 / info@indusnet.co.in 03 Digital Transformation In Retail Banking
  • 4. Copyright © 2021 / +91-98311 48300 / info@indusnet.co.in 04 Digital Transformation In Retail Banking What is the importance of digital transformation in retail banking? 02 Before discussing the importance of digital transformation in retail banking, we need to understand what the customers want from banks.
  • 5. Copyright © 2021 / +91-98311 48300 / info@indusnet.co.in 05 Digital Transformation In Retail Banking Quality of customer service Low fees on checking and other… Security and fraud protection features Mobile and online access Good brand reputation Easy ATM access Competitive interest rates Types of accounts offered Convenient branch locations Availability of loans/other financial… Sustainability and environmental… Diversity in bank leadership 70% 75% 80% 85% 90% 95% 100% Data source: The Ascent
  • 6. Copyright © 2021 / +91-98311 48300 / info@indusnet.co.in 06 Digital Transformation In Retail Banking The top demand from the customers remains the quality of customer service. Gone are those days when there were only a handful of banks available, and people didn’t have any options to switch their accounts. In today’s world, you will find plenty of banks to open your account. If you don’t like the service of a particular bank, you can switch to another. That means, banks need to be more customer centric. But for that, banks will have to understand what a customer wants by analyzing his or her data like spending habits, amount of loan he or she owes, etc. That’s why digital transformation in banking is really necessary to change the banking experience of customers. It’s a history now when people used to dedicate a substantial part of their time for banking activities. Customers used to queue up in the banks to withdraw money from the banks. But who does that now? Everyone has ATM-cum-debit cards to withdraw money, and they can use it for depositing cash too in selected ATM kiosks. Most of us are busy with work and don’t have dedicated time for banking. We want everything at our fingertips and on our smartphones. Would you like to visit the bank to complete KYC? Or, would you opt for a bank that offers video KYC for its customers? You are likely to choose the second option as you can schedule your video KYC right from your smartphone and at your convenience. This way, banks need to understand customers’ demands and improve their services through digital transformation.
  • 7. Copyright © 2021 / +91-98311 48300 / info@indusnet.co.in 07 Digital Transformation In Retail Banking 92% Increased budget for digital transformation 28% Increase the budget by more than 50% 25% Increase the budget by 25 - 50% 22% Increase the budget by 11 - 25% 17% Increase the budget by 1 - 10% 3% Reduce the budget 5% No changes to the budget Data source: Roland Berger Nine out of ten banks plan to increase their budgets for digital transformation
  • 8. Copyright © 2021 / +91-98311 48300 / info@indusnet.co.in 08 Digital Transformation In Retail Banking How digital transformation is reshaping the retail banking industry? 03 Retail banks need to understand that the speed of digital transformation is only going to get faster. That’s why they have to catch up to that speed to retain their customers, and rather expand it. In this context, Richard Heeley, Chief Information Officer of Macquarie’s Banking and Financial Services (BFS) said, “Our biggest challenge and opportunity is keeping ahead of evolving user expectations. Being able to deliver on them in a timely and efficient manner is dependent on the quality of the systems we have in place in the background.”
  • 9. Copyright © 2021 / +91-98311 48300 / info@indusnet.co.in 09 Digital Transformation In Retail Banking The emergence of neo banks During the pandemic, we have become well versed with the term ‘new normal’. So, in the retail banking industry, neo banks are the new normal. Have you ever imagined a bank without any physical existence but providing excellent services? If not, you should experience the services of neo banking. According to a PwC report, the neo bank market is expected to accelerate at a compounded annual growth rate (CAGR) of around 46.5% between 2019 and 2026, generating around USD 394.6 billion by 2026. Well, many of us may confuse neo banks with digital banks. No doubt, both banking systems offer services through smart devices. But neo banks are actually a good alternative to brick and mortar banks. They offer banking services digitally without having any physical presence. Some of the top neo banks in India are Digibank, RazorpayX, Jupiter, etc. By opting for their services, you can experience the true digital experience of banking services through neo banks.
  • 10. Copyright © 2021 / +91-98311 48300 / info@indusnet.co.in 10 Digital Transformation In Retail Banking Artificial intelligence for anti money laundering and KYC compliance As a result of globalization and emerging technologies, cross-border payments are increasing, and so are money laundering activities. You might have heard of those money laundering scams in the news. So, banks have been working hard for anti money laundering (AML) compliance. KYC (know your customer) is an integral part of AML to verify the basic details of the customer while opening new accounts. It is estimated that in the US, the cost of anti money laundering compliance is estimated at $23.5 billion a year. So, implementing artificial intelligence (AI) can lower these costs. AI can help in the digitization of large numbers of documents and data, making it easier to extract, index, and upload into an AML or KYC compliance system, which can then instantly assess risk without the need for human interaction.
  • 11. Copyright © 2021 / +91-98311 48300 / info@indusnet.co.in 11 Digital Transformation In Retail Banking Cloud computing for risk management Risk management has always been an integral part of the banking industry. And cloud computing can play a significant role in risk management for both financial and nonfinancial risks. The three major benefits of cloud computing for financial institutions are: Cloud investment has expanded dramatically in recent years, according to Accenture, and it is expected to grow at a rate of roughly 15% until 2022. With cloud computing, banks won’t have to keep banking programmes and data locally. Eventually, no physical infrastructure is required. Banks are likely to save a substantial amount by eliminating the costs of acquiring, operating, and housing the essential hardware by using the cloud. Thanks to the cloud's exponential increase in data collection and processing capability. Banks today have more information on client behaviour and more tools to make sense of it than ever before. Reduce storage costs Increased computing power Increased accessibility to information from any location
  • 12. Copyright © 2021 / +91-98311 48300 / info@indusnet.co.in 12 Digital Transformation In Retail Banking Personalized recommendations through artificial intelligence A report by Accenture has revealed that when a website does not personalise the experience, over half of customers (48%) quit the purchase process, and nearly all consumers (91%) say they are more inclined to do business with firms that know them, watch out for them, and reward them. Eventually, it can impact customer loyalty too. According to the Autonomous Next study reviewed by Business Insider Intelligence, the overall potential cost savings for banks from AI applications is predicted to be $447 billion by 2023, with the front and middle office accounting for $416 billion of that total. Banks can utilize artificial intelligence to better serve their clients by giving them greater access to relevant data. A bank may use AI to assess how it responds to client questions about goods, services, and loyalty programmes. Also, banks can use Machine learning to assure predefined replies for basic questions rather than approaching experts for help. Advisors can quickly obtain accurate information about all of the bank's services. As a result, they were able to quickly respond to client inquiries.
  • 13. Copyright © 2021 / +91-98311 48300 / info@indusnet.co.in 13 Digital Transformation In Retail Banking Open banking Open banking, often known as open bank data, is a banking practice in which third-party financial service providers use APIs to get access to consumer banking, transaction, and other data from banks and NBFCs. Consumers, financial institutions, and third-party service providers can all access the same network of accounts and data through open banking. Customers must tick a button adjacent to the 'terms of service' page on the app to consent to share their data. Third-party suppliers' APIs can get access to client data. So, if we put it simply, the concept of open banking believes in decentralization. It allows major, established banks to compete with smaller, newer institutions. Eventually, large banks will have to make an effort to integrate new technology to implement new technologies. So, what if artificial intelligence is implemented in open banking? Yes, you heard it right! Read this ebook to know more about what happens when the power of open banking is coupled with AI.
  • 14. Copyright © 2021 / +91-98311 48300 / info@indusnet.co.in 14 Digital Transformation In Retail Banking Conclusion Retail banks will have to use accessible data to offer creative solutions and services for their consumers in order to succeed in the transformative path. They will necessitate a clear vision as well as a flexible strategy. Retail banks must provide value to their customers throughout the journey in order to increase deposits and improve customer engagement. 04
  • 15. Disclaimer The data provided in this report has been obtained from public and private sources. We have made every attempt to ensure that the information presented in this report is accurate and free from any discrepancies. Indus Net Technologies is not responsible for any inaccuracy in the information presented or for any damages caused by the use of information provided in this report. In case of any discrepancy or errors in the data, you can contact us at info@indusnet.co.in and we will try our best to update the information in the digital version of the report. This report has been prepared on the basis of information available at the date of publication without any independent verification. Indus Net Technologies does not guarantee the accuracy, reliability or completeness of the information in this publication. Readers are responsible for assessing the relevance and accuracy of the content of this publication. While this report talks about various individuals and institutions, Indus Net Technologies. will not be liable for any loss, damage, cost or expense incurred or arising by reason of any person using or relying on any information in this publication. This document makes descriptive reference to trademarks that may be owned by others. The use of such trademarks herein is not an assertion of ownership of such trademarks by Indus Net Technologies and is not intended to represent or imply the existence of an association between Indus Net Technologies and the lawful owners of such trademarks. Information regarding third-party products, services and organisations was obtained from publicly available sources, and Indus Net Technologies. cannot confirm the accuracy or reliability of such sources or information. Its inclusion does not imply an endorsement by or of any third party. 23+ Years 11k+ Projects 750+ Professionals 6m+ Hours We are a team of digital engineers working towards innovation, reinvention and reshaping business models. We cater to multiple enterprise clients, fast growing product companies, digital agencies operating in the domain of banking, insurance, finserve, health, professional services and others in more than 45 countries. indusnet.co.in | info@indusnet.co.in