A first-generation entrepreneur who started Celusion Technologies with an idea of the premise that they could build great software but today their software is changing the way people look at finance. Praveen is passionate about technology and spends most of the day either programming or reading about the next big thing in technology and how that can be applied to their offerings. Praveen loves solving complicated business challenges using technology. He is always thrilled to see a stranger using a piece of software created by Celusion Technologies.
The outbreak of the COVID-19 virus and the ensuing pandemic led to a series of near-global lockdowns for months at a time. As businesses across industries came to a grinding halt and companies struggled to traverse uncharted territory, it became evidently clear that only technology could truly save the day. Face-to-face meetings were quickly replaced by video calls and trips to restaurants, bars, and grocery stores replaced by home delivery of essential items only. The world as we knew it had changed overnight. While digitization had already been gathering momentum over the years, the pandemic rapidly accelerated the adoption of tech-based solutions as a means of navigating through day-to-day life in this “new normal”. The far-reaching effects of the coronavirus were economically devastating and industry-agnostic, and the BFSI sector was no exception. How, then, did the Banking, Financial Services and Insurance sector not only survive but also adapt and thrive under such hostile circumstances? In this article, we will explore the key technologies that helped save the BFSI sector during the COVID lockdown.
The Cloud:
Cloud-based infrastructure came as a boon to BFSI businesses, allowing them to leverage the technology to enable remote working without missing a beat. With such centralized systems in place, arming remote workers with all the data and resources they needed became easy to achieve, making the transition from on-site to work-from-home a seamless one. In fact, several institutions might continue with this work-from-home scenario even after the lockdown ends.
Video Conferencing:
Video conferencing tools allowed for virtual face-to-face interactions, making meetings, collaborating, and connecting with coworkers extremely efficient.,they enabled businesses to run like clockwork while still observing lockdown rules and maintaining social distancing rules. Business luncheons were replaced by video conferences attended safely by stakeholders from across the globe, with no risk of personal contact.
Virtual KYC:
Online verifications and e-KYC eliminated the need for physical paperwork and in-person interviews that are otherwise the norm in cases of regular KYC registration. Virtual KYC supported by various online tools made onboarding customers contactless. The implementation of government regulations supporting V-KYC proved to be extremely helpful and completely changed the game of what often used to be a tedious process.
Online Loan Applications:
Touching on the previous point of virtual KYC, banks were able to perform detailed verifications, background checks, and other much-needed due diligence needed for granting loans to customers. Applicants could apply for loans online without needing to visit their bank branch in person.
Change in Outreach Approach:
Technology greatly optimized the way sales are now conducted. The shift from field sales to telesales may have been a result of the lockdown at first, but the benefits of scaling back on field agents saved significant amounts of time, money, and resources while also increasing the number of leads one can chase in a single day.
There’s An App For That!
With the government backing the creation of a largely “cashless” economy, the amount of banking that is conducted online has drastically risen over the years. These banking apps and platforms extend beyond just money transfers and enable users to access a gamut of services and offerings for their financial needs.
Technological advancements and widespread digitization have, quite literally, saved a number of BFSI businesses from shutting shop. Though reactionary at first, these measures have proved to greatly improve efficiency, optimize processes, and streamline operations resulting in not only the sector’s “rescue” but also its ability to thrive in a post-COVID world.