Banking is undergoing evolution to become more customer-centric, says Raqmiyat

Tapas Roy, COO of Raqmiyat, said that, contrary to expectations that the number of branches would reduce with the increasing prominence of online transactions, the opposite has occurred.
He said: "The role of a bank's branch has changed from a place of transaction delivery to that of a retailing outlet for the bank's growing number of products.

"After pursuing the strategy of shifting a large number of teller transactions to automated channels such as via the internet, ATMs and tele-banking for cost reductions, banks are now re-focusing on the appeal of their bricks-and-mortar branches."

According to Roy, technology can provide banks with the architecture for giving better, more targeted and more effective customer service.
Roy explained: "A uniform and integrated retail delivery strategy is the key to success, and offers the maximum opportunity for differentiation, value addition, higher customer loyalty and branding."

According to industry analysts, the key to leveraging both branch and enterprise functionality is the branch solution's ability to integrate with its CRM solution.

"Banks have realised they are a fundamentally a retail outlet and are trying to differentiate in terms of customer experience - and that includes using technology to become more customer-centric.

"Efficient use of technology means banks can segment their branches by customer type, industry, profitability and other demographics. And while the branch is an expensive asset in terms of real estate and staff costs, it is essential to maximise customer retention."

Raqmiyat implements the Transaction Manager solution from Unisys which unifies operations, data, and processes by delivering a scalable, web-enabled solution to interact with customers, providing them with better service.

Meanwhile, Raqmiyat is developing its line of own-brand software, in its core service areas of banking and finance, e-government and the burgeoning SME market.

The company is a leading systems integration and IT services company, providing world-class business and technology solutions through partnerships with international firms.