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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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What If the Sun Took a Day Off?

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Ever wondered what life would be like if the Sun took a day off? Picture waking up to an Earth shrouded in darkness, where temperatures drop dramatically within hours, plunging the planet into an icy chill. Plants, deprived of sunlight, would halt photosynthesis, leading to a food production crisis. Our reliance on renewable energy would face a sudden halt, causing widespread blackouts and chaos in cities across the globe.

A day without the Sun would throw our world into chaos! Luckily, that’s never going to happen (at least in our lifetime!). But this thought experiment underscores the Sun’s critical role in our lives and highlights why harnessing solar energy is so vital. While we’re increasingly turning to solar power, we are still missing out on capturing a massive amount of solar energy that falls on Earth every single day.

How Much Solar Energy Are We Missing Out On?

Every day, the Earth receives about 173,000 terawatts of solar energy from the Sun—more than 10,000 times the world’s total daily energy consumption. Despite this abundance, we only capture a tiny fraction of this energy. In 2023, solar energy accounted for just 4.5% of global electricity generation—a huge opportunity waiting to be tapped.

If we could capture just a small percentage of the Sun’s energy, we could power the entire world many times over. The total solar energy that hits the Earth in just one hour could meet the world’s energy needs for a full year. Yet, due to limitations in solar panel deployment, technology efficiency, and energy storage, the vast majority of solar energy goes unused each day.

As we improve solar technology and infrastructure, capturing more of this energy becomes not just a possibility but a necessity for a sustainable future. Let’s dive into how cutting-edge technology is making solar energy more accessible and efficient, helping to turn this untapped potential into real, usable power.

How Tech Makes Solar Adoption Easier

Customer-centric technology is revolutionizing the way we adopt solar energy. Imagine an app that allows you to simply point your smartphone at your house to estimate how many solar panels you need, their ideal placement, and the energy they can generate.

Here are the key benefits of this innovative approach:

  • Precision: By capturing images of your property through satellite, the app calculates the optimal placement of solar panels for maximum energy production. Studies have shown that precise placement can increase efficiency by up to 20%.
  • Customer Engagement: Users receive real-time insights into their energy production, helping them understand their solar power system better, whether they’re using Tesla solar panels, solar power generators, or even solar attic fans to optimize home energy usage
  • Seamless Experience: With user-friendly interfaces, consumers can easily monitor their solar systems remotely and receive updates on their energy output. This accessibility is crucial for encouraging the wider adoption of solar technologies.

The Tech-Driven Shift Toward Sustainability

As solar technology evolves, so do the solar panels themselves. Innovations like Tesla solar roof systems, flexible solar plates, and bifacial panels are redefining what’s possible in renewable energy. Even smaller systems—such as portable solar generators and solar air conditioners—empower homeowners to harness solar power efficiently.

Photovoltaic (PV)  panels, the cornerstone of solar energy, have seen incredible advancements, now boasting efficiencies of up to 22%. This means fewer panels are needed to produce more energy, making solar energy more effective for a wide range of applications, from solar shingles to off-grid systems.

Moreover, the push towards cradle-to-cradle sustainability is reshaping the industry. New solar panels are being designed with recyclability in mind, reducing their environmental footprint. Innovations in recycling technology now recover up to 95% of materials from end-of-life panels, ensuring that even the oldest solar systems contribute to a greener future.

While solar technology continues to advance, solar panels themselves are becoming more efficient and environmentally sustainable. Innovations such as systems, flexible solar plates, and bifacial solar panels are pushing the boundaries of what’s possible in renewable energy. Even smaller systems like portable solar generators and solar air conditioners are empowering homeowners to tap into the power of the Sun efficiently and sustainably.  Photovoltaic (PV) panels, the cornerstone of solar energy – now boast efficiencies of up to 22%​. This means a smaller array of solar panels for home or commercial use can generate more electricity. This makes solar energy systems more appealing and effective for various applications, from solar roof shingles to off-grid solar systems.

Moreover, the move toward cradle-to-cradle sustainability—where solar panels are built from materials that can be easily recycled—has gained traction. This reduces the environmental footprint even further. Innovations in recycling can recover up to 95% of materials from end-of-life panels, According to PV Cycle​, with room for improvement in recycling.

Making Solar Affordable and Accessible

Historically, one of the biggest barriers to solar adoption has been the cost. But things are changing fast. Innovations in financing models, such as Power Purchase Agreements (PPAs) and solar loans, have significantly reduced the financial burden of installing solar systems. According to the Solar Energy Industries Association (SEIA), the average cost of solar installation has dropped by over 70% in the last decade.

Couple that with federal and state incentives like the Investment Tax Credit (ITC), which provides a 30% tax credit on solar installations, and solar energy is more affordable than ever. Net metering programs, which allow homeowners to sell excess energy back to the grid, further enhance savings, making solar not only accessible but also financially rewarding.

Conclusion

The future of solar energy goes far beyond rooftop panels—it’s about making the entire solar experience intuitive, accessible, and sustainable. With smart apps and tech-driven tools, consumers can now manage their solar energy systems with just a few taps on their phones, making the shift to green energy simpler and more engaging.

At Mantra Labs, we’re at the forefront of this solar revolution. We’ve helped some of the world’s largest solar providers develop cutting-edge, customer-friendly solutions. Our mobile apps allow users to estimate solar panel needs, monitor system performance, and even track their environmental impact—all from the convenience of their smartphone.

Together, with innovative tech and a commitment to sustainability, we’re building a future where solar energy isn’t just an option—it’s the smarter, more accessible, and greener solution for everyone.

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