| |JUNE 20229taken by individuals. They are also planning similar benefits for other exercises like swimming and others.· Enable community banking by providing value-added services to gig workers, LGBTQ, senior citizens, or disabled customers to cater to their specific needs.· Implement platform banking by integrating value-added services from Fintechs or others to provide a holistic experience to maintain customer loyalty.· Increase customer engagement through gamification to attract kids and teens to build brand loyalty early on.· Develop AR Tool for personal finance management as done by Westpac.· Provide AR/VR experience to the customer, whereby they can visit the virtual mall for a shopping experience through All-in-one SuperApp.· Provide 24x7 chatbots using AI and ML.· Combine AR/VR with AI to create seamless, immersive experiences for the customer, say for virtual branch visits, thereby creating loyalty, brand building, and arresting customer attrition.· Use alternative data for taking decisions like predicting default risk. This can be innovatively inferred based on behaviour and personality traits captured in social media. This can help the bank speed-up recovery or restrict future lending.· Bring assurance or options to customers that the bank's profits or part of it will be invested only in `Clean energy' to reverse the climate crisis like Swipe.· Develop an algorithm to link likes on social media to the interest rate.· Provide Goal-based savings options to facilitate healthy savings.· Provide multi-lingual AI and Robo advisors, ranging from personal finance to goal-based investments.· Boost customers' credit scores by providing micro-loans to step-up their borrowing capacity.· Propose smart vehicle insurance which can adjust your premium amount depending on your usage, location, driving style, and discipline.· Use of IoT in ATMs to sense queue length and provide an option to an exception in authentication based on a customer's past transaction history.· Use of smart contracts to allow users to take-out a short-term loan using Ether as collateral.· Bring-out voice-enabled payments for visually impaired or handicapped people.· Automate claim payment minus manual filing, in case a flight gets delayed beyond a certain agreed duration as per insurance policy.· Use novel biometric security like iris recognition, palm vein patterns, or retinal scanning.· Offer contact-less, gesture-based ATM transactions like the one developed by Motion Gestures.· Embedded Rounding-off to nearest pre-defined unit to create either investment pot with delta money or help achieve goals that emotionally engage them.· Implement blockchain for immutable records & security and speed-up money flows for a variety of transactions like property registrations, funds transfer, supply chain, trade finance, and payments transactions.Few of these suggestions will certainly bring loyalty among happy and satisfied customers. This type of digital transformation will also increase employee engagement. This results in higher productivity, accurate predictions, and decision-making.Digital transformation is full of risks and challenges. Organization-al challenges, data governance, data privacy, cultural mindset, compli-ance risks, regulatory risks, or lack of skilled resources can become roadblock, but it can be addressed in innovative ways. But this puts brakes on the delivery and execution of the initiatives. However, for the larger benefit of shareholders and investors, banks need to show the same agility as Fintechs to survive and grow.As Darwin's law of Survival of the Fittest suggests, only agile and customer-centric futuristic banks will flourish and fare well in the future; rest will get acquired.
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