Why does a digitally transformed bank have happier employees?

Summary: The Banking sector in India is making tremendous efforts towards digital transformation by adopting technologies like mobile apps and more which improves user experience. Know more!

06 Aug 2022 by Team FinFIRST

With more and more companies reopening their doors to employees, it is essential to ask if businesses are truly ready to accommodate the changing needs of a digital-first, hybrid workforce. To make workplaces future-ready, leaders must balance flexibility, productivity, employee happiness and responsibility. One way to do so is to leverage advanced technologies.

The banking sector in India is making tremendous strides towards digitalization by adopting technologies like mobile apps, RPA, and so on. While digital transformation is undoubtedly vital to improve customer experience, organizations also need to invest in technology to empower their employees. This leads to a significant increase in employee engagement and motivation; a crucial aspect since 84% of CEOs rate the need to improve employee experience as a key concern.

Benefits of digital transformation on the employees of a modern bank

According to a survey by IBM, around 57% of Indian banking institutions are leveraging big data and analytics tools to improve employee productivity, leading to happier employees in the long run. Case studies by Deloitte conclude that digital workplaces considerably improve the employee experience.

Clearly, digital transformation offers multiple advantages to the employees of a modern banking system. Here are some of them-

Enables faster operations: Today’s modern consumer expects an on-demand model for service delivery, which applies to banking too. Digital transformation makes this possible by consolidating banking data, streamlining processes and applications in a centralized system, improving operational efficiency.
Increases productivity: Integrating platforms to break down data silos and eliminate manual processes is a big aspect of digital transformation. By digitizing corporate procedures, streamlining workflows, and boosting the flow of information between departments, banks empower their employees to become more productive and focus on more strategic duties.
Eliminates mundane tasks: With the digital transformation of banking services, banks can easily monitor and react to changing trends. Readily available, accurate data also allows quicker compilation of customized reports without lengthy, manual processes. This lets employees shift their focus from repetitive, time-consuming tasks to take on analysis-based roles, enabling fulfillment and job satisfaction.
Improves talent acquisition and retention: With mobile-first technology, banks can easily recruit new talent. Online interviews and virtual onboarding tools allow a seamless acquisition process that is convenient for all stakeholders. Moreover, cloud-based tools, like the Human Capital Management solution, enable HR to have a clear view of employee performance, establish strong relationships, address gaps in expectations and identify training needs. Such a solid employee-centric strategy lets them feel appreciated, thereby reducing attrition rates.

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Happily digital!

By leveraging digital tools, banks can address weak points in their employee experience and enable employees to be more productive and happier. This also helps reduce employee resistance to transformation efforts, motivating them to share ideas to augment the digital process.

For IDFC First Bank, digital transformation and employee satisfaction go hand in hand. We strongly believe that a modern bank can satisfactorily address the needs of customers only with the support of motivated and inspired employees ably aided by the right digital tools.

Disclaimer

The contents of this article/infographic/picture/video are meant solely for information purposes. The contents are generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. The information is subject to updation, completion, revision, verification and amendment and the same may change materially. The information is not intended for distribution or use by any person in any jurisdiction where such distribution or use would be contrary to law or regulation or would subject IDFC FIRST Bank or its affiliates to any licensing or registration requirements. IDFC FIRST Bank shall not be responsible for any direct/indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information mentioned. Please consult your financial advisor before making any financial decision.

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