lssubramanian

Can  Indian Banks do a Flipkart to Digital Banking Experience

Indian Banks struggle to find a toehold in the digital space with reluctance by customers to  accept internet banking, mobile banking and tablet banking. Every bank tries to get the Indian customer on the digital highway but with mixed results, some  have tried using social media with mixed results. What keeps Indian Bank customers away from adopting and converting to Digital Banking?

The answer for this problem faced by Indian Bankers may lie with Flipkart who has  conquered the digital space for ecommerce in India, they have succeeded in every digital medium they have chosen and have successfully changed perceptions on how to ride the digital highway in India.

Here are some key figures from socialbakers.com the respected portal for social media engagement analytic.

The graph below shows the consistent growth of Flipkart month after month in social media.

Here are the growth of Flipkart fans per day, per week and by month, impressive figures again from socialbakers.com.

And below are the distribution of fans of Flipkart with 95% from India 2.5 million strong, more than the population of many countries in the world.

So what makes the juggernaut Flipkart a success story, the first and most important is the customer intimacy, at every step they are with the customer and keep reminding them of what they can buy, to share and rate their customer experienc. They pamper their customers in  their digital interaction.

They deliver as promised, ahead of time, their packing is easy to open and if you order for gift wrapping it is awesome. If there are any breakages they give you a replacement without a fuss. These are customer service levels unheard of in India.

There couriers are courteous, they let you know at what date and time they will deliver and they do it as promised. Again no nail biting suspense for the date and time of delivery.

The customer experience shows in the growth of their social media presence which is the best measure of success in digital experience.

Indian Banks can learn from Flipkart, can they shower the same customer intimacy to the customer of the bank using digital tools, deliver prompt and courteous customer service? Learn to cross sell from Flipkart and also the art of reminding the customer to buy something they searched for in the internet. 

Can Indian Bankers change their stripes and become a customer focused bank rather than an intimidating monolith.  Maybe it is time for Indian Banks to transform customer experience in digital banking by learning from Flipkart. Are Indian Banks Listening ? Are Indian Banks ready for the Leap of Faith into the digital Highway?