Paper currency too icky, Ex-RBI man suggests banks can get on WhatsApp

As people are hesitant to manage paper currency as a result of COVID-19 crisis, banks need to exploit various tools such as WhatsApp to push digital plans, former RBI deputy governor HR Khan said here on Friday.

He said as lockdown prompted many organisations to look at home based culture, recruiting aspects could be tweaked to give attention to outcome instead of attendance.

Covid-19 crisis has an possibility to revive, re-invent and move more banking services and products to the digital platforms, he said.

Customers are hesitant to handle paper currency or visit the branch premises at this stage; this would assist in digital push, Khan said.

“We must expand other customer-facing products similarly. Whatsapp has been used in a huge way, even by old people though they aren't digitally savvy. We must learn the proper lessons from such tools and plan our strategies like doing banking from your home to attain out to customers across segments, he said.

He was addressing on “Covid-19 Pandemics & BCCP in Banks: People Perspectives” at the Institute for Development and Research in Banking Technology (IDRBT) through videoconferencing.

According to him, you will find a have to move from strict individualistic hierarchies to hybrid, distributed working models aimed towards teamwork and collaboration.  Banks should identify and benefit from employees who can multi-task even while reskilling employees, especially through e-learning, might help create a multi-skilled workforce, he said.

Asserting that data confidentiality and infrastructural challenges are critical in the banking industry, Khan said many banks lack common shared repositories and databases, that have now become important.  Following the connection with lockdown which forced many people to home based, which poses its challenges, Khan said, HR aspects could be tweaked to give attention to outcomes instead of attendance.  Technology could be exploited to make sure employees professional and psychological well-being.” In parallel, the banking industry must flag the regulatory, legal and taxation-related issues that may arise from home based (WFH) and other distributed and flexible types of working landscape, he added.