Strategy thoughts in a post-covid world

• During covid-19, digital transactions for SBI increased by 17%. What customers want, today, is a dynamic, paperless, contactless and customized experience.
• Customized experience leads to customer intimacy and will make them stick to brand.
• Covid has taught us that an omnichannel strategy is important. You can’t limit yourself to population in tier-1 and 2 cities or those with smartphones. Apps are there, but you also need to do something on SMS for people in rural areas
• At the end of the day, the consumer needs to know he can reach out to dealing company in whatever way possible. All systems need to get integrated so complaints can be addressed. You also need to ensure information is going to the right person with the necessary level of authentication
• There is a need for a grievance redressal system where a mentor can teach and guide consumers. People also need a sense of security that their data is secure. Companies need to build a mechanism that will protect, guide and alert them
• Instead of a rule-based risk management system, we need a real-time risk management system
• As far as consumers are concerned, big data tools are definitely going to help us by assessing buying behaviour and customer emotions. Many of brands have already addressed that in a short time
• While transforming employees from a work environment to one that is remotely managed, you need to engage with them and make them feel they are part of the system, even if its distributed

These are statements noted from what industry veterans said at the Mint Virtual Workplace 2.0 webinar