Digital Transformation in Banking: How CMMS Software is Reshaping the Industry
Trending digitization of banking operations
With the progression of time, every industry, including the banking sector, inclines towards digitalization for error-free, efficient operations with the best collaboration among stakeholders.
Digital transformation enables modern technology to blend with various departments of the bank, delivering good value additions and optimizing financial operations, customer service, and facility functions.
Scope for digitization & Digital future
The focus has shifted from a product-centric to a customer-centric approach. Though mobile banking and net banking are popular these days, a sizeable percentage of people prefer visiting banks, including senior citizen communities and those not so proficient with technology. Moreover, as we know, there is a cap on limit for funds transfer through online banking, which is not the case with traditional banking.
According to a report by MarketsandMarkets, the worldwide digital banking platform market is projected to soar to USD 13.9 billion by 2026, pacing at a CAGR of 11.3%. The increasing demand for elevated customer experiences and the adoption of cloud technologies by banks fuel digital growth.
Advantages of CMMS mobility
Mobile devices equipped with advanced maintenance management and team collaboration capabilities(CMMS) empower banking staff and maintenance managers to stay connected with the maintenance teams and be productive while on the go. Such an adaptation enables real-time information access and efficacy in asset, inventory, and workforce management. CMMS lets maintenance managers streamline and accelerate operations, reduce errors, and provide a hassle-free and rewarding customer experience.
For example, QR and barcode scanners can be used to establish the identity of assets and provide testimony to the physical inspection of assets by technicians. It eliminates examining CCTV footage or the physical presence of maintenance supervisors at the work site to oversee the work.
Restriction of operating expenses with IoT solutions
Energy expenses account for the highest utility costs for banking operations. IoT-powered Energy metering solutions let facility managers monitor energy consumption patterns in close-to-minute real-time precision to control operation expenses.
Streamlined visitor experience
A QR code-based touchless visitor management solution enables the bank to greet visitors with best first impression by eliminating unnecessary wait times at the reception. Banks can improve and streamline the entire visitor journey by easily rescheduling appointments, and notifying hosts and visitors promptly via mobile. Hosts can track the overstay of visitors and better plan their day with a centralized cloud-based Dashboard.
How CMMS helps in quick asset service?
Service engineers can scan QR codes pasted on ATMs, passbook printing machines, CCTV camera, scanners, etc., for retrieval of full-service history instantly. It is essential for delivering well-thought-out and complete fixes and restoring the normal operations of the equipment.
With a 2D asset floor plan, service technicians can easily trace the exact location of assets to be serviced within the premises. It is a visual guide that depicts the arrangement of assets in each floor along with their current maintenance status.
Such a setup helps monitor the condition of assets & plan maintenance schedules. In addition to this a CMMS application maps assets at the levels of Facility, Floor, Department, Room levels for quick asset identification and service.
Advantages of cloud & digital transformation
With such modern IT solutions, the banking industry can unlock valuable insights that drive their digital transformation forward. Such a transformation automates manual processes, reduces operational costs, eliminates paperwork, reduces manual errors, improves maintenance efficiency, optimizes resource allocation, contains operational expenses, and raises profitability.
Schedule and track routine maintenance tasks in real-time and repairs to minimize downtime and ensure continuity of critical banking services to customers. Generate accurate reports in a few clicks. Utilize the advantage of the cloud to access operational information and perform internal audits as a light breeze.
Manage operations of the main branch and all other branches from a centralized location while on the go with the power of web and mobile app of a CMMS to help the staff be more effective in their day-to-day operations.
Discover How Businesses Transition from Reactive to Predictive Maintenance