Customers prefer human contact when taking big financial decisions, said V. Krishnaswamy, president and chief operating officer of Karur Vysya Bank.
He was delivering the BL Club lecture on ‘Branch banking: Significance of humane touch over technology’ at the Department of Commerce of Manipal University at Manipal recently. Syndicate Bank sponsored the lecture.
Speaking on human touch in banking, Krishnaswamy said the brick and mortar banking kept the bank and its customers connected on a daily basis. He said the concept of ‘know your customer’ was a reality here, and it was not based on documents.
Highlighting the benefits of technology in banking, he said banking is not restricted by time and location in this. Added to this, technology saves time and effort for customers. It is one of the preferred channels for banking for youths. The use of technology cuts transaction costs for the banks, he said.
Referring to the other face of technology, he said face-to-face and immediate redressal of grievances becomes a casualty in this. This will lead to escalation of grievances, Krishnaswamy added.
Guruprasad Rao, Placement Officer of the Department of Commerce, Manipal University, was present at the meeting.