Posted by Puneet Chhahira (View Profile | View All Posts) at 9:56 AM
Digital disruption is paving the way for newer, more agile
banking models and India is becoming the poster child for banks all over the
world. Between the innovations in mobile and social banking, and progressive
regulations, India has managed to leapfrog the legacy systems and processes
that burden most banks in the world. One
of the most recent technology led revolutions in the banking front in India,
was the launch of Unified Payments Interface (UPI), by the National Payments
Corporation of India (NPCI). The UPI has the promise to be a game changer in
the era of cashless payments. Imagine a scenario where you don't have to jump
through all the hoops to make a payment, and just need a unique ID, similar to
an email ID, to make a payment. Imagine a cashless transaction, that doesn't
require you to type out your credit or debit card details.
Continue reading "Why India is a poster child for global banking models" »
Posted by Puneet Chhahira (View Profile | View All Posts) at 9:36 AM
The rise of financial startups has taken bank bashing to new
levels. FinTech has become a metaphor for all that banks should but could never
be. Enough and more has been said about what banks need to learn, not to
mention fear, from their new rivals.
But there is always another side to every story, and the
spate of FinTech-bank collaborations is proof of that. Why else would FinTech
companies do a U-turn to partner with the same banks they were supposed to
slay? The truth is that while financial startups are doing some things right,
they still have a lot to learn and gain from their traditional banking rivals.
Continue reading "Lessons from Big Brother: Banks can teach FinTech" »
Posted by Puneet Chhahira (View Profile | View All Posts) at 12:38 PM
Every month your bank reminds you that your credit card
payment is due. But on the rare occasion that you forget to pay, I really doubt
anyone bothers to check with you once more before slapping that late fee. Isn't
that strange considering your bank knows you intimately - your bank balance,
creditworthiness, the fact that you always pay on time - and therefore knows
with reasonable certainty that this is a one-off slip up? Shouldn't the bank
have at least shown you the courtesy of a call?
A bank that truly worked for the wellbeing of its customers
certainly would have. This is what separates the better bank from the rest of
the field. Unfortunately most banks do not live up to their promise of
customer-centricity, or to their customers' expectations. That leaves the door
wide open for non-banking players, such as Fintech companies, to take a quick
share of the market by offering products, services, solutions and experiences
that really work in their customers' favor.
Continue reading "The Rise Of The Better Indian Bank" »
Posted by Puneet Chhahira (View Profile | View All Posts) at 10:48 AM
The past couple of years have seen the launch of several mobile wallets in India, one of Asia Pacific's fastest growing markets in this space. Researchers forecast that the country's mobile wallet business will grow to about US$ 11.5 billion by 2022.
Continue reading "Winning the Digital Wallet War" »
Posted by Puneet Chhahira (View Profile | View All Posts) at 8:04 AM
Gamification -- the application of gaming principles and mechanics to non-gaming environments -- is not entirely new to the banking industry. Reward points on credit card usage, for example, is an established practice. But in the digital banking era, where the focus is shifting from enabling transactions to creating personalised experiences, gamification has to evolve into a more strategic and enterprise-centric practice.
Continue reading "Gamification as a service : the future of banking?" »
Posted by Puneet Chhahira (View Profile | View All Posts) at 5:58 AM
An effective digital strategy can boost profitability by 40 % or erode it as rapidly as 35% in the next 5 years - if you don't get it right, says one study. Another says digitization is at top the agenda at retail banks, ahead of all else. There is universal agreement that the future of banking, indeed every business, is digital. Most banks you speak to are cognizant of the need to digitize, and fast; a number of them have already got a plan going.
Continue reading "Defining Digital" »
Posted by Puneet Chhahira (View Profile | View All Posts) at 7:00 AM
Identical individuality is a pre-digital concept. Digital customers expect their banks to recognize their individual identity, their contextual needs and create personalized solutions that are relevant to their unique financial life stage. Customers want financial partners, rather than financial service providers, who will help them achieve their financial goals and aspirations. And so forth.
Continue reading "The customer isn't one" »
Posted by Puneet Chhahira (View Profile | View All Posts) at 11:22 AM
Credit Unions are fully invested in the potential of digital channels like mobile and online to transform their member experience. But their focus has predominantly been on enabling self-service and ensuring security. Success with more advanced opportunities like cross-selling, targeted marketing, member education or ensuring a consistent cross-channel experience has been rather limited.
Continue reading "Focusing on experience to drive revenue" »
Posted by Puneet Chhahira (View Profile | View All Posts) at 11:18 AM
Digital banking opens up pathways for traditional banks to pursue new opportunities within new ecosystems, markets and communities. Access can now be taken for granted. Rising mobile penetration, and freedom from the limitations, or need, for a physical presence, means that banks can now expand into areas that previously did not meet the cost-benefit cutoff. And it is not merely about access. Given the innate flexibility and versatility of the digital model, banks can even purpose-design and deliver products and services to fit the needs and circumstances of even the smallest of communities.
Continue reading "Innovating to serve" »
Posted by Puneet Chhahira (View Profile | View All Posts) at 11:14 AM
In an omnichannel banking world, the quality of experience enjoyed by a customer is actually built backstage, where internal processes are hard at work. It is process innovation that ensures that every transaction in every channel is optimized to maximize customer expectations as well as business objectives.
Continue reading "From efficiency to experience" »
Posted by Puneet Chhahira (View Profile | View All Posts) at 10:25 AM
Innovation has become the leitmotif of the global retail banking industry. Changing trends in consumer expectations, competitive dynamics and new technologies are compelling banks everywhere to focus on innovating on everything, from products and processes to channels and business models.
Continue reading "Where Products and Services Get More Innovative " »
Posted by Puneet Chhahira (View Profile | View All Posts) at 11:09 AM
Channels were at the frontline of digital disruption in the banking industry and continue to be hugely influential in banking transformation. Channel experience is a critical factor in how customers rate their overall banking experience. Also, for an entire generation, the value of a bank's product and service offerings is only as good as its mobile channel. Channel innovation, therefore, still represents a huge opportunity for banks to deliver a differentiated and personalized experience to their customers. Little wonder then that it tops the innovation and investment agenda at a large number of banks.
Continue reading "Innovating for Omnichannel " »