February 27, 2014

New ways of branch banking

Posted by Tarun Kishore Sonwalkar (View Profile | View All Posts) at 6:16 AM

New ways of branch banking_Tarun.jpg

The current pace of change in banking can be mind boggling for customers. Much of that change is due to the influence of the retail sector, and banks' implementation of "retail style" banking to cater to the new generation of customers.

To be sure, banks need to attract the younger demographic segments, as they are the source of future revenues. The younger generation is accustomed to retail-like consumption experience, such as the one provided by malls and interactive smart stores. These customers, being highly digitally driven, will expect to use digital channels like Internet and mobile for regular banking activity. But when it comes to more complex or significant transactions, these customers will feel the need to visit their bank branch to seek advice and guidance.  

That being said, bank branches cannot hope to cater to next generation customers in the age-old way. They should prepare strategies for making retail banking more customer-centric with the help of innovations based on smart banking technologies and best practices from around the world. This could well call for going the way of retail - with branches in supermarkets and malls, smart stores like those from Apple complete with touchscreens, self-serving kiosks, 'muzak', and live video help from banking specialists and advisors.

However, while looking to secure their future revenue streams, banks must not neglect the interests of their existing and traditional customers. This means that they must change branch banking in other ways too.

For instance, banks should effectively utilize smart banking technologies and practices to provide access to all the details of the customer relationship, such as credit scores, banking history, and other accounts held. This can be augmented by offering access to software that predicts customer preferences and future banking service requirements based on past behavior. All of these together would help the banks provide more personalized and suitable sales and service offerings in order to retain their existing customers.

December 9, 2013

Is the time of Core Banking over - Time for Enterprise Solutions?

Posted by Tarun Kishore Sonwalkar (View Profile | View All Posts) at 7:40 AM

Here goes the life history of banks -

Banks were first created for handling all the financial needs of people and businesses with licenses to run their segregated operational world- designated masters of their turf.

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August 22, 2013

Social Media Interaction - Are Banks Up to This Challenge?

Posted by Tarun Kishore Sonwalkar (View Profile | View All Posts) at 2:09 PM


We have amongst us a whole generation that learned to type long before it could talk. Tabs and Smartphones figure at the top of a 10-year-old's wish-list. People experience extreme anxiety until they announce their "bad hair day" to the world; symptoms worsen if at least 2,000 people do not "like" it within 15 minutes. Proof enough of the extent to which social media has pervaded our personal lives, and also of the intermingling of our physical and virtual worlds. Businesses are now beginning to see an opportunity to cash in on this mass phenomenon. And when business and cash are involved, can banks be far behind?

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April 26, 2013

Future of Banking - "App" Banking

Posted by Tarun Kishore Sonwalkar (View Profile | View All Posts) at 5:22 AM

Circa 2000 A.D. A guarded enthusiasm greets the new gadget which goes by the name of "cellular" phone. A pocket-sized wonder which promises to take communication to an altogether new level. Mankind treats it with skepticism - paying money to "receive" calls is not such an attractive proposition, after all.

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