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December 2, 2011

Bye-bye plastic money?

Before leaving Japan, I was in a shopping mall to buy some souvenirs for my friends and relatives. While in the billing queue, I was surprised to see people flashing their mobile phones near a device at the billing counter to pay their billed amount and moving on with their purchased items.  

Continue reading "Bye-bye plastic money?" »

Posted by Pooja Agarwal at 5:08 AM | | Comments (0) | TrackBacks (0)

August 29, 2011

Change and Agility: Two Sides, Same Coin

It's somewhat hard to imagine an agile bank, given the size, complexity and conservatism of financial institutions. But an agile bank isn't necessarily the fastest, but rather, is one that is fleet-footed, along with being nimble and flexible. It's a marathoner, not a sprinter.

Continue reading "Change and Agility: Two Sides, Same Coin" »

Posted by Kartik Ramadas at 9:51 AM | | Comments (0) | TrackBacks (0)

August 5, 2011

Honoring Innovation with the 2011 BAI-Finacle Global Banking Innovation Awards

It's been a long journey for banking innovation, from when it started out some 1,800 years ago when Persian merchants issued the first "checks", to its current state.  While there have been ups and downs, financial services innovation has endured, to revolutionize the business of banking, enable struggling institutions to claw back, and now, allow non-banking firms to make a statement with disruptive offerings. Barring a few detractors, the overwhelming majority believes that banks must innovate, or risk the consequences.

Continue reading "Honoring Innovation with the 2011 BAI-Finacle Global Banking Innovation Awards" »

Posted by Navin Rammohan at 6:25 AM | | Comments (0) | TrackBacks (0)

August 3, 2011

Getting Business and IT to Walk in Step

Who can deny that information technology has changed banking beyond recognition, making it big enough to straddle continents, yet small enough to fit into the palm of one's hand? So, it's understandable if the layman is taken aback by the constant tug of war between the business and IT sides of banking.

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Posted by Balwant C Surti at 4:31 AM | | Comments (0) | TrackBacks (0)

June 27, 2011

Will a new world of computing mean a new world for banking?

I agree that we want our banks to be safe and conservative, but as a technology buff, I can't help wishing that they were a bit more adventurous. While industries from manufacturing to retailing have put social media and cloud computing to innovative use, banks have held back, perhaps more than they should.

Continue reading "Will a new world of computing mean a new world for banking?" »

Posted by Balwant C Surti at 7:17 AM | | Comments (0) | TrackBacks (0)

June 20, 2011

Online Banking Analytics: A Smart Innovation Tool

It's amazing what you can tell from a click pattern.
Banks are spending big money on analytics to uncover the hidden meaning of their customers' pattern of activity on Internet, mobile and other online channels. With more customers doing their banking away from the branch, a huge amount of data is being generated at online touch points - rich fodder for online banking analytics solutions, which analyse customers' clicking and navigation behaviour to produce insight and predict outcomes.

Continue reading "Online Banking Analytics: A Smart Innovation Tool" »

Posted by Arunnima B S at 7:40 AM | | Comments (0) | TrackBacks (0)

June 8, 2011

The "E" in EBAM - Not just electronic, but easy and efficient too!

How many people do you think it takes to manage the bank accounts of a large company? Well, in a 2009 survey, it appeared that 50% of responding corporate firms employed 4 or more persons to focus on this job!

Continue reading "The "E" in EBAM - Not just electronic, but easy and efficient too!" »

Posted by Arunnima B S at 10:44 AM | | Comments (0) | TrackBacks (0)

May 12, 2011

Commercial B2B Portals Powered by Banks

Here's an idea for banks to make their corporate online banking service work smarter. For some time now, banks have offered a facility called EBPP (Electronic Bill Presentment and Payment) to utility companies, which the latter use to distribute bills and collect payments from their large customer base. Typically, the EBPP module is plugged on to the existing corporate online banking service.

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Posted by Amit Vats at 11:50 AM | | Comments (0) | TrackBacks (0)

May 3, 2011

Banking the Millennial Unbanked

Most banks have a well laid out inclusion strategy to tap the mass poor in rural areas. But how will they draw in the 'other unbanked' - members of the millennial generation who are growing up in cities everywhere, showing little interest in a formal financial relationship?

Continue reading "Banking the Millennial Unbanked" »

Posted by Gautam Bandyopadhyay at 10:37 AM | | Comments (0) | TrackBacks (0)

April 26, 2011

Smartphones and Mobile Wealth Management

An analyst firm's report on the mobile internet says that in 2014, mobile trading-related activity would be 10 times that in 2009. Another investor survey revealed that a significant proportion of respondents - especially among those below 50 - wanted multiple options to connect with their financial advisors, including mobile texting, tablets and video conferencing.

Continue reading "Smartphones and Mobile Wealth Management" »

Posted by Sai Kumar Jayanty at 9:09 AM | | Comments (0) | TrackBacks (0)

April 18, 2011

The Potential of Social Media in Banking

I have lost count of the number of surveys reporting the dominant influence of social opinion in decision-making. Today, almost every website features a link enabling visitors to 'share it' on Facebook and other popular networking platforms. Suffice it to say that consumers are starting to rely a lot more on the advice of their social communities than on company-sponsored communication while buying a product or service.

Continue reading "The Potential of Social Media in Banking" »

Posted by Chandramouli Kundagrami at 8:58 AM | | Comments (0) | TrackBacks (0)

April 13, 2011

Jumpstarting the Use of Predictive Analytics

My last post talked about the factors dragging the adoption of Predictive Analytics. This one is about jumpstarting it.

Organisations have too many fears with regard to predictive analytics - can they handle it, can they afford it, will it work... etc. They need to dump this baggage. In truth, there are several ways to embrace predictive analytics, some simpler than expected. Rather than get bogged down by the enormity of the task, organisations must take a level-headed look at their processes and available data - which are the keys to determining the actual solution.

Continue reading "Jumpstarting the Use of Predictive Analytics" »

Posted by Balwant C Surti at 9:41 AM | | Comments (0) | TrackBacks (0)

April 6, 2011

What's Dragging Predictive Analytics?

So far, the story of Predictive Analytics has been one of unfulfilled promise. In this blog post and the next, I'll talk about the reasons for its slow takeoff and ways to accelerate adoption.

One of the things holding back predictive analytics is a lack of skilled resources. Working on a predictive analytics model is a specialised job that only statisticians can do, and they are hard to find. However, a lot of surrounding knowledge comes from the business domain, which can be leveraged by business users with the help of technical experts.

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Posted by Balwant C Surti at 6:55 AM | | Comments (0) | TrackBacks (0)

March 22, 2011

Time to Get in Your Customers' Face

Banks are finding that customer acquisition and retention is like climbing a slippery slope and so are doing everything possible not to lose their grip. Over the years, they've discovered new, innovative ways of reaching their customers, to the point of following them wherever they go.

Continue reading "Time to Get in Your Customers' Face" »

Posted by Arunnima B S at 4:59 AM | | Comments (0) | TrackBacks (0)

March 14, 2011

Banks Must Push the Innovation Envelope

There are several good reasons why banking innovation lags the drive and imagination of other industries. I won't go into those. Banking innovation has always operated within a restricted area, but of late, it has also become less remarkable. With most banks having access to similar technology, creative ideas are easily copied, leaving very little advantage for the first mover. The result is uniform, incremental and contemporaneous change across the industry.
 

Continue reading "Banks Must Push the Innovation Envelope" »

Posted by Anuradha Mallya at 5:20 AM | | Comments (0) | TrackBacks (0)

March 7, 2011

Personalising Personalisation on Multiple Banking Channels

It's no longer a one-way push for multi-channel banking; customers want it too. But in extending the banking channel to a host of devices from the ATM to the tablet, have banks made things more complicated for their customers? Think of the multiple passwords, security questions, alert options, favourites....and you get my drift.

Continue reading "Personalising Personalisation on Multiple Banking Channels" »

Posted by Arunnima B S at 6:02 AM | | Comments (0) | TrackBacks (0)

February 28, 2011

The "In-a-Box" Framework

In the race for commercial success are smaller banks destined to always come away second best?

The limited reach and resources of small and mid-sized banks make for an uneven fight in an industry dominated by global behemoths. Creating identity and competitive advantage through innovation is the only way for these banks to take on the Goliaths, but that calls for investment in core banking replacement which is beyond the reach of most. This additionally requires skilled manpower and upfront investments.

Continue reading "The "In-a-Box" Framework" »

Posted by Rajashekara V. Maiya at 5:45 AM | | Comments (0) | TrackBacks (0)

February 14, 2011

OFM: Getting a Better Grip on Financial Management

The New Year is upon us and once again I find myself renewing my resolution to manage my finances better. While I've tried every trick in the book, starting with a handwritten account, moving to the good old reliable Excel sheet, and now a personal financial management (PFM) widget on the net, all of them have left me vaguely dissatisfied.

Continue reading "OFM: Getting a Better Grip on Financial Management" »

Posted by Arunnima B S at 4:06 AM | | Comments (0) | TrackBacks (0)

February 8, 2011

Banking Innovation 2011: What's Hot, What's Not

Not just a new year, but a brand new decade as well to keep the soothsayers busy. We add to the predictions with our list of the hits and misses in banking innovation in 2011. It looks like a sunshine year for mobile banking, with banks across the spectrum innovating on their standard offerings to create an element of differentiation. Emerging market banks will stick to their inclusion agenda over the mobile, while those based in the mature markets of high growth regions -such as Hong Kong or Korea - will brace themselves against mobile-led competition from non-banking newbie players. We think Europe will finally see some action at the higher end of smartphone-based banking.

Continue reading "Banking Innovation 2011: What's Hot, What's Not" »

Posted by Balwant C Surti at 5:06 AM | | Comments (0) | TrackBacks (0)

December 8, 2010

The changing perspective of banking worldwide

Government intervention to revive flagging economies in North America and Europe has manifest in diametrically opposite forms, with the former stimulating sales and spending and the latter encouraging savings. As expected, non-regulatory bodies like the G-20 are also advocating reform for their member nations, putting further pressure on the already stretched global liquidity. Meanwhile, several European countries are poised on the brink of fiscal crisis. All these developments are stoking fears of inflation and liquidity shortage in the rest of the world.

Continue reading "The changing perspective of banking worldwide" »

Posted by Rajashekara V. Maiya at 5:02 AM | | Comments (0) | TrackBacks (0)

November 25, 2010

Exactly, why are bankers investing in innovation?

Infosys and European Financial Marketing Association (EFMA) recently released the second edition of 'Innovation in Retail Banking'. Delving deep into various concerns and benefits of innovation for bankers in Europe, Middle East and Africa, the report articulates how focus on innovation has clearly risen. However, relatively few banks have made innovation a strategic priority or established  a clear link between their strategic priorities and the role of innovation.

Continue reading "Exactly, why are bankers investing in innovation? " »

Posted by Harini Babu at 5:22 AM | | Comments (0) | TrackBacks (0)

November 16, 2010

The Treasurer's Triangle

A treasurer and his team constantly walk the tightrope and a delicate balancing act is essential to measure and manage asset liability management process - invest in creditworthy assets, maintain sufficient liquidity and maximise returns. This triangular relationship between credit, liquidity and returns is of course not static. The elements constantly flex around - for example, in a stable market, precedence is given to returns, creditworthiness is usually easily determined as results  seem to be broadly predictable within the usual credit models, and liquidity is not an issue as the environment is free of major shocks. However, in a disturbed or chaotic market, the order is often reversed, the immediate worry is liquidity, this is of course closely tied to credit (which is typically deteriorating and perhaps in sudden and unexpected ways) and returns become almost an afterthought (though of course maintaining profitability is still a requirement but not always achievable in such circumstances).

Continue reading "The Treasurer's Triangle" »

Posted by Milind G Kolhatkar at 5:33 AM | | Comments (0) | TrackBacks (0)

November 9, 2010

Retail Banking in the Asia Pacific: What's Innovative?

Asia Pacific, although impacted temporarily by the new global economic environment, is definitely on the growth path. Consistent increase in domestic consumption and low levels of individual debt is accelerating demand for retail financial services. And banks are innovating to stay ahead of the pack. In fact, according to a recent research conducted across South Asia, Southeast Asia (including Australia) and North Asia, 63% of bankers surveyed said that their banks increased investments in innovation last year, and the focus is unwavering on innovation in channel network distribution and products.

Continue reading "Retail Banking in the Asia Pacific: What's Innovative?" »

Posted by Harini Babu at 11:02 AM | | Comments (0) | TrackBacks (0)

October 29, 2010

Mobile Banking: Where from and where to?

Being a self-confessed mobile addict, I was curious about how that little device had insinuated itself into my life, almost without my realising it. What was driving the massive adoption of mobile technology, for banking in particular, by millions of users? Had the trend peaked or was there more to come?

Continue reading "Mobile Banking: Where from and where to?" »

Posted by Kiran KSR at 4:16 AM | | Comments (1) | TrackBacks (0)

October 7, 2010

How CRM can improve SMB banking

The problem with Small and Medium Businesses (SMBs) seems to be that they fall between two stools - their small size and higher risk rating don't make them corporate enough while their transaction levels are too high to dub them retail customers.  Unfortunately, owing to the sheer SMB numbers, many banks bracket them with mass market retail clientele. This needs to change because SMBs transact in separate fashion and have very different needs from corporate or individual users. And understandably, they expect these to be acknowledged by their banks through personalised, relevant and timely products and services.

Continue reading "How CRM can improve SMB banking" »

Posted by Shriram Parthasarathy at 8:02 AM | | Comments (0) | TrackBacks (0)

September 22, 2010

Play Safe with IP Protection

If the high-voltage Intellectual Property (IP) dramas of the corporate world have taught us a lesson, it's this - protecting one's invention is as important as the idea itself. Yet, most of us pay scant heed to doing so, sometimes at great cost. Safeguarding intellectual assets - ideas,  solutions, frameworks, components, tools, algorithms, methodologies and processes - through sound IP management offers several collateral advantages besides the obvious protection, including the prestige of an innovator tag, monetization opportunities and a hard to copy competitive edge.

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Posted by Teena Sudhakaran Nair at 12:13 PM | | Comments (0) | TrackBacks (0)

September 2, 2010

Choosing the Right Mobile Banking Partner

A firm specializing in telecom business intelligence predicts that the number of mobile banking users will grow by almost 60% each year to touch 894 million by 2015 and adds that mobile devices are well positioned to become the primary digital channel for financial services in emerging markets.

Continue reading "Choosing the Right Mobile Banking Partner " »

Posted by Balwant C Surti at 3:28 AM | | Comments (0) | TrackBacks (0)

August 31, 2010

The Mobile Phone - the Bank of the Unbanked

A staggering 2.5 billion people, or about half the world's adult population, are unbanked posing a massive challenge to conventional modes of reach such as ATMs and local correspondent networks. But analysts believe that the mobile phone is well set to become the most important electronic banking channel in emerging markets, which incidentally house the bulk of those without access to financial services.

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Posted by Gautam Bandyopadhyay at 3:11 AM | | Comments (1) | TrackBacks (0)

August 10, 2010

A To Do List for Survivor Banks

Crystal ball gazing is an imperfect science at the best of times, yet I find myself wondering what lies ahead for banks that made it past the finish line of the economic crisis. What challenges do the new dynamics of compliance, consumerism and inclusivity bring?   And what must the industry do to turn those into opportunity? This is my checklist.

Continue reading "A To Do List for Survivor Banks" »

Posted by Arunnima B S at 9:47 AM | | Comments (0) | TrackBacks (0)

August 3, 2010

Master the forces of change, be innovative!

Often, innovation is simply an ingenious response to a difficult situation - the inventor of the ATM thought up a cash vending machine when he couldn't withdraw money because the bank had just closed. The extension of this argument is that innovation is not only borne out of challenge, it is also its antidote. This is why an innovation strategy is so important to the survivors of the financial crisis.

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Posted by Balwant C Surti at 5:36 AM | | Comments (2) | TrackBacks (0)

July 26, 2010

New forces at work in the survivor's world

'It is not the strongest of the species that survive, nor the most intelligent, but the one most responsive to change.' - Charles Darwin

More than a hundred years after Darwin made this observation, it continues to hold true. And that is why it is so important for banks which have lived through the crisis to get on top of the changes driving the survivor's world. While there are many propellers of change, tightening regulation, growing consumerism, measurable productivity drivers and growing unexplored potential are the most significant, each one carrying both threat and promise.

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Posted by Rajashekara V. Maiya at 3:57 AM | | Comments (0) | TrackBacks (0)

July 20, 2010

Video Banking: Showing the Middle Path

Since much has been said about how the digital consumer has embraced self-service banking, I won't dwell on it further. But what is interesting is that the branch network has survived this phenomenon belying all expectations of obsolescence, even growing about 60% in the United States between 1991 and 2008.

Continue reading "Video Banking: Showing the Middle Path" »

Posted by Shweta Shivaraja at 8:35 AM | | Comments (0) | TrackBacks (0)

June 29, 2010

Creating and keeping the right customer

Talk to the executives of any firm and they'll tell you how much their customers mean to them.  So, is customer-centricity nothing more than the latest marketing spiel? Not at all. The true sense of customer-centricity is to make a cultural shift from the traditional product or sales focus of a company to creating a consistently great experience for the customer. And recent research by a global think-tank shows that organizations fall woefully short in walking the talk. Despite a resounding majority of respondents asserting that customer experience was important or critical to their competitive strategy, few of their organizations were implementing this on the ground.

Continue reading "Creating and keeping the right customer" »

Posted by Dougal Edwards at 4:30 AM | | Comments (0) | TrackBacks (0)

June 24, 2010

Achieving customer-centricity and delivering compelling customer experience

Before starting this blog series on customer-centricity, I'd like to dispel a common misconception by stating clearly that customer satisfaction does not equal loyalty. Satisfaction, although important, is just a snapshot in time of the customers' state of mind. Whereas loyalty is a measure of their willingness to further engage with the brand in question. A loyal customer results in repeat business and customer advocacy - the holy grail of the customer-centric organization.

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Posted by Dougal Edwards at 6:11 AM | | Comments (0) | TrackBacks (0)

June 22, 2010

Good housekeeping for better banking

With bad news, now coming from Europe, showing no signs of letting up, the debate rages on about how to fortify the world's financial systems. That we will see more regulation and government intervention, is a no-brainer, but that apart, I foresee some 'collateral' developments as the banking sector goes about putting its house in order.

Continue reading "Good housekeeping for better banking " »

Posted by Rajashekara V. Maiya at 5:30 AM | | Comments (0) | TrackBacks (0)

June 18, 2010

Canadian banking: In slow transition

Canada's sedate banking industry has been roused by the arrival of new age non-traditional players like virtual and Internet-only banks. When customers gave them the thumbs up, it forced the big boys to sit up, take notice and launch similar initiatives. Thanks to these innovations, the industry has managed to come out of the trough it found itself in during the crisis.

Continue reading "Canadian banking: In slow transition" »

Posted by Anuradha Mallya at 4:44 AM | | Comments (0) | TrackBacks (0)

June 16, 2010

Get business value through channel innovation

Think of Return on Capital (ROC) as the acid test of business; ultimately all banks will judge and be judged by how well they use this resource. Since all other indicators like efficiency, productivity and customer retention flow back into ROC, this is the preeminent driver of business value, and the cynosure of any project investment.

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Posted by Chandramouli Kundagrami at 6:30 AM | | Comments (0) | TrackBacks (0)

April 16, 2010

Risk-free Transformation - A No Stress Journey!

Costs are rising consistently and margins shrinking rapidly; economic conditions are shaky at best and customers are but willing to change sides in the blink of an eye - the picture is far from rosy. Banks can barely circumvent the need to streamline their technological rudder. If their back end systems are ageing and fail to provide much needed agility, cost-effectiveness, flexibility and scalability then a core transformation is definitely in order.

Continue reading "Risk-free Transformation - A No Stress Journey!" »

Posted by Anil Kumar NS at 6:32 AM | | Comments (0) | TrackBacks (0)

March 4, 2010

2+2=5: The Modular Approach for Treasury

A universal remote control is under-utilized if all you have is a T.V. Not to mention wasteful expenditure!

And, the same concept is applicable even in case of the new-age banking solutions, especially treasury systems. Of course, having a comprehensive suite of functionalities is nice but if all its modules are not going to be immediately utilized then going the modular way may be the  best way to achieve higher efficiency and lower cost of ownership.

Continue reading "2+2=5: The Modular Approach for Treasury" »

Posted by Sanjeev Kumar nargotra at 10:19 AM | | Comments (0) | TrackBacks (0)

February 12, 2010

A modular option for treasury implementation

Small and medium-sized banks are often in a quandary about renewing their treasury systems. Implementation is not just a complex, risk-bearing, expensive affair; it could take so long that by the time it’s done, the original objectives may have changed. What’s more, those with modest treasury operations may not need the entire repertoire of functionalities built into a full-fledged solution. 

Continue reading "A modular option for treasury implementation" »

Posted by Milind G Kolhatkar at 3:50 AM | | Comments (0) | TrackBacks (0)

February 3, 2010

Yes. Agility and Innovation go hand-in-hand!

Agility is not about “fastest-finger first”. Rather,  it  is an attitude, a value system, a willingness to be nimble of mind as well as quick of body. It is about understanding that to achieve greater competitive advantage and higher shareholder value, organizations need to innovate  consistently – moving quickly and thoroughly through product and process development – in other words, be more agile. Clearly, there is no place for status quo.

Continue reading "Yes. Agility and Innovation go hand-in-hand!" »

Posted by Rajashekara V. Maiya at 11:37 AM | | Comments (0) | TrackBacks (0)

January 20, 2010

Financial Inclusion in India: The market is ready. And banks.

No-frills accounts, the beginning was modest. Encourage small savings and enable customers to perform basic cash transactions without imposing conditions of minimum balance maintenance. But banks soon realized that by maintaining such a narrow focus and seeking to enable only the most basic transactions such as account or deposit creation among the unbanked community they are losing out on perhaps a very lucrative market. While estimates differ, most put down India’s bank account penetration somewhere between 40 and 50 per cent.

Continue reading "Financial Inclusion in India: The market is ready. And banks." »

Posted by Kiran KSR at 9:08 AM | | Comments (1) | TrackBacks (0)

December 18, 2009

Is your Treasury Truly Agile?

Soaring customer expectations have not only transformed retail banking but have also influenced the way bank treasuries operate. Plain vanilla FX and money market deals are but hygiene today. Treasurers are busy structuring complex deals for their customers; while exotic options are commonly found, plain vanilla American and European options are getting rarer. The focus on risk management is growing as well, as treasurers strive to comply with global regulatory mandates.

Continue reading "Is your Treasury Truly Agile?" »

Posted by Sanjeev Kumar nargotra at 10:48 AM | | Comments (0) | TrackBacks (0)

December 11, 2009

“Hello Mr. Smith! So did your little girl enjoy her birthday party yesterday?”

So asked the teller, D. Smith was connected to, when he reached his bank one grey Monday morning. No! Mr. Teller had not set eyes on Smith ever...nor had Smith dealt with him before. In fact, Smith was not even surprised. His bank always seemed to have a little window to his life open...and of course a way to quietly brighten dull blah mornings...even if only a wee bit.

Continue reading "“Hello Mr. Smith! So did your little girl enjoy her birthday party yesterday?”" »

Posted by Haragopal Mangipudi at 7:04 AM | | Comments (1) | TrackBacks (0)

December 7, 2009

IT and Channels: The twin engines of banking innovation?

Although channels have been the top focus area for banking innovation in recent years, they haven’t run out of steam. Most banks today have a good vision for their channel strategy – one that builds a strong partnership with customers and puts them firmly in control of the relationship. A few interesting examples on how banks across the world are powering their innovation agenda using channels, technology or both.

Continue reading "IT and Channels: The twin engines of banking innovation?" »

Posted by Navin Rammohan at 9:40 AM | | Comments (1) | TrackBacks (0)

November 26, 2009

UK Banking: What’s Emerging from the Flux

The financial environment in the UK is in a state of unrest - banks’ offerings are being revamped, regulations are changing fast, newer business models are coming to the fore, more players are entering the fray, technologies deployed are transforming progressively and the modus operandi at banks is altering rapidly. The result? Changing customer expectations and a climate that lacks sureness. So, where do the answers lie? Banks are as yet exploring.

Continue reading "UK Banking: What’s Emerging from the Flux" »

Posted by Chandramouli Kundagrami at 11:41 AM | | Comments (0) | TrackBacks (0)

November 25, 2009

Channels: Really It's More Than Just Channels...

Banks have invested tirelessly in channel and process transformation to improve end-user experience. But you'll agree, only certain innovations, primarily on the channel front, have created visible impact on customers. Which leads me to ask whether there's a way by which banking innovation can be more in-the-face? How about innovating with customer interactions?

Continue reading "Channels: Really It's More Than Just Channels..." »

Posted by Navin Rammohan at 8:25 AM | | Comments (0) | TrackBacks (0)

November 17, 2009

Multi-Channel Strategy – A Platform for Banking Innovation

Branch: The Twists in the Story Continue…

Undoubtedly new channels have revolutionized the way people bank. And yet, branch networks thrive. A reality reflected in the discussion topic at a recent conference on multi-channel distribution that I attended.

Continue reading "Multi-Channel Strategy – A Platform for Banking Innovation" »

Posted by Navin Rammohan at 8:58 AM | | Comments (1) | TrackBacks (0)

November 12, 2009

Innovation: Is your bank down with it?

O yeah! Who hasn’t heard of it…the competition that’s getting tougher, margins being squeezed, new entrants…new business models…regulatory requirements growing by the week...and FINALLY banks thinking up of ‘innovation strategies’  to beat it all... wham!

Continue reading "Innovation: Is your bank down with it?" »

Posted by Bhaskar Banerjee at 2:55 AM | | Comments (0) | TrackBacks (0)

November 4, 2009

Why Banks Must Bite the Innovation Bullet

The strategic importance of banking innovation as a mantra for all-weather survival, today, comes from its potential to lead banks away from a crisis-torn past to a better, albeit, changed future.

Continue reading "Why Banks Must Bite the Innovation Bullet" »

Posted by Sanat Rao at 11:11 AM | | Comments (0) | TrackBacks (0)

October 29, 2009

And what if Gen Y does not need bankers??!!

You wouldn’t argue it out, when I say using broad brushstrokes to segment a bank’s customer base is passé. While ‘segment of one’ is what the banking world is moving towards, at the least multiple criteria like homogeneity of behavior, aspiration, value, culture and habit – must necessarily be taken into consideration. My bank probably realized this a couple of years ago when a 20-something, tech-savy, 6 figure-salaried Gen Y customer stepped through its doors and demanded to access her account online. For such customers the mobile is almost an organic extension of their selves, while wi-fi, tweets and on-the-go acceptable lingos. They don’t have time to visit bank branches or wait patiently while the call-centre agent puts them on hold. In fact, they may not even opt to use the inevitable suggestion box at the branch or ATM. Instead their verdict is often plastered across blogs, tweets and discussions on the world wide web…often cluing in your other customers and competitors before you!

Continue reading "And what if Gen Y does not need bankers??!!" »

Posted by Arunnima B S at 3:03 AM | | Comments (2) | TrackBacks (0)

October 28, 2009

Process Innovation: From the Customer Side of the Fence

Through the flood of mails that I typically wade through everyday, I chanced upon a mail from my bank, reminding me that I had missed an installment payment. Gritting my teeth, I prepared mentally for a frustrating chat with the poorly informed call center executive, then downloading paper documents, making out a cheque, couriering the same… the list seemed so painfully long.

Continue reading "Process Innovation: From the Customer Side of the Fence" »

Posted by Rajendra Kumar K. L. at 8:06 AM | | Comments (2) | TrackBacks (0)

September 24, 2009

Incremental Banking Innovation: Taking Small Steps towards Sustainability

The banking industry is not known for big-bang innovation; neither has it experienced its disruptive effects unlike other industries. Weak consumer demand for unique products may have as much to do with this as the fact that the long lead times of banking innovation allow competitors to catch up, thereby offering little advantage for first movers or innovative “upstarts”. Banks have also not followed the 'how fast' but the 'how far’ approach to innovation. Hence, while most banking innovation has been incremental in nature, it has served its practitioners well, especially when it focuses on those changes that are simple, convenient and sensitive to the customer.

Continue reading "Incremental Banking Innovation: Taking Small Steps towards Sustainability" »

Posted by Rajashekara V. Maiya at 9:00 AM | | Comments (4) | TrackBacks (0)

September 10, 2009

Banking channel innovation: Not over and done with

If I had to name one facet of banking that had changed beyond recognition, it would most certainly be the delivery channel. It’s quite unimaginable how banking services has freed itself from the clutches of the branch to become available all the time and everywhere!

Continue reading "Banking channel innovation: Not over and done with" »

Posted by Chandramouli Kundagrami at 2:59 AM | | Comments (1) | TrackBacks (0)

September 9, 2009

DDA innovation: Many roads, one destination

With financial safety being the current flavour of retail banking, Demand Deposit Accounts (DDA) are receiving much attention. While different banks may innovate on their DDA business in different ways to make them more appealing, their end goal is to offer the right combination of product, service and channel to each customer at the lowest possible price.

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Posted by Rajashekara V. Maiya at 11:39 AM | | Comments (2) | TrackBacks (0)

August 26, 2009

Why banks must play “follow the (innovation) leader”

Do you remember the time when a few retail-focused banks set up in-branch café lounges to give customers a richer experience? Down the years, banks have borrowed ideas from other industries to innovate various aspects of their business – the patterning of loyalty programs as per the frequent flyer model is probably the best example.

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Posted by Chandramouli Kundagrami at 6:20 AM | | Comments (0) | TrackBacks (0)