Finacle Blog

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 | Permalink | Comments (1) | TrackBacks (0)

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 | Permalink | Comments (0) | TrackBacks (0)

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.

Continue reading "Get business value through channel innovation " »

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

If there is anything positive that's come out of recession; it is people taking a little more interest in the idea of saving money. Banking became technologically hip with electronic banking i.e. online payments and has now moved on to offering all services from account openings to online fund transfers to saving for a rainy day. The Internet has made it so simple and so easy. The analysts forecast that 40% of adult UK consumers will be lured in by the conveniences of online banking bringing the number to 22 million users by 2012. There has been a palpable reduction in walk-ins to the banks even though the British employ branch services more than their European counterparts.

Continue reading "'Alternate' Banking in the United Kingdom takes off" »

Posted by Chandramouli Kundagrami at 4:00 AM | Permalink | Comments (0) | TrackBacks (0)

*About 14% of mobile phone users in UK use the self-service channel i.e. mobile banking for quick, easy and simple transactions - a trend that doesn't seem to be doing too well. In view of the age old pattern, UK has always topped the self-services chart with Internet banking being widely used as compared to the U.S.A, Philippines, and China etc.

Continue reading "Mobile Banking Gets Modish in UK" »

Posted by Chandramouli Kundagrami at 9:01 AM | Permalink | Comments (0) | TrackBacks (0)

Mobile banking is staging a strong comeback in the United Kingdom, driven by smartphones and other 3G enabled devices which promise a rich user experience.  Monitise, the mobile banking specialist, estimates annual mobile banking growth to be a whopping 30%. Mobile remittances are also on an upward trajectory, aiming at £6 billion by 2012.

Continue reading "Succeeding in UK with the bank-focused model of mobile banking" »

Posted by Shekhar Kapoor at 5:58 AM | Permalink | Comments (0) | TrackBacks (0)

Although people in the U.K. still walk into a branch more than most of their European neighbours, they’re moving quite rapidly towards other channels. Analysts expect the number of online banking users to touch 22 million in about 2 years, with 2 out of 5 adults adopting this service. Not surprisingly, young, educated high income earners will be the biggest users. What’s behind this growth? The internet apart, mobile phones and self-service kiosks are driving the move towards branchless banking. In fact, mobile banking has scored over the internet in spreading financial inclusion, since a lot more people know how to use a mobile phone than browse the World Wide Web.

Continue reading "Look ma, no branch!" »

Posted by Arunnima B S at 4:58 AM | Permalink | Comments (3) | TrackBacks (0)

The popular clothes retail chain, at my favourite mall wore a sign some weeks ago that screamed “What if the party is over…you still have the party-wear!!!!” It advertises their new scheme that allows customers to buy ‘essential’ clothing, and earn points they can redeem for the fancier stuff. Perfectly appealing to the recession-hit shopper, who can now enjoy ‘guilt-free’ wardrobe building, even as she apparently shops for essential wear. A great way to get rid of stocks that could go cold, as well! And all this achieved because of the chain’s ability to respond to change, quickly…relevantly.

Continue reading "A walk down the mall…and a lesson in banking!" »

Posted by Anuradha Mallya at 9:50 AM | Permalink | Comments (0) | TrackBacks (0)

They take my book order over the phone, pack the stuff up and let me pick up my shopping, on the run, from their store. Some weekends I browse through their store…can’t make up my mind to really buy something but end up placing my order through their online store after I’ve read a couple more reviews. Other times I’m visiting their online store, but dial them out to check if there’ll be discounts on the title during their annual sale, and then decide if I want to buy the book. It seems to me a great idea that I can interact with my favourite bookstore over any channel or combination of channels that I choose, and enjoy the same friendly experience. Something that banks can do as well…and with greater success too!

Continue reading "Banks can do as the bookstore downtown does!" »

Posted by Anuradha Mallya at 5:40 AM | Permalink | Comments (0) | TrackBacks (0)

There’s this joke someone cracked the other day. A young banker decided to get his first tailor made suit. He went in for his first fitting, put on the suit and preened himself in front of the mirror. Reaching down to put his hands in the pockets, to his surprise he noticed that there were no pockets. He mentioned this to the tailor who asked him, "Didn't you tell me you were a banker?" The young man answered, "Yes, I did." To this the tailor said, "Who ever heard of a banker with his hands in his own pockets?"

Continue reading "Profits are virtually out there!" »

Posted by Jaymalya Palit at 11:04 AM | Permalink | Comments (0) | TrackBacks (0)