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November 30, 2016

Powering New Digital Business Models in Banking

Posted by Sanat Rao (View Profile | View All Posts) at 12:35 PM

Powering New Digital Business Models in Banking

Innovative digital models are making their way into banking and the recently launched Marcus by Goldman Sachs is one such example. A subsidiary of the investment bank, Marcus will offer customers a fixed-rate, no-fee, unsecured personal loan, which enables customers to personalize monthly payments and thus better manage their finances.

Marcus marks Goldman Sachs's digital shift from Wall Street to Main Street, and is an example of how banks are rapidly adopting new technologies. Another example of progressive incumbent banks going digital is India's ICICI Bank which has continually transformed itself to keep pace with changing customer requirements. Since 2015, the Bank has refreshed its core banking platform, launched #icicibankpay - a comprehensive Twitter based banking service, Pockets - India's first Visa-based open digital wallet, iWear - the country's first multi-platform smartwatch app, SmartKeys - a smart keyboard for banking where one can chat and pay, and most recently, a pilot on Blockchain based remittances and trade finance. All these initiatives are designed to comprehensively transform the bank to fulfil emerging customer expectations.

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