Wallet = Savings account – interest + limits… then why did it sell…

Wallet = Savings account – interest + limits… then why did it sell…

Whatever can be done in a wallet account can be done on mobile banking app (except that it doesn’t sound great!!!). Plus you can do transactions for higher amount… Plus you will get interest… kyc requirements has been strengthened to almost bring it at par…

THEN why wallets still flourished atleast for sometime?

AND Can banks leverage the learnings from wallets for enriching their business model….

– Greed – who doesn’t like cashback…  Can banks spend money (cash back or some other offers) on mobile platforms … icici bank is doing it well by giving offers with each online transaction..

– Marketing dollars – jo dikhta hai woh bikta hai… can banks run mktg campaigns for their mobile platforms?

– Amazing convenience – this is shockingly poor for many banks… most expect min 5 to 7 clicks before u can pay for electricity bills..

Focus on mobile channel to build your franchise… add more products… keep it simple… cross sell…. upsell… invest…

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