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We are Missing Steve Jobs in Banking

Are tech tools more important than business impact?

As influencers, we are ahead of the times, typically by couple of years. We talk about API, AI & chatbot when practitioners are stuck in mobility. We talk about BlockChain and VR, when practitioners have just begin API, AI & Chatbot journey. Add to that, there are more infographics available then ever…

This confuses the practitioners ( CDO / COO / CTO and their teams) as well as management & they tend to push towards newer technology instead of getting the maximum out of their previous initiatives. This is further enforced by magazines / newspapers, which are searching for sound bites. Social media is alway buzzing with which new technology is going to change the world (remember Google Glass?)

In Indian context, omnichannel platforms are yet to be implemented by most of the banks, including the large ones. However, as they are not highlighted by the market anymore, they have lost steam. Most NBFCs do not have still have responsive site and mobility platform, but many are trying to work on blockchain. The services available on these channels are very few and for most services, the customer still has to walk into the branch.

There is a need for reality check for each organization. Technology is tools to be used for solving some problems. Finally organizations have to focus on customer solutions and end results. We have to ensure that customer friction is reduced for on-boarding, servicing and exiting.

Are you doing a Blockchain project or solving a problem? Are you doing AI (cool stuff!) initiative or simplifying KYC process?

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