Simple reasons for changing your business model now
Successful business models have been built over last hundreds of years based on:
– Face to face transactions
– Physical documentation
– Manual / semi-automated operations
– Partners in Physical world (like DSA)
– Decisions by humans
Business models need to be tweaked to align with newer changes:
– E-KYC through Aadhaar
– End to end digital transaction flows (online payments / e-commerce / loan application etc)
– Automated processes (to result in Zero TAT to support online txn)
– Parters in digital world (e-Commerce, Digital DSAs, payment processors etc)
– Decisions by machines (if else logic and beyond)
As a Bank / NBFC / Insurance / Wealth Management firm, this will mean change in org structure, processes, resources, skills, customer connect etc.
This change is happening now – Onboard it to win now.
Digital Transformation – Nimble Simple Real… Frugal too…
