I believe that successful banks will have following approach:
– They will have fully digital products sold through digital & non-digital channels (owned by banks as well as partners)
– They will have branch presence though in a limited way. In Indian context, they may have nearly 200 branches (Indians minimally expect branch presence in the city).
– Branches would be smaller and digitally enabled.
– They will have partnership model for lending / deposits / trade, wherein margins would be shared.
– They will provide full service through digital / partner channel.
– They will have cross functional team driving digital initiatives and these folks would be best in the industry. Hired possibly on Day 1 in Campus.
New Age Banking would be about Digital Business Supported by Empowered Branch Network…