Benchmarking Digital Journeys: The Key to Customer-Centric Innovation
Benchmarking Digital Journeys: The Key to Customer-Centric Innovation India is witnessing a remarkable surge in digital adoption, driven by a confluence of factors such as government initiatives, an expanding internet user base, and businesses increasingly recognizing the value of digital tools. This growth is particularly evident in sectors like e-commerce, mobile payments, healthcare, etc. With […]
How is DEPA transforming India’s Financial Landscape?
How is DEPA transforming India’s Financial Landscape? The Data Empowerment and Protection Architecture(DEPA) is a consent-based data-sharing framework created by NITI Ayog. Exponential growth in smartphones and reduction in internet bandwidth has generated tremendous individual data. This data encompasses both structured data and unstructured data. Structured data includes financial information, taxation, business, utilities, and unstructured […]
TOP OPEN BANKING INITIATIVES IN INDIA 2020
The decade started with a lot of expectations and significant changes in the Banking sector. COVID has posed many challenges and changes to the business community, and the Banking sector was no different. However, Banking sector has realized the need for digitization, and seamless open banking infrastructure is the key to achieve it. This report […]
Open Banking – Best Practices
Open Banking is driving innovation across the globe with new partnership models and opening up new doors of opportunities. Due to the recent pandemic, many financial institutions have realigned their focus toward digital transformation, and Open Banking has become central to the transformation theme. The massive increase in smartphone usage powered by readily available cheap […]
Trends in Open Banking
Open Banking has been becoming a central theme of digital transformation in Banking and Financial Services. Open Banking has led to the emergence of Neo Banks as well as Challenger Banks, while at the same time, it has contributed to the growth of Fintechs to build new products & Services on top of Banking services. […]
Risk Management: Critical Element of Open Banking
Open Banking undoubtedly going to change the way banking services are consumed through better collaboration between banking / financial institutions and Fintechs/Startups. Banks across the globe have worked on or have initiated work to open up its banking services through APIs and building new delivery models with Fintechs. The same story goes in India, also […]
Too Many Intiatives?
Most banks have too many digital / tech initiatives running in parallel. It takes lot of courage to shut down unnecessary stuff. – Cut down stuff focused just on PR – Drop those which have limited customer / employee impact – Suspend those for which resources are not available – Kill initiatives for which there […]
Banks will have 30% Tech / Digital resources in next 3 years
Currently banks have 3 to 5% of their resources in Tech / Digital teams. As existing banks start competing with Digital Banks / Fintechs, they will start reconfiguring themselves as “Tech Powered Business”. Bank’s IT team would move from pure support role to business roles. This will result in dramatic increase in Tech hiring for […]
Tech is Tech until proven Business (Part 2)
Key areas, where banks have missed the business by underplaying technology are: Automation: Technology was available for more than a decade to automate 90 percent (if not more) of operations / credit / sales management / compliance etc. However, only operations area came under automation largely as “it was a weak link and always considered […]