Banks will become like Fintech: Impact of Covid-19
Banks always wanted to become like Fintechs in terms of speed of action as well as market attractiveness (coolness factor!!!). Many bankers wanted to join Fintechs for learning digital. However, most banks have still managed to make zero digital revenues to date. The reasons for the same are not difficult to find: The abundance of […]
Strategy- Build to make it work to succeed
Organizations always go back to the drawing board to redefine their business strategy and traditionally, Strategy would refer to setting up goals for short term and long term, and ways to go for it. But Strategy could be involved with going for the new market segment, setting up new business transformation initiatives like Digital transformation […]
Open Banking-Next big trend in Financial Services
Open Banking has been one of the major derivatives of API Economy or APIfication- complete evolution of new business model around Banking services delivered through APIs. Bank Open is one of the success stories around Open Banking in India where it builds a platform to provides accounting services along with Banking for SME customers. SME […]
Why legacy businesses find it difficult to derive value from digital?
Fintechs have shown the path of digital innovations across payments, lending, wealth, insurance etc. As their business model is almost 100% focused on digital innovations (even if overall business may be pure digital or phy-gital), they are able to leverage the innovations to create top line as well as bottomline (may be bleeding initially). Legacy […]
COO / CFO managing Digital
Till when will CFOs / COOs oversee Technology & Digital in Financial Institutions.. These areas must be “not so critical” else, CEOs would have directly handled it. As per these institutions: – Digital is feel good / PR activity – Tech is support – Business happens through branches
Digital Channels – Opex or Capex
All banks need to revisit their digital channels… they need continuous upgrades.. And not give responses like “we upgraded it last year” Few thoughts to enable digital: – Expenses in Digital are Opex in nature.. Don’t treat it like Capex.. Don’t let CFOs KILL the channel… – Hire designers in the bank without shackles of […]
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 […]
Partner Business Banking
API Banking has been transforming and simplifying customer experiences ranging from smooth payment completion on Amazon to taking immediate loans from Fintechs like Happy Loans. Now, customer do not have to go to different partners to satisfy his / her needs. Despite using Ola for past many years, I still feel the joy of exiting […]
#CIO and #CDO need time to learn as well as to execute
#CIO and #CDO need time to learn as well as to execute. If 100 % time is expected in execution, who will innovate? – Give them adequate and skilled teams. – Allow them to spend 20 pc time in relearning – Accept that 50 percent of innovative stuff will fail. If every failure is questioned […]