David Vs Goliath- Open Banking be the Power to Drive Growth
How do small banks and FIs compete with not only bigger banks but also Big Techs like Google, Apple, Amazon getting into Financial Services? Or, How do Smaller Startup/ New Fintech/ Early stage start-up compete with not only established unicorns or soonicorns such as PhonePe, PayTM but also Big Techs? The answer lies somewhere with […]
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 […]
Technology is a big leveller… Is it?
Tech was supposed to get anybody and everybody in business… I remember that in the year 1999, everyone was trying to create an online platform… Even I tried starting Kitaab.com and saatphere.com (both never went life though)… Smaller entities were trying to challenge bigger entities by launching their websites and generating online revenues. Seventeen years […]
Insourcing of Technology: Banks are getting it right
Technology is moving fast from “cost center” to “business / value center” In my article “Key Fintech Trends of 2018”, I had predicted that banks will start moving away from outsourcing of technology and will insource key areas like customer onboarding, omnichannel platform, analytics etc. This has started happening across leading banks in India as well […]
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
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 […]
Are you ready to handle proactive #Tech Teams?
Is your #tech team asking you questions like – Why do we need this project / feature ? – What will we achieve by executing the initiative? – Will this impact top line, bottom line, customer convenience, employee convenience? – How will it differentiate us from the market? – Why are we not looking at […]
Tech is Tech until proven Business (Part 3)
Key areas, where banks have missed the business by underplaying technology are: API Banking: APIs have been in existence for a long time in banking industry. While specific technology may have changed, but APIs were used for a long time for ATM transactions, SWIFT, Payment Gateways, CIBIL, Bill Payments etc. New innovations like IMPS, UPI […]
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 […]