Breat King could not have better timed his visit in Mumbai than yesterday
So I had great time with Brett King for his seminar on Business of Banking in Mumbai, India conducted by Oracle and CXOToday.com. Few Highlights;
- 3 year old kid of this generation is already digital savvy and he / she would like to believe that every device or (even) a book is “touch screen” and as bankers, we need to evolve our channels and systems matching expectations of the new generations.
- For new generation customer post 2020, bank would not be a branch, but say a small device like mobile.
- If Bookstores are becoming obsolete and being replaced by Digital kindles of the world, would you really require as much physically branches and infrastucture in Banking?
- Why don’t banks distribute mobiles to customers and that would help them make more money that investing in heavy physical infrastructure such as lot of branches.
- Regulations and compliance of future would be determined by “behavior of the customer” and not stated / unstated needs of regulators
- Search traffic has heavily moved from “find ATM or Branch locations” to “open A/c online or mortgages”
- With 8 Million accounts, SQUARE has enabled merchant acquisition with more convenience, than loads of documents traditional banks would ask them to fill.
- Today if digital equipments can quickly enable your health-check real time, why would banks and financial institutions not enable the “financial health-check” at the tip of the fingers
- Devices such as mobile should be able to enable higher revenue generations, if we identify opportunities which are win-win for banks as well as customer
- Social media hits of Facebook, Youtube outnumber any consolidated gathering of human race anytime and banks should look at them for customer behavior and exploring the mindset.
- Should banks be selling products to customers?: - No way, infact customers buy home and cars and banks are only enabling the transaction effectively and with less friction, simple, contextual and real time. This view will help banks to connect
with customer better.
Brett’s visit could not have been better timed when lot of new Banking license are being scrutinized, New ideas from Nachiket Mor Commitee such as “payment Banks” and "every Indian adult must have a full-service electronic bank
account by 2016" are evolving , and when Government of India is looking strongly at “financial inclusion” for masses and moreover, Brett predicts rise of very-cheap SMARTPHONEs by 2018. And that could be win-win.
I am sure Brett will have MOVEN as a great case study in times to come.
Shripad Vaidya- Founder, “Online Banking” Blog community at Finextra
Note: -3 fingures below visually represents Brett's Book called "Banking 3.0"