27 October 2016


Retired Member

1,977Posts 6,442,499Views 2,312Comments

Cooperative banks,The Pani puri of India!

07 November 2012  |  3014 views  |  0

Pizza and pasta may be the flavors of the kiddie generation, but for most Indians, the Pani Puri or Gol Gappa will always remain the all-time favorite snack. It’s cheap, hardly hygienic, and eaten standing in a crowded marketplace, and yet it manages to hold its own against well-known fast food chains with swanky interiors, gleaming kitchens and solicitous service.

Maybe our Co-operative Banks could learn a thing or two from this humble snack… to battle the big retail banks with their flashy setup…with good old-fashioned personalized service; to capitalize upon their strengths as the common man’s bank (zero balance, higher interest, absolute trust) against the remote sophistication of modern-day banking; and to attract customers not with frills, but an irresistible value proposition.

That value proposition is about providing some amount of financial security to the typical customer, who wants to safeguard the hard-earned rupees he can ill afford to lose. It’s about bringing him within the fold of formal banking, without imposing conditions of minimum balance or stringent collateral. And it’s about empowering him in small ways to make a big difference to his life.

And believe me, Co-operative Banks with their strong customer relationships and deep roots within the local community, are well positioned to do this. All the need is the right kind of technology. With solutions such as core banking now becoming available in “light” versions, or on the Cloud at a fraction of the cost, Co-operative Banks should look at acquiring them. They can also look at low cost technology platforms, especially mobile banking, to spread their reach. Last but not least, Government should consider helping Co-operative Banks acquire technology solutions enabling them to participate in social welfare schemes.

Do this, and customers will line up outside the doors of Co-operative Banks. Just like they do at the local pani puri joint.




TagsCardsRetail banking

Comments: (0)

Comment on this story (membership required)

Latest posts from Retired

Fintech innovation in the B2B space has only just begun

12 September 2016  |  11799 views  |  1 comments | recomends Recommends 0 TagsPaymentsInnovation

Protecting Data with DLP

23 August 2016  |  5061 views  |  0 comments | recomends Recommends 0 TagsSecurityBrexit

How to end what ails online commerce

22 August 2016  |  4607 views  |  2 comments | recomends Recommends 0 TagsPaymentsTransaction banking

What internet retailers need to know about Google’s recent webspam report

08 August 2016  |  8297 views  |  0 comments | recomends Recommends 0 TagsPayments

Modelling fixed income: Why realtime analytics are key

29 July 2016  |  5283 views  |  0 comments | recomends Recommends 0 TagsPost-trade & ops

Retired's profile

job title
member since 2014
Summary profile See full profile »

Retired's expertise

What Retired reads
Retired writes about

Who's commenting on Retired's posts

Hardeep Singh
Ketharaman Swaminathan
Graham Seel
Gerard Hergenroeder
Konstantin Rabin
Matt Schofield
Anna Robert
Ian Davis
Steve Patel
Aparty Behera
Karim Maalouf