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Great initiative by ICICI Bank. Kudos. Can't recall a single bank offering such a service anywhere in the world, so it could be a globally pioneering initiative as well. Keen to know if and how much ICICI Bank will charge for this service. 

@JamesPiggot:

Let's see!

If you're right, then this new launch by Lloyds is like "all dressed up and nowhere to go" because, since Lloyds is reportedly the first bank in the world to connect to SWIFT gpi Instant, then it must mean that no other bank is connected to it!

The expression "routed through Lloyds" suggests that this new payment service is supported only for payments initiated from a Lloyds office outside UK.

Soon after FPS was launched in 2008, Citi was planning a realtime crossborder payment service where you could walk in to a Citi branch in (say) Dubai and transfer money to somebody in UK and the payment would get credited to the Beneficiary's account in any UK bank (say RBS London) in seconds. Citi Dubai to Citi UK transfer happened via internal rails (ergo realtime) and Citi UK to RBS London transfer happened via FPS (ergo seconds).

Not sure what's the role of SWIFT gpi Instant in Lloyds new payment service (unless Lloyds lacks an internal rail and is using SWIFT even within the network of its own international offices). 

I'm sorry but I disagree with your description of Omnichannel Banking, both at the generic level of definition and specific level of use cases.

As I highlighted in From Multichannel To Omnichannel And Beyond, Omnichannel does NOT mean supporting every business process on every channel BUT splitting a single business process across multiple channels in such a way that each channel leverages its strength and the customer finds each hop natural. Ergo, Omnichannel Banking is not even expected to fulfill your expectation of being "more than just providing customers with the same set of services across multiple channels." What you're expecting is the definition of Multichannel Banking, not Omnichannel Banking.

Coming to your first use case of "customer losing their card on holiday". Note that you've said "card" in singular. Why the heck should the bank block all the cards (plural) in response? IMO, that would be a disaster, not a great example of what you call "seamless omni-channel experience" at all.

Coming to the next use case of letting a customer make a purchase if "they do not have the funds available to complete a purchase", that's exactly what Credit Card has been doing for 50+ years. What role does Omnichannel Banking play in that?

There are some banks who deliver a good Omnichannel Banking experience on top of Mainframe CBS and some other banks who deliver a lousy Omnichannel Banking experience - or no Omnichannel Banking experience at all - on top of Java CBS. Legacy or Open Systems Core Banking System is just the cards a bank is dealt with. How it plays them to deliver Omnichannel Banking - or virtually anything else - is a wholly different topic. Core Transformation could be a needless diversion for many banks, as McKinsey warns in its article where it gives the example of a bank that decided to rewrite its core because it wanted to use the latest tech and had to shelve its project after €100M investment because the new tech was not stable and had fatal flaws.

The correct link: 

https://themargins.substack.com/p/robinhood-and-how-to-lose-money

“Account access through a browser is highly requested by our customers." Glad I'm not the only one. 

To paraphrase @ranjanxroy from https://themargins.substack.com/people/6361496-ranjan-roy… : "If I wasn't sitting at a desk, ...fully at attention, it was best not to make a payment from my bank account." That's one reason I avoid UPI & any mobile payment app that's linked to bank account.

Nice post. Disruptionistas claim that Apple Pay, PayPal, Starbucks Mobile App et al will kill cards and try to pull wool over the common man's eyes. But we all know that these PSPs run off of the same credit cards and debit cards that they were supposed to kill. End of the day, card account is very much alive, at most what has happened in a shift in its form factor from plastic to mobile to apps. The title of this post captures that truth very succinctly.  

Is this different from Debt Consolidation? When I wrote Debt Consolidation Comes To India on my personal blog ten years ago, the business was quite common for many decades in UK, USA and other developed nations.

There's duplicate work for borrower receiving multiple collection missives from multiple lenders, hence I see a play for debt consolidation from borrower pov.

But, each lender is chasing its own loan, so I don't see duplicate work from lender pov - or a play for consolidating collections from lenders' perspective therefrom. 

Smart Contract itself. Then smart contract consulting, stamp duty for smart contract (yes, that's a thing, as I highlighted in Flight Delay Insurance - Why Blockchain?).

What are these if not intermediaries - and sources for costs?

It's a myth that Smart Contract eliminates Middlemen. It just changes the Middlemen. Blockchain - Calling BS On Decentralization And Resilience.

IMO, more and more people have cottoned on to that. That's why smart contract hasn't lived up to its hype. In real estate industry - or any other industry for that matter.

By not talking about SCA?

https://www.finextra.com/news/fullstory.aspx?newsitemid=37012