#Revolut is planning to explore the Indian market next year and has already started hiring for a few roles. Will it change the game, or their branchless magic won't work in India like Safaricom, which could not replicate its Africa success. Should we wait for more #Cashbacks or better #CustomerExperience? My feeling is, initially they will work along with… Continue reading Revolut in India, will it disrupt or join the Cashback war?
Rationing on #UPI Transactions, and market share at 33%.. Protectionism at what cost Efficiency, Competition or Capital? I feel we should have better monitoring and regulations than restrictions. #DigitalTransactions have increased/increasing but that doesn't mean it has reached to everyone, there is still a huge untouched market to explore. Whether we agree or not #Cashback… Continue reading
Un-related business growth. #TikTok / #YouTube and #Lending. Will a user who is now addicted to make Tiktok/YouTube videos, take a loan for set up/mobile device/any other equipment required to make a good video? Are these two businesses and interests linked in some way? What if s/he does not have a good/credit score? How would… Continue reading TikTok, Youtube and Lending. Is there a synergy?
Cash(ATM) or Digital? The dilemma is, whether we should have more number of #ATMs and #CashInCirculation (CIC) to serve the rural and non-digital customers or to have lesser of these to promote #Digital. If you promote ATM and Cash many new timers won't realise that Debit card can be used for purchase as well, and… Continue reading Cash (ATM) Or Digital. Should we wait for people to accept digital or make it happen?
We are moving towards industry 4.0, but for #DigitalFinancialServices we are still producing mass market and off the shelf products with very less customisation and personalisation. Can we customise UI of a Financial institution application for different personas (customer segment)? Few questions can be asked during sign up about his/her experience of using digital Financial… Continue reading Do not offer standard UI to Expert and Novice.
We have been focusing and pushing for #InstantPayment and transfers, and to much extent we have achieved it as well. But what about instant #Refunds? Why does it get delayed to 3-5 working days? Can we start working on it by reducing the standard TAT to 12-24 hours (this also is too much) Many businesses… Continue reading Efficient Payment, Inefficient Refunds. Can we improve?
We already have enough #Payment acceptance tools In #India, like UPI, BharatQR, NCMC, Aadhaar Pay, RuPay, NETC, NACH etc. We dont need anymore for retail/B2B, else it will confuse a customer. We now need to focus on the following; 1. Customer Awareness & Access 2. On ground availability of infrastructure like BCs, Debit Card issuance… Continue reading Enough of Digital Payment Tools in India. Now we need following..
Video, Vernacular and Voice (3Vs) are next big three things to focus on. It will add new customer segment to the pie and fuel demand for services. What does it mean? - While Video will be used for KYC, Authentication, digital content consumption, learning, entertainment, banking, e-commerce, Interactive Video etc - Vernacular based applications and… Continue reading Video, Vernacular and Voice (3Vs) next big things to focus on
My take on #AppleCard. The card will increase customer stickiness, allow Apple to earn credit card issuance fee from #GoldmanSachs & a share of interest fee (as per terms). Mastercard tie up will increase its acceptance accross platforms and the card will target customers who love #Phygital For security, Apple has relied on 2 Factors… Continue reading Apple Card in India.
By when we will be able to phase out the process of taking #cheque of another bank to open a new bank account? Can't we just mention our #UPI ID on the account opening form and the bank can initiate a pull request for the agreed amount. I authorise the #Payment and the account is… Continue reading Cheque Vs. UPI to open new bank account.
Honoured to share my views on FinTech for Inclusion at Fintegrate Zone 2019 in Mumbai. My talk elaborated on the following points: - Why do we need a Face and Human touch in the technology. A bad case of top-down and Technology focussed approach in designing products - Need of Design Thinking approach in designing… Continue reading FinTech for Inclusion – Why do we need to think of Mr. Ramesh Sahu while designing.
Any organisation can not reap the benefit of #Digitalisation unless they have created an ecosystem to accept and incorporate it in the DNA of the organisation. Just adding one or two digital process doesn't mean digitalisation, it will increase the inefficiency in the system, than efficiency. If Staffs are not trained, Systems are not designed, from the doorman to… Continue reading Half baked Digital Transformation
Will be speaking at Fintegrate zone 2019 team on the topic - #FinTech for Inclusion, Are we Designing for Beyond Tier 1 and 2". Join me at India's largest #fintech conclave from 27th Feb-1st Mar, 2019. Use the code PBFZ19SPEAKER for special rates on tickets. https://www.linkedin.com/feed/update/urn:li:activity:6497286915862171648
Has anyone ever tried #Gamification in #Banking and #FinTech? When I interact with customers I find that they use their smartphones to play games more often than many of us, mostly their children. If we are creative enough to make great movies, prime videos and adventure games, is it so tough to design a #BankingGame?… Continue reading Gamification in Banking and Financial Services.
Delivering Depositors’ Education (including Digital Financial Services, Digital Payments) and #FinancialLiteracyTraining at a #Rural Location in Uttar Pradesh. Will be delivering many more such #trainings across India. Striking a Balance between #FinTech (Technology - Supply) and #Inclusion (Human Behaviour - Demand). #FinTech4Inclusion. Visit - http://www.FinTechPaymentBanking.Com #TheFinTechReporter #training #banking #government #financialservices
Can we set up #Banking/BC points at Indian Railway Stations? I have always wondered why railway stations are / has not been chosen to set up #banking points and government service counters. Few benefits it offers; 1. Security 2. High footfall 3. Multiple cross sell opportunities 4. Daily/weekly wage earners who travel from their native… Continue reading Banking Points at Indian Railways Platforms. Can we think out of the box please.
What I did in 2018 for #FinTech, #FinancialInclusion & #DesignThinking 1. Work- Designed Digital solutions to ensure FinTech does not remain till tier 1/2 cities only, but go beyond + Numerous Customer Interactions 2. #Training -Delivered training to companies working or interested to explore these domain and to #MBA students interested to learn about these… Continue reading What I did in 2018?
A banking regulator has said, "Even bank branch staffs are illiterate about #DigitalPayments". And, we have been focusing on delivering Digital Payments training to customers. We must focus more on branch staff for Digital payment training, because they are considered to be the influencer and the first line of customer contact. Also the distribution channel… Continue reading “Even branch staff are illiterate about Digital Payments”
Sample_CKYCR CERSAI_Piyush Singh_For training purpose.
Average cost to access #Banks in most of the places in rural India, where BC agents are not available is "Rs. 10 to 50 per instance + Loss of a day's wage" This makes it unviable for a customer, to reach out to their bank. And this is the segment which doesn't get any #Cashbacks,… Continue reading Rural India is asking, why to go Digital? What’s in it for Me?