2. Innovation in Retail Banking
Innovations in Banking:- The term “INNOVATION” means to
make something new. Banks now no longer restricted to
traditional banking activities but explored newer avenues to increase
business and capture new market.
Encouraging innovation and new digital technologies provide
opportunities to improve customer experiences.
3. Continued…
As we look to 2019, there were some noticeable changes in the
trends from previous years. For the first time ever, the use of data,
artificial intelligence (AI), and advanced analytics was ranked first,
replacing improving the customer experience as the number one
trend. In addition, there was a realization of the importance of open
banking and application programming interfaces (APIs) by
organizations globally.
6. Continuous Innovation in
Retail Banking
The future of Indian banking lies in increased investment in technology platforms
A greater focus on end-to-end solutions provided by IT majors like core banking
products, vertical specific CRM and Risk Management software.
Encourage Internal and External Collaboration: To occur through collaboration with
fintech firms than to be built from within
Focus on Customer Experience: They increasingly use data and advanced analytics
to understand their customers’ needs and behaviours.
Take a Long-Term View of Innovation: Over the past 5 years, we have seen banking
organizations extend their perspective of how fast innovation must generate a return.
•
7. Target
Niche banking: Traditional customer segmentation criteria are being refined, with banks moving
towards the concept of lifestyle and mind-set segmentation, letting them identify new, underserved
micro-niches and shape dedicated propositions.
SME Reinvented: Small and medium enterprises(SMEs) are now essential to banks’ digital
transformation paths, with incumbents collaborating with FinTech ecosystem players to offer
value- added services and improve the core offering.
Open Banking: This trend has evolved into a structured approach resulting in the creation of real,
new value proposition interfaces for 3rd parties.
Workforce: The human element of banking is joining forces with artificial intelligence, powering
up to deliver a consistent, “wow the customer” experience.
Personal finance and managing solution.