The Digital Financial Services Guide
vritti
December 2018
7
The Road Ahead for Banks
It is evident that Digital Banking is the next big wave in the finance sector and before
we conclude, it is imperative that we see how banks shall respond to this shift.
To retain their
market position,
large incumbent
banks should
take the lead in
transformation to
Digital. Banks
should start looking
at this as a significant
measure to increase
their face value. This
is no more an
innovation stunt.
Collaborate, not
compete. Banks
ought to tie-up with
prominent fintech
and/or technology
providers. The agility
and vision that these
firms might bring to
the banks is
momentous.
Regulate the need
for branches. From
a servicing platform,
branches should
transform to become
an advisory and sales
accentuation platform
Let consumers
define what the
banks offer. Data
and advanced
analytics ought to be
leveraged to gain
useful customer
insights. Research
shows that Mastering
of digital media,
content marketing
and marketing
operations are going
to be critical to a
Bank's journey in
Digital Banking.
The saying, “banks will disappear, banking will not” is clearly coming to the fore.
Time will tell how the Middle East is gearing to cope up with this shift.
About the author: Ramkumar M is Engineer turned Management Graduate and has around
5 years of experience in Business Development. At Mahindra Comviva, he leads Middle East
and North Africa's Enterprise Business Development of Mobile Financial Solutions Products.
Prior to Comviva, he has worked as a developer at Cognizant Technology Solutions.