What does Digital payments have for the big organisations? Crystal gazing 2017-18

  • Prashant Joglekar, Country Technology Lead at Standard Chartered Bank

  • 09.01.2017 07:00 am
  • Digital Payments

As the government keeps announcing it's long list of " digital to do" for banks, financial institutes and aam admi, one wonders as to where is this finally going to stop and who will be it's biggest beneficiary? While, at the outset , it looks to be the wallet companies, some fintech startups, one never knows who will have the last laugh?

At least, for the established companies ( Banks, Card unions, gateway providers) , it's currently going with the flow to ensure that they do not lose out customers to competition but it's utterly ambiguous on how do they make sense out of the revolution?

With a bit of crystal gazing, the following is how one can summarise a future scenario!!!

  • There will be one acquisition app on mobile for all kinds of payments most probably supported by govt/ NPCI. Card unions have to really pull up their socks else it's going to be too late.
  • Banks have to finish their end-to-end digital journeys by 2017. On boarding, transactions.service,recon,reversal, analytic, the works - all to happen at the end of conversation with the customer. How about a proactive SMS saying " you attempted to make a txn but it failed, do you want to re-initiate again?
  • The legacy banking products are adjusting to transformation, banks have to now innovate products to suit the digital scenario. How about picking up products like we pick up FMCG products- use , consume and expire.
  • There is lot to reconcile. While big houses have their own recon shops, time is good for fintechs to specialize in only recon. Lots of business waiting!!!
  • Phone and app manufactures will have to make app more secure from hardware and software perspective.

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