Nandan Nilekani’s prediction of BFSI services reaching their WhatsApp moment seems to echo loud and true among several industry analysts who believe that the banking sector is at the cusp of a revolution.
They foresee change on several fronts, with regulatory, market and tech-capital forces laying fertile ground for almost a re-imagining of the sector. We found it only fitting then, to list out a few touch points which have undergone a re-imagining in banking.
i. From bank branches to smartphone bank.
Remember those days when your Grandma would wake up earlier to prepare lunch — just so she could get to the bank to update her passbook? And those days when Dad would log on to the box computers fitted with modems to check your account balance online —after maneuvering through a sophisticated system of password checks and captchas. Well, we’ve come a long way and the future holds a different picture — analysts predict completely hassle-free banking. That includes paperless, signatureless and branchless banking. And you can do it all on your smartphone. Just imagine your phone as your bank branch!
ii. Competitive rates to 7% interest!
We’re sure your folks invested in a savings account (in multiple banks), a fixed deposit, a postal scheme, PPF, national savings certificate, etc. so they would get better returns on their hard earned money. Well, they didn’t have a choice back then. But the times have changed. Now, neither do you have to open and keep a tab on so many accounts, nor do you have to settle for less. All you need is one savings account that gives 7%* interest from your first rupee. Yes, you heard that right.
iii. Now you needn’t pay to get your own money.
“Withdraw how much you need in one go. Do you know how much money is getting cut every time you withdraw?” We’re sure you’ve heard these from your loved ones if you’re in a habit of withdrawing every now and then. But why should we keep a tab on how many withdrawals we’ve made when there’s so many important things to remember? And why should you be charged to take your own money? You’ll be amazed to know a bank raised this question and is now offering unlimited free withdrawals at any ATM.
iv. You now have more deals than you can deal with!
There was a time when offers from banks either meant competitive interest rates or easy loans. Remember that? What if we were to tell you that banks of the future could give you both—oh and actual discounts and offers at local restaurants, theatres, e-commerce sites and hotels! But these aren’t those 60-page gregarious menus every executive account holder gets at the end of the month. These are deals for everyone, everywhere…and they’re constantly updated.
v.
Do you miss the long queues?
Long gone are the days when you needed to reach banks in time to avoid long queues. Or wait endlessly to get in touch with your customer care reps. With the banks of the future accessible right from your pocket, you would have 24x7 access to services. Of course, this easy access isn’t limited to merely operating the account, but also starting an account. Yep. 90 seconds is all it takes to get banking!
vi. Play it safer.
While credit and debit cards enjoy the snug security of CVVs and PINs, when net banking was introduced everyone suddenly went gaga over (incredibly inconvenient) OTPs. The future of course has something else in store: true to previous tech revolutions, the future of account security is nestled in several inbuilt security networks, backed by biometric scans. That’s a lot of big words, but most simply this: easy but more secure access to your account.
vii. Your relationship manager with AI!
To strengthen their relationship with account holders, most banks introduced Relationship Managers. But let’s face it, most of these RMs were just junior level trainees who were either misinformed or never available when you needed help. The banks of the future are about to change this, with virtual assistance backed by Artificial Intelligence. Like Siri or Kasisto for instance who could give you correct, up to date information and help with regards to banking —anytime, anywhere.
All in all, this idea of banking may seem unbelievable — but it’s precisely what banking in the future will be like! So get ready to UnBank!
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