Insight article over at www.financialexpress.com exploring whether Indian banks can deliver the user experience expectations of tech-savvy millennials.
Unloved, undifferentiated and incapable of innovation — that’s what today’s digitally savvy users, primarily high-school students, entry-level workers, and 30-something professionals believe about the banking industry, says a recent survey on millennials. And this segment is going to be huge in India. India’s millennials, 400 million and growing, are increasingly going to do their banking very differently.
Non-bank solutions for financial services are not just imminent, they are already here. Today’s digitally savvy retail banking customers are increasingly turning to alternate payment mechanisms including digital wallets. And they are looking forward to other technology giants entering the market such as PayPal, Apple, Amazon, Facebook and Google.
Google has officially launched its first big foray into mobile payments in Asia. The Android and search giant has launched Tez, a free mobile wallet in India that lets users link up their phones to their bank accounts to pay for goods securely in physical stores and online.
For person-to-person money transfers it offers something new: Audio QR, which uses ultrasonic sounds to let you exchange money, bypassing any need for NFC.
2 examples this week of good and bad Crypto. And a spur to accelerating regulator governance…
The Regulators are coming…