Invisible Banking - Banking that you don't have to think about
17 मार्च 2022
Dear Reader,
By harnessing the vast amounts of data available, technology promises to simplify everything we do by understanding our needs and preferences, and offering insightful recommendations or reducing mundane tasks.
Imagine a day when Banking can become invisible- the banking you don’t have to think about. Remember a decade ago when customers would have to visit branch for nearly any banking activity and cash was the major mode of payment. The emergence of the internet and e[1]commerce platforms steadily broadened customers' horizons, allowing them to imagine scenarios in which most of their requirements can be met with a single touch of their mobile device.
Digital banking will evolve to become invisible banking because it will be embedded in other daily activities with the help of artificial intelligence, analytics, personal financial management software, internet of things, voice banking, banking as a service and fintech innovation.
Let's imagine you drive out of a parking lot and the car pays the parking fee. A customer could sign up for a goal, such as taking a vacation at the end of the year, and the bank would make automatic deductions from their checking account to a vacation account, based on their income and expenses. That change will not be overnight, but the seeds of it are already sprouting in a number of different banking technologies. Instead of presenting people with categorizations and hoping they form better habits because of it, the customer is helped to make changes. The overall idea is to stop customers from making bad decisions that are not in their financial self-interest. Bank of Baroda is already on its roadmap to making customer’s life easier by offering not just banking but beyond with its sub-brand bob World which offers digital banking services under 4 broad pillars, Save, Invest, Borrow and Shop. bob World Wave is another path breaking line of wearable products under the umbrella of bob World which serves as a banking of things payment device which facilitates tap-to-pay along with fitness benefits. To begin with, we have embedded payments on a smart watch and wish to scale-up to touch various other lifestyle products.
The digital banking world is clearly developing, which is why our Bank is responding to new issues by collaborating with partners to incorporate solutions into their business processes, where they will have the greatest impact. And what we're seeing now is merely the beginning for invisible banking. Emerging technologies like holographic and augmented reality interfaces will someday replace desktop, mobile, and tablet banking, making it even more intuitive and simple to use.
Highlights of #Issue 7 of FinTalk are:
- Home grown StartUp Stories: UrbanNaps, Need that quick powernap when at work?
- India's digital economy to see exponential growth to $800bn by 2030:FM
- UPI123Pay: RBI launches new UPI service for feature phones
- Unicorn Startup Licious Raises $150 Million Funding lead by Amansa Capital
- Bloomberg Collaborates with Google Cloud
With Regards,
Akhil Handa
Chief Digital Officer
Bank of Baroda
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With Regards,
Akhil Handa
Chief Digital Officer
Bank of Baroda
