Perception has always been that banks did not think customer-first and even now don’t seem to realise that they need to think customer-first
Furthermore, even if banks wanted to take a customer-first approach, the legacy technology has constricted their approach
Around 2000, banks moved to a verticalized structure and still continue to do so, and this has impacted customer service
Jupiter is focusing big time on data science to ensure that the customer does not get just information alerts, but also gets actionable information. But to answer you questions on AI-ML-DL - I will request @Vivek_YS VP, Data science at Jupiter to take this question and do an AMA soon
Neobanks in India have all taken up different problems to solve. Some of them are focusing on lending, some on card solutions, some on current account customers, and some on savings bank customers.
In each of these models, neobanks have partnered with established, licensed banks who are providing support on the core banking and core operations – like taking deposits, payments and settlements, ATM infrastructure and compliance. The neobanks are value-adding to this by providing customer value-added products which help them manage their money and finances better.
Neobanks are focusing on customer experience in service, through UI/UX , products. Since neobanking involves partnering with banks as well as other entities, the role of operations involves automating processes, providing oversight and solutionizing to ensure the collaboration works seamlessly across work streams such as onboarding, transactions such as payments, debit cards, lending, customer service, and more.
Hi Parineeta,
While banks have a huge role to play in delivering overall baking services, the fintech partnerships are likely to focus on certain niche services through collaboration. So I’m not sure if fintech start-up partnerships will replace the KPO and consulting projects, which to my understanding are much more holistic and organisation-wide.
Hi Aakanksha,
“A neobank (also known as an online bank, internet-only bank, or digital bank) is a type of direct bank that operates exclusively online without traditional physical branch networks.”
– Wikipedia
Neobanks have certain advantages over traditional banks such as online-only operations, which help avoid the costs and complexities of traditional banking. They can also iterate fast as they are more agile and because they own the tech as some of the traditional banks use third party technology. One of the biggest advantages is that neobanks are building user experience from scratch and starting fresh helps them innovate and build using first principles.
When it comes to India, all neobanks rely on partnerships with banks that have an RBI Licence.
Hi Dhanvi,
In simple terms, COO is like a wicket-keeper in cricket. Just like the wicketkeeper, the COO has to have oversight on everything that goes around and keep an eye on edge cases to ensure that nothing falls through the cracks to ensure seamless customer experience.
Hi Namit, this pushed the existing players to revisit their business models.
I found 2 interesting articles that lay out the role of iSpirt: Here, iSpirt wrote about what they do and its significance, just recently after multiple years of existence.
Ken has done a great job of explaining iSpirt’s role across multiple initiatives/products they have participated in.
The story goes something like this,
In 1988-89 season, I was selected as a middle-order batsman to the Mumbai Ranji team. This was the same year when Sachin Tendulkar at the age of 15 years was also selected only to be groomed for the big stage. That was the year when Sandeep Patil had announced his retirement from First-class cricket and was appointed the Team Manager. Ravi Shastri was the captain but Chandrakant Pandit was replacing him due to his absence on account of Test duty. Other members of the team that year included Sanjay Manjrekar, Shishir Hattangadi and Lalchand Rajput (Opening bat), Raju Kulkarni (Fastest bowler in India then), Alan Sippy (Left hand batsman). Though that season I could not make it to the 11, I got to field as a substitute and also have a catch against my name. After this season, I got into JBIMS for my MBA and I changed track.
Trivia-Amongst the many test cricket comebacks done by Mohinder Amarnath, this year was the last test comeback for Mohinder Amarnath. Also Mumbai had recalled veteran leftarm spinner Padmakar Shivalkar from retirement to play for Mumbai against our Delhi Ranji tie.
Anecdote: On Sachin’s selection to the Ranji team, I remember someone gifted him a pocket calculator. Guess what he did the first thing on getting it unpacked – he added all his scores for the season till date and then calculated his average, which was of course north of 80.
