Jupiter x Federal CDM šŸ’µ

General
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I donā€™t usually touch cash unless itā€™s the only option available as an offline payment mode or if someone drops some hard cash in-hand :raised_hand_with_fingers_splayed:

Yesterday, was one such day where I had enough cash in hand that demanded a bank visit. But, unfortunately itā€™s after the banking hourā€™s (sic) and CDM was the only option. Luckily, I was at this popular mall in Kochi, Kerala that housed a physical Federal bank branch with CDM.

Went to the CDM kiosk, punched in my mobile and Jupiter account # to initiate the process. I then dropped all the INR 500 notes for the machine to accept and count.

Voila, within few seconds the entire process was over and I had the money in my Jupiter account! :money_with_wings::partying_face:

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Itā€™s amazing, isnā€™t it?

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Itā€™s for sure. But, if only their core banking system was much robust than itā€™s today.

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Lulu mall :thinking:

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@Aswin_Benny You shared something similar right? Was it this?

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Hehe, yeah :grin:

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I think he also did cardless depositā€¦

@Binoy Did u use cardless deposit option in the cdm?

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Yes, cardless deposit itā€™s. Only mobile and account number required!

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I also thought this was cool, until I started wonderingā€¦

This capability actually stands against Jupiter or the entire ā€œneobankā€ concept. It highlights how important physical presence is when it comes to money.

Gets me thinking - if the traditional banks just improve their Mobile Banking applications (ICICI is doing so good in this area), then they can kick each and every neobank out of the market. ICICI and HDFC had good shots with the likes of Pockets/Mine and PayZapp respectively. But they messed up big time.

HDFC Salary account (zero charges, endless capabilities) + neat and modern mobile banking application. I donā€™t know whatā€™s the challenge for them to pursue this. Canā€™t these behemoth banks hire good frontend people? Views?

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We are a long way from a ā€œneo-banking revolutionā€ yet.

There is not even a single thing which one can do in any neo-banking application and not do in the iMobile application. Right from opening an account, getting a credit card, making a FD/RD - everything is there in any traditional bank application (ICICI just does it better than everyone else). And there is an endless list of things which I can do with my traditional bankā€™s mobile application which neobanks canā€™t (they might have those in future).

Neobanks are far far away from setting a trend. I cannot emphasise it more, even neobanks cannot survive ā€œzero-chargesā€ banking offerings. They might be low-cost, yes but not zero cost. They will have to come the traditional banking route if they want to make money.

And when this happens, when neobanks have to adopt the traditional banking schemes of making money - it is just the stability and usability of their digital offerings that is going to matter. Because in banking offerings, they cannot compete with the too-big-to-fail banks.

So yes, I stick to my point that a Federal bank CDM is a threat to Jupiter.

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