Product innovation in retail bank

Product innovation in retail bank

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  Presented By:- Sheetal Verma ProductInnovation in Retail Banking
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  Innovation in RetailBanking  Innovations in Banking:- The term “INNOVATION” means to make something new. Banks now no longer restricted to traditional banking activities but explored newer avenues to increase business and capture new market.  Encouraging innovation and new digital technologies provide opportunities to improve customer experiences.
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  Continued…  As welook to 2019, there were some noticeable changes in the trends from previous years. For the first time ever, the use of data, artificial intelligence (AI), and advanced analytics was ranked first, replacing improving the customer experience as the number one trend. In addition, there was a realization of the importance of open banking and application programming interfaces (APIs) by organizations globally.
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  Top 10 Trendsin Retail Banking
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  Continuous Innovation in RetailBanking  The future of Indian banking lies in increased investment in technology platforms  A greater focus on end-to-end solutions provided by IT majors like core banking products, vertical specific CRM and Risk Management software.  Encourage Internal and External Collaboration: To occur through collaboration with fintech firms than to be built from within  Focus on Customer Experience: They increasingly use data and advanced analytics to understand their customers’ needs and behaviours.  Take a Long-Term View of Innovation: Over the past 5 years, we have seen banking organizations extend their perspective of how fast innovation must generate a return. •
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  Target  Niche banking:Traditional customer segmentation criteria are being refined, with banks moving towards the concept of lifestyle and mind-set segmentation, letting them identify new, underserved micro-niches and shape dedicated propositions.  SME Reinvented: Small and medium enterprises(SMEs) are now essential to banks’ digital transformation paths, with incumbents collaborating with FinTech ecosystem players to offer value- added services and improve the core offering.  Open Banking: This trend has evolved into a structured approach resulting in the creation of real, new value proposition interfaces for 3rd parties.  Workforce: The human element of banking is joining forces with artificial intelligence, powering up to deliver a consistent, “wow the customer” experience.  Personal finance and managing solution.
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  Value Proposition
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  Competition  Price Competition Non- Price Competition - Product Features - Quality and access to services - Innovative Product Offerings
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