70% Of YGens Will Be Mobile Banking By 2015

CXO today.com and Oracle presented a seminar – Brett King Talks, on ‘The Future of Banking’ in association with Brett King, founder of the world’s first direct mobile-only bank, Movenbank. The seminar held in Mumbai today targeted the banking and finance institutions in the country and explored the future of banking, associated challenges and policy matters.

At the seminar, Brett King discussed the ‘Future of Banking’ – the implementation of technology that will mould the business of banking in the future, integrated with policy and compliance reforms. The event primarily targeted decision makers like CEOs, CIOs, and Strategy and Marketing heads of leading BFSI organizations.

Speaking at the seminar, Brett King, acclaimed global speaker and founder of Movenbank, said “We are going to have more changes in banking in the next ten years than we have had in the preceding hundreds of years. Banking is a very traditional business in India. Many people still believe that a face-to-face customer experience is far superior to using technology. But things are very different today. Customer expectations are changing very fast. Banks will have to gear up to meet the expectations of Generation Y because they’re going to constitute more than half of the banked population. What we define as banking is starting to change. So we have to create new categories. Countries like Kenya, Indonesia and Philippines have proven that you don’t need more bank branches for financial inclusion. You have to move on to the mobile.”

The mobile has been a big game changer as it has been the most disruptive technology in the last several years. There has been a 60% decline in the number of customers visiting bank branches per year. 68% of new account/mortgage products are chosen online. New payment banks should be recognized by the RBI in 2016. 70% of YGens will be mobile banking by 2015. 2016 digital interactions with financial institutions will outnumber fact-to-face by 300-to-1. The real bankers of tomorrow will be data scientists and story tellers.

Speaking at this occasion, Founder & CEO of Trivone, L. Subramanyan, says, “If we look at the banking sector today, we can see enormous penetration of digital media. But at the same time, we still have many disparities. So there is enormous headroom for growth. That’s when we talk about inclusive banking. Through this conference, we would like to mark the beginning of a vibrant dialogue for the banking industry in India.”

The distinct themes of the seminar were ‘Business of Banking’ and ‘Technology & Compliance of Banking’. The seminar was attended by senior executives from banks like HDFC, ICICI, Kotak, Duetsche, Axis and much more.

Speaking at the seminar, Shailender Kumar, Group Vice President, Oracle India, said “Creating the right experience is critical for success.  The consumer wants the bank to understand who they are, what their needs could be, products or services proactively recommended to them that might make their life better, get it done quickly and easily and they want to be rewarded for any type of loyal patronage.”

As a continuation of this, a seminar by Brett King on ‘Technology and Compliance of Banking’ in detail is to be held at The Leela, Mumbai on the 17th January in association with Oracle and CXO Today.com for the same target audience.