The insurance industry plays a critical role in the smooth functioning of the society, economy and the life itself. Large number of economic & human activities and projects are inconceivable for want of insurance. The role insurers play in protecting life and property, supply chain, credit facilitation, and infrastructure building can’t be underemphasized. Also, the insurers are among the largest investors on the planet managing trillions of dollars and play a vital role in the community building by buying municipal bonds. Notwithstanding its matchless value, the insurance sector punches much below its due weight when it comes to capturing the…


The banking industry is set to undergo profound changes post Covid. The most profound impact will be on the way of engagement with the consumers. Digital transformation programs that were underway have seen massive acceleration. Banking executives are on record saying they have fulfilled nearly 3 years’ worth of desired digital transformation mandate in less than 2 months post Covid. Thanks to the already advanced digital infrastructure, banks could serve consumers in a seamless manner. All possible consumer touchpoints like call centres, teller machines, payments dealt successfully with the spike in volumes. The success of digital initiatives in dealing with…


Coronovirus outbreak has brought to the fore ill preparedness of governments and the private sector alike. While, the governments across Europe and the US were slow to react and suitable countermeasures to the pandemic, the private sector also awaited the nudge from the government to advise social distancing and work from home option for employees. It goes on to show the failure to catch the signal early and have contingency plans ready. Though majority of the private sector firms do have a business continuity plan, it’s mostly confined to a single location that inhibits a coordinated approach to a bigger…


Personalization has become a north star in the battle to gain more market share. Financial services firms do realize the role of personalization in enabling competitive edge. While all the brands are focused on the most appropriate ways to reach consumers, very few are getting it right. Quite often the mistakes like not understanding the consumers, delivering irrelevant messages, relying solely on email channel, overemphasis on conversion rates, treating it as one off project, and non-reliance on real time data get repeated. Nothing can be more annoying to a consumer than an email message wishing birthday without any inputs on…


Is platformication sine qua non for the banks

A debate has been raging for quite some time now whether platform business model is the way forward for the banks. The success of platform companies like Amazon, Alibaba and Apple is held as the appropriate north star to deal with the upheavals caused by the digital blitzkrieg. Secondly, increasing importance and utility of open banking has led credence to the practicability of the platform model. What is awfully overlooked is the nature of business and best ways to drive positive outcomes for the consumers. The successful platform companies are primarily intermediaries…


Financial institutions have long adopted a fast follower strategy to roll out digital initiatives. This approach worked well for most of the brands in so far as their business continuity is concerned. However as consumers are increasingly getting addicted to the speed whether it relates to getting the product (think Amazon 1day delivery), on demand service (video streaming, ride sharing) and resolution of concerns (a Tweet is enough), banks will do well to respond faster to the changes in the technology environment. 5G technology is a major leap over previous upgrades and will prove game changer for the financial services…


Banks are being looked through the prism of leading B2C firms and fintechs for the brand experience. The technology focused firms for their consumer obsessed play, led ably by Amazon have found great favor among the consumers. Financial services brands also need to get hooked to the latest in digitally enabled immersive experiences to protect their turf. Spatial computing, encompassing components of augmented and virtual reality (mixed reality) is one such emerging platform. It will make the physical space super responsive to the virtual world enabled by a combination of technologies such as wearable device, 3D capture, sensors, and algorithm…


Organizations of all hues know the importance of becoming a digital business, however the progress on this front is tepid. The saga of once fancied brands going out of business is very well chronicled. Market participants pretty well know that lack of focus on reading consumer trends and innovative approaches to fine-tune business model led to the demise of once top of the mind companies like Blockbuster and Kodak. What is also well known is that the digital transformation is more than just investing in new technologies rather it is about reimagining the business to meet the market needs. However…


Bitcoin, for its misuse by the speculators brought tremendous disrepute to the nascent cryptocurrency market. The speculative attribute of bitcoin resulted from determination of value on demand and supply rather than intrinsic worth pegged to the fiat currency. The attractive addressable global market of nearly $90 trillion for currencies is making financial institutions and central banks plan out value proposition cases for speculation free cryptocurrency; such a currency is called stablecoin whose value is pegged to fiat currencies. When the currency is digitized, the printing and storage costs come down, while increasing efficiency as money can be instantly transferred across…

Chitranjan Sood

Specialize in distilling insights at the intersection of business, digital and marketing to provide pragmatic ideas for growth of businesses.

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