Strategies for the Perfect Storm

Reported by: |Updated: October 4, 2017

Digital  giants  like  Google,  Facebook,  Alibaba,  Reliance  Jio, Amazon,  etc,  do  not  just  grab  marketshare….they  come like  a  perfect  storm  and  obliterate  traditional  competitors. These  giants  have  now  reached  the  doorsteps  of  the  banks. While  some  see  this  as  another  challenge,  others  see  this  as an existential threat.

These  digital  juggernauts  are  not  relying  on  any  banking strategy  to  invade  the  banking  space….instead,  they  have  built  a power-packed  overarching  strategy.  Their  USP  is  not  a  markedly superior  financial  product  but  vastly  enhanced  convenience.Banks now have to respond thoughtfully  to  this  amorphous threat….the  traditional  model  of  product  &  service  innovation  is  grossly inadequate.

Clearly, the exercise has to begin by identifying the strengths of the contenders. First, they have created multi-purpose platforms. Second, they  have  crafted  an  exponential  level  of  customer  engagement. Third, they have built a business model that has scaled exponentially. These are some of their conquest strategies. Such bold strategies are not yet prevalent among the think-tanks at many banks.

As the country races to the digital  frontiers,  the  digital  giants  will get  an  easy  advantage.  Banks’  survival  depends  upon  creating  a strategy for total ownership of their customers’ mindset & habits, not just the financial transactions. Towards this end, Banking Frontiers is  organizing  a  roundtable  to  brainstorm  strategies  to  escape  the perfect storm and to create / invent turfs where banks will have the upper hand

We  invite  you  to  join  minds  with  a  host  of  CIOs,  CTOs,  CDOs, CMOs  and  other  CXOs  at  this  strategy  brainstorming  roundtable. We  eagerly  seek  your  participation  in  this  challenging  &  exciting endeavor.

K N O W L E D G E PA R T N E R S

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