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.
