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How can   Internet   help the dwindling   BANKING Sector  in India Conceptualized by  Abhishek  Bhardwaj @
True power of the Internet <ul><li>In this time of crisis, cutting down overheads and costs is on the “to do list” of ever...
How is Internet currently employed? <ul><li>Net Banking / e-Banking / Online Banking   </li></ul><ul><ul><li>Statements / ...
Poor monetization of traffic <ul><li>In India net banking is one of the most popular activities on the Internet. </li></ul...
Online Banking <ul><li>No doubt, online banking does save a lot for the banks. </li></ul><ul><li>It is an excellent facili...
Huge amount of Traffic <ul><li>Banks’ portals have so much of traffic and what do visitors do? </li></ul><ul><ul><li>They ...
How can Banks employ Internet? <ul><li>What can banks do? </li></ul><ul><li>How to monetize such  </li></ul><ul><li>HIGH-Q...
1. Let them Shop <ul><li>These customer are more than comfortable playing with their money on their bank’s website. </li><...
2. Payment gateway give-away <ul><li>Why services like Paypal or Google Checkout exist when banks handle all the transacti...
3. Online Customer support <ul><li>Every bank can offer customer support over the Internet. </li></ul><ul><li>Millions of ...
4. Go  Green <ul><li>Use energy efficient eco-friendly web servers. </li></ul><ul><li>promote paperless banking; we don’t ...
5.Let Debit Cards go online <ul><li>Most of the Indian online stores don’t accept debit cards. </li></ul><ul><li>The numbe...
<ul><li>Loads of good opportunities for Indian IT companies to help banks in India and globally.  </li></ul><ul><li>Please...
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How Can Internet Help The Banking Sector

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How can banks employ Internet better. How can banks turn their online banking portals into a minting machine?

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Transcript of "How Can Internet Help The Banking Sector"

  1. 1. How can Internet help the dwindling BANKING Sector in India Conceptualized by Abhishek Bhardwaj @
  2. 2. True power of the Internet <ul><li>In this time of crisis, cutting down overheads and costs is on the “to do list” of every bank. </li></ul><ul><li>Internet industry can definitely help if banks realize the true power of Internet. </li></ul>
  3. 3. How is Internet currently employed? <ul><li>Net Banking / e-Banking / Online Banking </li></ul><ul><ul><li>Statements / Transactions Summary </li></ul></ul><ul><ul><li>Inter Branch Funds Transfer (all branches not e-banking enabled) </li></ul></ul><ul><ul><li>Inter Bank Funds Transfer (all banks not enabled with this service) </li></ul></ul><ul><ul><li>Bills Payment - Phone & Electricity </li></ul></ul><ul><ul><li>Lead Generation for Deposits, Investment Plans, Credit Cards </li></ul></ul><ul><li>Marketing, Advertising, Brand Building and Lead Generation </li></ul>
  4. 4. Poor monetization of traffic <ul><li>In India net banking is one of the most popular activities on the Internet. </li></ul><ul><li>According to Alexa , the list of 100 most popular websites in India has 4 websites that are of top most banks in India. </li></ul><ul><ul><li>www.icicibank.com - Rank 27, ICICI Bank </li></ul></ul><ul><ul><li>www.hdfcbank.com - Rank 34, HDFC Bank </li></ul></ul><ul><ul><li>www.onlinesbi.com - Rank 98, State Bank of India </li></ul></ul><ul><ul><li>www.citibank.co.in - Rank 100, Citi Bank </li></ul></ul><ul><li>Yet only partial monetization </li></ul>
  5. 5. Online Banking <ul><li>No doubt, online banking does save a lot for the banks. </li></ul><ul><li>It is an excellent facility for banks’ customers as well. </li></ul><ul><li>It is 4 th most popular activity on Internet in India after Email, Social Networking and e-Commerce. </li></ul>
  6. 6. Huge amount of Traffic <ul><li>Banks’ portals have so much of traffic and what do visitors do? </li></ul><ul><ul><li>They transact </li></ul></ul><ul><ul><li>transfer funds </li></ul></ul><ul><ul><li>pay e-checks </li></ul></ul><ul><ul><li>fill lead form for a loans, insurance or an investment plan . </li></ul></ul><ul><li>Why let go of such visitors who are thinking nothing but money and not just money; flowing money! </li></ul>
  7. 7. How can Banks employ Internet? <ul><li>What can banks do? </li></ul><ul><li>How to monetize such </li></ul><ul><li>HIGH-QUALITY traffic? </li></ul><ul><li>How can banks turn their </li></ul><ul><li>online banking portals into a </li></ul><ul><li>minting machine? </li></ul>
  8. 8. 1. Let them Shop <ul><li>These customer are more than comfortable playing with their money on their bank’s website. </li></ul><ul><li>If the bank could provide a Online Shopping Facility and great deals on daily need products like grocery, books, gadgets etc. </li></ul><ul><li>Why would you or I even bother going to eBay or any online store and spending hours on bidding and comparing prices? </li></ul><ul><li>No consumer can resist a Discount + Reward Points deal . </li></ul><ul><li>Huge amount of money can be made by any bank since there is no product display cost involved; only order delivery costs and these costs can be bared by the suppliers and the bank could earn a commission on every sale. </li></ul>
  9. 9. 2. Payment gateway give-away <ul><li>Why services like Paypal or Google Checkout exist when banks handle all the transactions. </li></ul><ul><li>Why can’t an online merchant just have a free payment plugin for his website powered by his bank? </li></ul><ul><li>The bank could charge a small %age on every transaction. </li></ul>
  10. 10. 3. Online Customer support <ul><li>Every bank can offer customer support over the Internet. </li></ul><ul><li>Millions of people use voice-chat enabled Instant Messengers. </li></ul><ul><li>Does that ring a bell? </li></ul><ul><ul><li>customers will now have a free mode to reach a bank. </li></ul></ul><ul><ul><li>no expensive telecom equipment </li></ul></ul><ul><ul><li>end to [your call is valuable to us, please stay on the line] bull shit for customers (everyone hates to wait) </li></ul></ul><ul><ul><li>cost per seat = salary of support executive + electricity. </li></ul></ul>
  11. 11. 4. Go Green <ul><li>Use energy efficient eco-friendly web servers. </li></ul><ul><li>promote paperless banking; we don’t need to sign any papers by hand these days. we have digital signatures available. </li></ul><ul><li>a digital signature can cost around Rs.2000 </li></ul><ul><li>the bank can provide a digital signature to their customers for FREE. </li></ul><ul><li>banks swill save more than that by resorting to paperless banking. </li></ul>
  12. 12. 5.Let Debit Cards go online <ul><li>Most of the Indian online stores don’t accept debit cards. </li></ul><ul><li>The number of debit card holders is 10 times more than that of credit card holders in India. Or may be even more. </li></ul><ul><li>Let customers use debit cards for online shopping at least where they can pay in the Indian currency. </li></ul><ul><li>No one would mind paying a small convenience fee as low as Rs.10 per transaction. </li></ul><ul><li>Lets say, the number of daily online purchases in India is 1,00,000 and that means Rs.10,00,000 can be made everyday and that is Rs.36 crores to be made every year. </li></ul><ul><li>Actual figures are actually more than that! 1 Lakh daily transactions happen on IRCTC’s website alone </li></ul>
  13. 13. <ul><li>Loads of good opportunities for Indian IT companies to help banks in India and globally. </li></ul><ul><li>Please let me know how you liked </li></ul><ul><li>this piece of concept curry. </li></ul><ul><li>Source: http://www.conceptcurry.com/internet-industry/banking-sector-dwindles-internet-industry-for-the-rescue/ </li></ul><ul><li>Or Click Here </li></ul>
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