India is on the cusp of a digital
revolution. With rising internet and
smartphone penetration, the digital
DNA of India is rapidly changing.
The first 100 million ‘digital Indians’
were largely men, millennials and
metro based. However, with higher
adoption among women, lower tier
cities and older age groups, the face of
an average internet user is changing.
They are also engaging in mature
activities, going beyond search and
social networking to online shopping
and banking. In 2013, only 7% urban
internet users with digital age less than
2 years adopted online shopping. This
grew more than four fold in four years.
A similar trend has been seen in online
banking as well.
Also, with increasing smartphone
penetration, the way consumers are
accessing internet is changing. In
2013, only 44% of urban population
preferred mobile for internet access,
but now almost 3/4th prefer mobile.
Find More Case studies at - https://www.socialsamosa.com/category/indian-social-media-case-studies/
One in four customers is planning to either use branches less or stop visiting branches altogether after the COVID-19 crisis, according to new BCG retail banking consumer “pulse” survey.
Chinese Internet Economy White Paper 2.0 - Decoding the Chinese Internet 2.0:...Boston Consulting Group
Now that China’s major online players have conquered the consumer space, they’re intent on, digitizing B2B industries and building platform-based businesses. China’s consumer internet is driving the development of the industrial internet, according to a new report by Boston Consulting Group (BCG), AliResearch and the Baidu Development Research Center. Comparing the development of China’s consumer internet and industrial internet with foreign markets for the first time, the report systematically reviews China’s internet players’ entrance into the industrial internet, revealing the unique digitalization path in China and its underlying causes.
BCG’s 2018 global challengers—100 rapidly globalizing companies from emerging markets—are getting ahead of the competition by using digital technologies.
Going Digital: The Banking Transformation Road MapSemalytix
The leaders in digital banking are more client-centric, tech-savvy, and inclusive—and are fundamentally changing to deliver the best results.
Most banks today want to become digital banking leaders—after all, that's where the customers are. And for much of the past decade as digital banking has taken hold, most leading traditional banks have incorporated strong digital strategies.
So what separates the digital banking leaders from the laggards? A new A.T. Kearney study on digitization, in conjunction with Efma, seeks the answer and finds three main findings: the leaders understand the importance of mobile in a digital strategy, they are developing more agile operating models, and, most notably, they have tackled the need for internal culture shifts (see sidebar: About the Study).
With top-down implementation, these leaders have set their paths toward becoming more client-centric, more tech-savvy, and more inclusive. As the market evolves even more rapidly through the end of the decade, all banks will have to adapt to a disruptive model in people and IT—the two engines of retail banking—and must fundamentally adapt to deliver the best results.
This paper looks at the trends and the path forward.
The Evolving Digital Journey
Most banks began their digital journey years ago and have clear digital strategies, yet even those are facing major changes. In particular, as more customers use their mobile phones and tablets to do their banking, and omnichannel takes hold in financial services, the mobile experience is becoming a crucial aspect of digital strategy that banks must address.
Secondly, to keep up in this fast-changing market, traditional banks will have to adapt their operating models. In particular, changes in IT, new products and services development, and changing expectations for time-to-market will be key factors going forward.
Perhaps the most important step, however, is that banking in the digital age requires a drastic, profound reset of how banking staff reacts to customer needs. This means thinking customer first, rather than by channel; as one panelist puts it, "Banks think in channels, but customers don't." It means being conscious that small digital players can gain market share faster and in a manner that is more disruptive to traditional banks' models. It means understanding that organizational silos pose significant obstacles to creating new solutions for customers. Most importantly, it means looking inward, changing organizational beliefs and habits to facilitate clients and drive digital innovation.
A new spirit of banking—led by top executives—will lead the way to addressing market changes, becoming more agile, and improving openness in day-to-day business.
- See more at: http://www.atkearney.com/latest-article/-/asset_publisher/lON5IOfbQl6C/content/going-digital-the-banking-transformation-road-map/10192?_101_INSTANCE_lON5IOfbQl6C_redirect=#sthash.oKsJGij3.dpuf
New trends have moved marketing the cusp of a new golden age. To deliver on the promise, marketing needs to execute on the 5S approach: science, simplicity, substance, speed, and story. This presentation walks through what marketers and business leaders need to get right to execute all of them. This presentation is based on a public webinar given by McKinsey partners Jonathan Gordon and Jesko Perrey.
Find out more from our Marketing and Sales practice: http://www.mckinsey.com/client_service/marketing_and_sales
The enterprise software industry is being transformed by substantial investor capital, Cloud 2.0, artificial intelligence, data protection, preferred platforms, and a talent shortage, leading stakeholders of all kinds to make big changes, and big choices.
From touchpoints to journeys: Seeing the world as customers doMcKinsey & Company
Airport complaints are an excellent lens through which to view the new emphasis we need to bring to the entire customer journey, rather than focusing on single – often disjointed – touchpoints.
For our full article on the customer journey, please visit: http://www.mckinsey.com/business-functions/marketing-and-sales/our-insights/from-touchpoints-to-journeys-seeing-the-world-as-customers-do
One in four customers is planning to either use branches less or stop visiting branches altogether after the COVID-19 crisis, according to new BCG retail banking consumer “pulse” survey.
Chinese Internet Economy White Paper 2.0 - Decoding the Chinese Internet 2.0:...Boston Consulting Group
Now that China’s major online players have conquered the consumer space, they’re intent on, digitizing B2B industries and building platform-based businesses. China’s consumer internet is driving the development of the industrial internet, according to a new report by Boston Consulting Group (BCG), AliResearch and the Baidu Development Research Center. Comparing the development of China’s consumer internet and industrial internet with foreign markets for the first time, the report systematically reviews China’s internet players’ entrance into the industrial internet, revealing the unique digitalization path in China and its underlying causes.
BCG’s 2018 global challengers—100 rapidly globalizing companies from emerging markets—are getting ahead of the competition by using digital technologies.
Going Digital: The Banking Transformation Road MapSemalytix
The leaders in digital banking are more client-centric, tech-savvy, and inclusive—and are fundamentally changing to deliver the best results.
Most banks today want to become digital banking leaders—after all, that's where the customers are. And for much of the past decade as digital banking has taken hold, most leading traditional banks have incorporated strong digital strategies.
So what separates the digital banking leaders from the laggards? A new A.T. Kearney study on digitization, in conjunction with Efma, seeks the answer and finds three main findings: the leaders understand the importance of mobile in a digital strategy, they are developing more agile operating models, and, most notably, they have tackled the need for internal culture shifts (see sidebar: About the Study).
With top-down implementation, these leaders have set their paths toward becoming more client-centric, more tech-savvy, and more inclusive. As the market evolves even more rapidly through the end of the decade, all banks will have to adapt to a disruptive model in people and IT—the two engines of retail banking—and must fundamentally adapt to deliver the best results.
This paper looks at the trends and the path forward.
The Evolving Digital Journey
Most banks began their digital journey years ago and have clear digital strategies, yet even those are facing major changes. In particular, as more customers use their mobile phones and tablets to do their banking, and omnichannel takes hold in financial services, the mobile experience is becoming a crucial aspect of digital strategy that banks must address.
Secondly, to keep up in this fast-changing market, traditional banks will have to adapt their operating models. In particular, changes in IT, new products and services development, and changing expectations for time-to-market will be key factors going forward.
Perhaps the most important step, however, is that banking in the digital age requires a drastic, profound reset of how banking staff reacts to customer needs. This means thinking customer first, rather than by channel; as one panelist puts it, "Banks think in channels, but customers don't." It means being conscious that small digital players can gain market share faster and in a manner that is more disruptive to traditional banks' models. It means understanding that organizational silos pose significant obstacles to creating new solutions for customers. Most importantly, it means looking inward, changing organizational beliefs and habits to facilitate clients and drive digital innovation.
A new spirit of banking—led by top executives—will lead the way to addressing market changes, becoming more agile, and improving openness in day-to-day business.
- See more at: http://www.atkearney.com/latest-article/-/asset_publisher/lON5IOfbQl6C/content/going-digital-the-banking-transformation-road-map/10192?_101_INSTANCE_lON5IOfbQl6C_redirect=#sthash.oKsJGij3.dpuf
New trends have moved marketing the cusp of a new golden age. To deliver on the promise, marketing needs to execute on the 5S approach: science, simplicity, substance, speed, and story. This presentation walks through what marketers and business leaders need to get right to execute all of them. This presentation is based on a public webinar given by McKinsey partners Jonathan Gordon and Jesko Perrey.
Find out more from our Marketing and Sales practice: http://www.mckinsey.com/client_service/marketing_and_sales
The enterprise software industry is being transformed by substantial investor capital, Cloud 2.0, artificial intelligence, data protection, preferred platforms, and a talent shortage, leading stakeholders of all kinds to make big changes, and big choices.
From touchpoints to journeys: Seeing the world as customers doMcKinsey & Company
Airport complaints are an excellent lens through which to view the new emphasis we need to bring to the entire customer journey, rather than focusing on single – often disjointed – touchpoints.
For our full article on the customer journey, please visit: http://www.mckinsey.com/business-functions/marketing-and-sales/our-insights/from-touchpoints-to-journeys-seeing-the-world-as-customers-do
A.T. Kearney Consolidation of the US Banking IndustryKearney
More and more banked consumers are migrating from small to large banks, flagging the accelerated consolidation of the retail banking industry in the years to come.
The banking industry’s resilience is being tested as banks navigate through a remarkable 2020 filled with uncertainties. The impact of COVID-19 has been about setting the tone for future operational models. Retail banks have shifted focus towards integrated risk management with a more holistic view of operational risks. Adapting to the new normal, banks have prioritized cost transformation while engaging customers virtually. Incumbents sought to be more responsible within fast-changing environmental conditions and ESG remained a critical focus.
To provide more experiential services, banks are leveraging techniques such as segment-of-one to hyper-personalize offerings while aiming to humanize digital channels for increased engagement. Banks are also revamping middle and back offices, going beyond the front end leveraging intelligent processes. Open X is enabling banks to play on their strengths and use the expertise of ecosystem players. Going forward, banks are poised to become an enhanced one-stop shop by providing consumers value-adding FS and non-FS experiences.
To acquire customers in cost-effective manner, retail banks are tapping value-based propositions ‒ such as POS financing and mortgage refinancing. Further, Banking-as-Service provides incumbents a way to provide their high-value offerings to other players. In preparation for the future, banks will be looking to improve their go-to-market agility by leveraging the benefits of cloud. This analysis outlines the top 10 trends in retail banking for 2021.
The value of digitally influenced spending in emerging markets will approach $4 trillion by 2022, amounting to about 50% of all retail spending in Asia, Latin America, and Africa. But the dynamics will vary widely between markets, requiring B2C companies to “de-average” their offerings in order to succeed.
Joining Forces: Interagency Collaboration and "Smart Power"Booz Allen Hamilton
Has U.S. defense, diplomacy and development adopted a “smart power” approach? In this follow-up to a 2010 report, the Government Business Council (GBC) evaluates progress towards increased interagency collaboration and how budget pressures may change foreign policy. Moderator is GBC's Associate Director of Research Erin Dian Dumbacher and Speakers include Booz Allen senior associate's Cheryl Steele and Jonathan Allen. Download the full report here: http://www.govexec.com/gbc/report/smart_power_2011/
Learn more about Smart Power: http://www.boozallen.com/smartpower
L.E.K. Consulting’s annual Media & Entertainment Study
was conducted between December 2018 and January
2019. We surveyed around 2,000 households on their
entertainment choices, preferences and viewing habits.
This Executive Insights analyzes key findings about
movie theater attendance and subscription services.
Actualizamos el estudio Consumer Pulse, de Bain & Company, en el que monitoreamos los principales cambios y las tendencias en los hábitos de los consumidores en América del Sur durante la pandemia, especialmente en Argentina.
2020 Banking Consumer Study: Making Digital More Human – UK Findingsaccenture
The 2020 Global Financial Services Consumer study surveyed 48,710 banking & insurance customers globally including 3,000 UK respondents. Read more here.
TMT Outlook 2017: A new wave of advances offer opportunities and challengesDeloitte United States
Important trends continue to shape the technology, media, and telecommunications (TMT) industry. What developments should you anticipate in 2017? https://subscriptions.deloitte.com/default.aspx?eventid=1323075
The Boston Consulting Group, MIT Sloan Management Review, and the United Nations Global Compact joined forces to provide an inside look at how companies are dealing with sustainability issues: http://on.bcg.com/1Ci1R8l.
These slides present results from The Boston Consulting Group’s 2015 Big Data and Trust Consumer Survey of more than 8,000 consumers in the US and the top five European economies (France, Germany, Italy, Spain, and the UK) and the results of BCG’s 2015 Big Data and Trust Company Survey of the data stewardship practices of 140 companies in eight industries.
Shifting Trade Rules and the Future for North America’s Auto IndustryBoston Consulting Group
Two major initiatives by the US to overhaul trade rules could have a massive impact on North America’s automotive manufacturing industry. Here’s how companies should prepare.
How are Fintechs in India boosting the growth of digital lending.pptxKissht reviews
Fintechs are rapidly gaining customer trust, and rural citizens prefer these new-age resources to get quick financial assistance. But False news related to Kissht Chinese is creating disruptions in building trust for tech-driven solutions among the rural population.
A.T. Kearney Consolidation of the US Banking IndustryKearney
More and more banked consumers are migrating from small to large banks, flagging the accelerated consolidation of the retail banking industry in the years to come.
The banking industry’s resilience is being tested as banks navigate through a remarkable 2020 filled with uncertainties. The impact of COVID-19 has been about setting the tone for future operational models. Retail banks have shifted focus towards integrated risk management with a more holistic view of operational risks. Adapting to the new normal, banks have prioritized cost transformation while engaging customers virtually. Incumbents sought to be more responsible within fast-changing environmental conditions and ESG remained a critical focus.
To provide more experiential services, banks are leveraging techniques such as segment-of-one to hyper-personalize offerings while aiming to humanize digital channels for increased engagement. Banks are also revamping middle and back offices, going beyond the front end leveraging intelligent processes. Open X is enabling banks to play on their strengths and use the expertise of ecosystem players. Going forward, banks are poised to become an enhanced one-stop shop by providing consumers value-adding FS and non-FS experiences.
To acquire customers in cost-effective manner, retail banks are tapping value-based propositions ‒ such as POS financing and mortgage refinancing. Further, Banking-as-Service provides incumbents a way to provide their high-value offerings to other players. In preparation for the future, banks will be looking to improve their go-to-market agility by leveraging the benefits of cloud. This analysis outlines the top 10 trends in retail banking for 2021.
The value of digitally influenced spending in emerging markets will approach $4 trillion by 2022, amounting to about 50% of all retail spending in Asia, Latin America, and Africa. But the dynamics will vary widely between markets, requiring B2C companies to “de-average” their offerings in order to succeed.
Joining Forces: Interagency Collaboration and "Smart Power"Booz Allen Hamilton
Has U.S. defense, diplomacy and development adopted a “smart power” approach? In this follow-up to a 2010 report, the Government Business Council (GBC) evaluates progress towards increased interagency collaboration and how budget pressures may change foreign policy. Moderator is GBC's Associate Director of Research Erin Dian Dumbacher and Speakers include Booz Allen senior associate's Cheryl Steele and Jonathan Allen. Download the full report here: http://www.govexec.com/gbc/report/smart_power_2011/
Learn more about Smart Power: http://www.boozallen.com/smartpower
L.E.K. Consulting’s annual Media & Entertainment Study
was conducted between December 2018 and January
2019. We surveyed around 2,000 households on their
entertainment choices, preferences and viewing habits.
This Executive Insights analyzes key findings about
movie theater attendance and subscription services.
Actualizamos el estudio Consumer Pulse, de Bain & Company, en el que monitoreamos los principales cambios y las tendencias en los hábitos de los consumidores en América del Sur durante la pandemia, especialmente en Argentina.
2020 Banking Consumer Study: Making Digital More Human – UK Findingsaccenture
The 2020 Global Financial Services Consumer study surveyed 48,710 banking & insurance customers globally including 3,000 UK respondents. Read more here.
TMT Outlook 2017: A new wave of advances offer opportunities and challengesDeloitte United States
Important trends continue to shape the technology, media, and telecommunications (TMT) industry. What developments should you anticipate in 2017? https://subscriptions.deloitte.com/default.aspx?eventid=1323075
The Boston Consulting Group, MIT Sloan Management Review, and the United Nations Global Compact joined forces to provide an inside look at how companies are dealing with sustainability issues: http://on.bcg.com/1Ci1R8l.
These slides present results from The Boston Consulting Group’s 2015 Big Data and Trust Consumer Survey of more than 8,000 consumers in the US and the top five European economies (France, Germany, Italy, Spain, and the UK) and the results of BCG’s 2015 Big Data and Trust Company Survey of the data stewardship practices of 140 companies in eight industries.
Shifting Trade Rules and the Future for North America’s Auto IndustryBoston Consulting Group
Two major initiatives by the US to overhaul trade rules could have a massive impact on North America’s automotive manufacturing industry. Here’s how companies should prepare.
How are Fintechs in India boosting the growth of digital lending.pptxKissht reviews
Fintechs are rapidly gaining customer trust, and rural citizens prefer these new-age resources to get quick financial assistance. But False news related to Kissht Chinese is creating disruptions in building trust for tech-driven solutions among the rural population.
How are Fintechs in India boosting the growth of digital lending.pdfKissht reviews
Fintechs are rapidly gaining customer trust, and rural citizens prefer these new-age resources to get quick financial assistance. But False news related to Kissht Chinese is creating disruptions in building trust for tech-driven solutions among the rural population.
A Cashless Economy Challenges and Opportunitiesijtsrd
Going cashless not only eases one’s life but also helps authenticate and formalize the transactions that are done. This helps to curb corruption and the flow of black money which results in an increase of economic growth. The expenditure incurred in printing and transportation of currency note is reduced. In a nation like India, cashless transactions are not widespread, and this is due to the technology gap and the lack of proper awareness and education. Though these are the matters of concern, the government or the financial institution need to address them to create a strong cashless economy. Dr. Vidhya Rajagopalan "A Cashless Economy: Challenges & Opportunities" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Volume-5 | Issue-2 , February 2021, URL: https://www.ijtsrd.com/papers/ijtsrd38611.pdf Paper Url: https://www.ijtsrd.com/management/accounting-and-finance/38611/a-cashless-economy-challenges-and-opportunities/dr-vidhya-rajagopalan
In 2019, financial institutions are getting more and more comfortable with digital technologies, digitizing processes, embracing big data and AI, and adopting new delivery methods beyond mobile to satisfy customer demand.
Although many of these technologies are not new, they dominate how the financial sector operates and grows in 2019. Add them to an already existing suite of platforms and technologies that either evolve or are replaced with new, more sophisticated solutions based on AI and machine learning. Beyond tech, all the trends of the year are customer-centric – the use of AI and chatbots, e-wallets, big data, and open banking are all meant to improve and personalize services to satisfy customer demands and expectations. As technologies continue to evolve, the trends of the year will replace outdated strategies and eventually lead to even more progressive solutions for the modern consumer
The future of E-commerce in India and it's key driversKantinath Banerjee
In this article i am discussing about the near future of Indian E-commerce industry and the certain changes that are on the cards.#Internet #onlinemarketing #digitalmarketing #onlineadvertising #socialmedia #clickandbrick #onlineretail #flipkart #google #paidadvertising
Few years before we are using the cash for payments. When a digitalization occurs the way of payments gets changed. It helps our country to move next level of development. It creates more awareness to people about the payment innovation. Umamaheswari K | Santhiya R | Ragavi J"Payments Innovation" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Volume-2 | Issue-3 , April 2018, URL: http://www.ijtsrd.com/papers/ijtsrd11150.pdf http://www.ijtsrd.com/management/innovation-and-product-dev/11150/payments-innovation/umamaheswari-k
This presentation examines trends and innovations in financial services (focusing on banking, insurance, credit cards).
In the last few years, the financial services industry has undergone a digital evolution. Now, it is time for a digital revolution, due to growing disruptive "Fintech" start ups and their innovative models.
Demonetization effect on digital payments solutions in india by Balaji Prince Bala
The aim of the research is to identify the impact of demonetization in india on the digital payment platform.
This research helps to MBA students for their better understanding about the final year project format...i hope my research will help you.. thank you..
The Fiserv Consumer Trends Survey is one of the industry's longest running surveys of consumer financial habits. It highlights opportunities for financial institutions to better understand and expand their digital reach to all consumer segments.
Digital Banking for PSU banks in IndiaRohan Bharaj
This documents highlights the importance of Digital banking for PSU banks in India. In this digitally enhanced age, it is of utmost importance for PSU banks to be up to date with the latest technology.
Market Research: Consumer Behavior and Satisfaction Level on use of Digital W...Prinson Rodrigues
Digital Wallet Vs. traditional mode of payment
Consumer preference
Survey to know the consumer behavior and satisfaction level of digital wallet over other modes
Digital wallet companies Paytm, Phonepe, Jio, M-pesa, Tez, Freecharge, Mobikwik
Security concerns on digital wallet system
Hindrances and benefits of digital wallet
The rise of the digital experience is among the most important post-pandemic changes overtaking most industries, including banking. With Millennials and Generation Z as the dominating demographic, banks and credit unions are resorting to digitization as a key strategy for existing and new members.
In 2019, only 47 percent of Millennials and 54 percent of Generation Zs stated they would pursue a better digital banking experience even if it meant switching their primary account. A year later, the statistics exceeded 60 percent for both age groups.
Similarly, two-thirds of consumers previously indicated they preferred making deposits or withdrawals at bank branches rather than online. Today, consumers conduct almost 70 percent of deposits by relying on self-service options instead of bank tellers. This significant increase demonstrates the pandemic’s overwhelming impact on the banking industry.
Similar to Facebook-BCG Report on the impact of digital in the Financial Services Industry (20)
Deloitte Gen Z Millennial Survey 2024_India_Full length report_.pdfSocial Samosa
The campaign, featuring messages like 'A vow of celibacy is not the answer' and 'Thou shalt not give up on dating and become a nun,' drew widespread condemnation, with netizens expressing their disappointment and frustration on social media.
The report showcases that in 2023, Maharashtra ranked first in BFSI sector ad volumes with a 20% share, while on digital platforms, AMFI was the top advertiser, accounting for 8% of total ad impressions in the BFSI sector.
Honasa Consumer Ltd's report titled, 'Driven by Purpose' outlines the significant impact of various purpose-driven initiatives in terms of economic development, environmental stewardship, and community empowerment.
WebEngage's report found D2C and E-Commerce sectors accounting for 35.8% of respondents, reflecting the growing focus on customer retention for long-term profitability and the increasing demand for retention marketing talent.
TAM Sports_IPL 17 Till Match 37_Celebrity Endorsement _Report.pdfSocial Samosa
During IPL 17, the top five categories and advertisers accounted for 75% and 65% of ad volume shares of celebrity-endorsed ads with Sporta Technologies being the top advertiser & Ecom-gaming being the leading category.
Social Samosa Guidebook for SAMMIES 2024.pdfSocial Samosa
Social Samosa is back with the sixth edition of the Best Social Media Brands Awards #SAMMIE2024 where we highlight the brands excelling in social media with innovative campaigns with strong engagement.
Kantar AI Summit- Under Embargo till Wednesday, 24th April 2024, 4 PM, IST.pdfSocial Samosa
According to the Kantar AI Report, India's AI user base is 724 million and is projected to grow 6% year over year, with users engaging in AI features like image filters, personalized recommendations, and smart devices.
TAM AdEx 2023 Cross Media Advertising Recap - Auto SectorSocial Samosa
TAM AdEx's recent report -- '2023 Cross Media Advertising Recap - Auto Sector' summarizes ad volumes in the Auto sector across TV, Print, Digital, and Radio for 2023.
TAM Sports IPL 17 Advertising Report- M01 - M23Social Samosa
During IPL 17 (2024), the count of categories and advertisers increased by 65% and 37% compared to IPL 16 (2023). Among the top five Categories in IPL 17, two were from the Food & Beverages Sector. Ecom-Gaming led the list of top categories.
During IPL 17 (2024), the count of categories and advertisers increased by 63% and 26% compared to IPL 16 (2023). Among the top five Categories in IPL 17, two were from the Food & Beverages Sector. Ecom-Gaming led the list of top categories.
TAM AdEx - 2023 Cross Media Advertising Recap - FMCG Sector.pdfSocial Samosa
TAM AdEx's recent report summarizes ad volumes in the FMCG sector across TV, Print, Digital, and Radio for 2023. Titled '2023 Cross Media Advertising Recap - FMCG Sector', the report provides an overview of advertising trends.
Ecom-Gaming maintained its top position throughout all the seven matches of IPL 17. The top five categories in IPL 17 together had 52% share of ad volumes. The count of advertisers increased by 28% during IPL 17 over IPL 16.
Media and Internet Preview Q4FY24 Elara CSocial Samosa
Zomato is expected to continue its growth trajectory in Q4FY24, with a projected 54% YoY revenue increase. PVR Inox is expected to witness a 13.3% YoY growth in box office revenue and a 20.8% YoY surge in food and beverages revenue.
As per the report, B2B sellers in India increasingly rely on AI for tasks like prospect research and lead generation, with 90% seeing it as crucial for future success.
Brand Trust Report 2024 TRA Report ListingsSocial Samosa
The 2024 Brand Trust Report (BTR) by TRA, based on insights from 2,500+ consumer influencers across 16 cities, measures consumer buying Intention with over 90,000 interviews conducted in the past 13 years.
TAM AdEx-A Pixelated view into Digital Advertising Trends for Y 2023.pdfSocial Samosa
Services and Computers sectors retained their first and second positions. Amazon Online India maintained its first position in the top advertisers list. There was a surge of 71% in ad impressions during Oct-Dec’23 over Jan-Mar’23.
Cricket Playbook for Growth Marketers: Adjust x Glance reportSocial Samosa
Compared to the overall 2023 daily install average during the IPL season, mobile apps overall and streaming apps witnessed 13% and 45% greater installs respectively. The largest retention was in games, up three percentage points from 21% to 24%.
3.0 Project 2_ Developing My Brand Identity Kit.pptxtanyjahb
A personal brand exploration presentation summarizes an individual's unique qualities and goals, covering strengths, values, passions, and target audience. It helps individuals understand what makes them stand out, their desired image, and how they aim to achieve it.
Memorandum Of Association Constitution of Company.pptseri bangash
www.seribangash.com
A Memorandum of Association (MOA) is a legal document that outlines the fundamental principles and objectives upon which a company operates. It serves as the company's charter or constitution and defines the scope of its activities. Here's a detailed note on the MOA:
Contents of Memorandum of Association:
Name Clause: This clause states the name of the company, which should end with words like "Limited" or "Ltd." for a public limited company and "Private Limited" or "Pvt. Ltd." for a private limited company.
https://seribangash.com/article-of-association-is-legal-doc-of-company/
Registered Office Clause: It specifies the location where the company's registered office is situated. This office is where all official communications and notices are sent.
Objective Clause: This clause delineates the main objectives for which the company is formed. It's important to define these objectives clearly, as the company cannot undertake activities beyond those mentioned in this clause.
www.seribangash.com
Liability Clause: It outlines the extent of liability of the company's members. In the case of companies limited by shares, the liability of members is limited to the amount unpaid on their shares. For companies limited by guarantee, members' liability is limited to the amount they undertake to contribute if the company is wound up.
https://seribangash.com/promotors-is-person-conceived-formation-company/
Capital Clause: This clause specifies the authorized capital of the company, i.e., the maximum amount of share capital the company is authorized to issue. It also mentions the division of this capital into shares and their respective nominal value.
Association Clause: It simply states that the subscribers wish to form a company and agree to become members of it, in accordance with the terms of the MOA.
Importance of Memorandum of Association:
Legal Requirement: The MOA is a legal requirement for the formation of a company. It must be filed with the Registrar of Companies during the incorporation process.
Constitutional Document: It serves as the company's constitutional document, defining its scope, powers, and limitations.
Protection of Members: It protects the interests of the company's members by clearly defining the objectives and limiting their liability.
External Communication: It provides clarity to external parties, such as investors, creditors, and regulatory authorities, regarding the company's objectives and powers.
https://seribangash.com/difference-public-and-private-company-law/
Binding Authority: The company and its members are bound by the provisions of the MOA. Any action taken beyond its scope may be considered ultra vires (beyond the powers) of the company and therefore void.
Amendment of MOA:
While the MOA lays down the company's fundamental principles, it is not entirely immutable. It can be amended, but only under specific circumstances and in compliance with legal procedures. Amendments typically require shareholder
Affordable Stationery Printing Services in Jaipur | Navpack n PrintNavpack & Print
Looking for professional printing services in Jaipur? Navpack n Print offers high-quality and affordable stationery printing for all your business needs. Stand out with custom stationery designs and fast turnaround times. Contact us today for a quote!
What are the main advantages of using HR recruiter services.pdfHumanResourceDimensi1
HR recruiter services offer top talents to companies according to their specific needs. They handle all recruitment tasks from job posting to onboarding and help companies concentrate on their business growth. With their expertise and years of experience, they streamline the hiring process and save time and resources for the company.
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3. CONTEXT
04 Executive Summary
06 The New Indian Consumer
18 Banking Infrastructure –
Laying the Foundation
26 ‘State of Play’ – Current
Gaps and Solutions
38 Opportunities for financial
institutions in the ‘New World’
4. I
ndia is on the cusp of a digital
revolution. With rising internet and
smartphone penetration and lowering
mobile data cost, digital Indians are
rapidly increasing. The face of an average
digital Indians is also changing – with
higher representation from women, lower
tier cities and older age groups. Digital
Indian are also adopting mature activities
such as online shopping and banking,
moving beyond traditional activities such
as search and social networking. As a
result, India is rapidly transitioning from
a data poor to a data rich nation, with
immensely useful data being created
across businesses and consumers alike.
With this, the role of digital in financial
services will only expand further. By 2020,
over 250mn urban banking users will have
internet access, out of which over 120 mn
are expected to use at least one digital
channel during the purchase journey of
a financial product. Over 70% of urban
banking users with internet access are
already digitally influenced during the
purchase journey of a financial product.
This digital influence is higher compared
to many other consumer focused
categories such as consumer electronics,
travel, home appliances. Interestingly,
digital influence is high across all financial
products – from basic products such as
savings account to more mature products
such as mutual fund and credit card
4
Executive Summary
5. Although, digital influence is high during
research and selection, adoption of
online banking remains low. Only 8% of
banking users actively use online banking
facilities. The recent policy initiative of
demonetisation by Government has helped
in breaking the consumer inertia and
providing an instant boost to adoption
of cashless channels. There are 38 million
active urban online banking users currently.
We had earlier estimated this number to
touch 100 million by 2020. However, post
demonetisation, this is expected to grow to
150 million in the same timeframe.
Along-with the new Indian consumer, the
digital ecosystem of India has also evolved
rapidly over the last few years. With
several policy and regulatory changes and
open architecture technology enablers,
India is set to leapfrog many advanced
economies. From creating ‘Digital India’ to
setting up open architecture layers such as
Aadhar, India Stack, Bharat Bill Payment
System and GST to more recently pushing
cashless transactions post demonetization,
government has been actively developing
the entire digital ecosystem.
India Stack especially has been truly
transformative by paving way for presence-
less, paperless and cashless delivery of
services and consent based sharing of
data. This helps drastically reduce the
cost of customer acquisition and servicing
and increase the addressable customer
base multifold. It fundamentally opens
a new world of disruption which many
startups are already tapping into. FinTechs
are uniquely poised to disrupt traditional
financial services in a meaningful way.
Since 2010, over 1000 FinTechs have been
founded and have raised more than $ 2.5
Bn across the spectrum – from payments
to lending to investments.
However, financial services industry has not
fully recognized the rising importance of
digital among Indian consumers. It has also
not fully leveraged the powerful potential
of the evolving digital ecosystem. More
than half of the consumers are largely
dissatisfied with their online banking and
mobile app experience. Even though
downloads have increased, banking
apps have much lower user engagement
and loyalty compared to FinTechs and
e-commerce apps. If this isn’t addressed
immediately, banks risk losing substantial
customer base to contemporary entities
such as payment banks and mobile wallets.
To this end, financial institutions need
to start participating in ecosystems and
enable themselves to serve end-to-
end needs in customer journey. Winners
of tomorrow need to break free from
traditional boundaries and offer non-
banking services to customers. Financial
institutions need to leverage digital
to completely transform the customer
experience. Customers today are looking
for an on-demand, digital and customised
experience. Financial institutions need to
reinvent themselves and reorient customer
touchpoints and back-end processes in line
with customer expectations.
But are all current financial institutions in
a position to take advantage of what can
be? Financial institutions need to transform
themselves in three stages:
• Fix the Basics: Focus on digital
straight-through processing, rationalise
clutter in digital offerings
• Transform Experience: Leverage
customer data, integrate channels
instead of ‘siloed’ working
• Support Entire Journey: Focus on end
to end journey, foster partnerships to
create ecosystems
Adoption of digital can significantly
increase profitability for banks. On an
average, customer acquisition, servicing
and transaction cost over digital channels
is almost 1/10th compared to the cost
over traditional non-digital channels. Also,
customers using digital channels tend
to bank more and generate almost 5x-
8x times revenue for the bank. Overall,
this leads to 10x higher profitability from
digital customers compared to non-digital
customers. By 2020, banks can potentially
increase their retail profit pool by over $ 3-
3.5 Bn by switching to digital and reducing
their cost base.
5
8. The Digital
DNA of India is
changing
India is on the cusp of a digital
revolution. With rising internet and
smartphone penetration, the digital
DNA of India is rapidly changing.
The first 100 million ‘digital Indians’
were largely men, millennials and
metro based. However, with higher
adoption among women, lower tier
cities and older age groups, the face of
an average internet user is changing.
They are also engaging in mature
activities, going beyond search and
social networking to online shopping
and banking. In 2013, only 7% urban
internet users with digital age less than
2 years adopted online shopping. This
grew more than four fold in four years.
A similar trend has been seen in online
banking as well.
Also, with increasing smartphone
penetration, the way consumers are
accessing internet is changing. In
2013, only 44% of urban population
preferred mobile for internet access,
but now almost 3/4th prefer mobile.
8
Demographics
Usage
Access
Share among internet users
2016
2020
Millennials
Men1 Metro/T1
74%63% 29%
67%60%
23%
'Mobile First' for internet access
Urban internet users who prefer mobile as the primary device3
2013
2016
44%
74%
Adoption of mature activities increasing
Adoption among urban internet users with digital age <2 years2
2013
Online shopping Online banking
2016
7%
31%
4%
16%
Internet set to go beyond '3Ms'
1. Share among urban internet users.
2. Q. Which of these activities do you generally do while surfing internet?
3. Q. Which of these devices have you used in the last 3 months to access internet?
Source: BCG CCI Digital Influence Study 2013, 2016 (N=18000 in each year), BCG analysis.
(Age <35 years)
9. India to
become
data rich
Globally, amount of data generated
has increased exponentially
over the last 5 years. India is also
rapidly transitioning from a data
poor to a data rich nation. With
increasing penetration of internet
and smartphones, and time spent on
digital media, immensely useful data
is being created across businesses and
consumers alike.
For businesses, more than 25 data
points such as corporate filings, tax
data, legal information etc. are now
electronically available. Similarly, for
consumers, data is being generated
through web search, interactions
on social media, e-commerce and
banking transactions.
All this data can be leveraged by
banks to:
• Reduce cost of customer acquisition
and servicing
• Improve underwriting models
• Establish early warning systems
9
Digital
identity
Digital
payments
Digital
footprint
Aadhaar enrollment (Bn) Transactions (Bn) Smartphone users (Mn)
0.6
1.1
2014
2016
2.3
5.4
2014
2016 160
360
2014
2016
Digital
footprint for
business
Digital
footprint for
consumer
Android permission system: 20+ data points shared
Web pages: 810 bn viewed annually
Search queries: 340 bn annually
E-commerce: 300 mn transactions annually
Others: Social media data, credit data, legal data
Corporate filings
Credit data
Website data
Tax data
External agency ratings
Legal information
25+ data points available electronically
1.8x 2.5x 2.3x
Source: BCG analysis.
10. Digital in financial
services is large; will
further explode
Digital is going to play a huge role
in financial services by 2020.
Currently, there are over 150 million
urban banking users with internet
access. With increasing banking user
base and digital footprint, this will grow
to 250 million.
Currently, over 60 million urban
banking users use at least one digital
channel during research and selection
of a financial product. With rising
internet user base as well as greater
maturity in using digital channels, the
number of digitally influenced users will
double in the next four years. Earlier,
branches were the fulcrum of bank’s
relationship with its customers, but
now branches will increasingly play a
complimentary role.
Also, by 2020 over 155 million urban
banking users will actively access
online banking. Almost a 4x increase
from 2016, this is driven by rising
internet and smartphone penetration
and recent systemic interventions by
Government such as demonetisation.
10
1. Online banking users are defined as those who undertake transactions or transfer funds using their online banking,
mobile banking and USSD service.
Source: BCG Facebook 2016 Banking Survey (N=1700), World Bank, RBI, BCG analysis.
2016 2020
150+
250+
60+
38+
120+
150+
Urban banking users with internet access (Mn)
Urban active online banking users1 (Mn)
Urban banking users who use at least one digital channel during
research and selection of a new financial product (Mn)
11. 70% urban
consumers already
use digital in
purchase journey of
financial product
Consumers’ purchase journeys are
becoming increasingly complex with
the advent of multiple channels. Digital
channels are increasingly becoming
core to the overall purchase process –
from research and selection to account
activation and setup to account servicing
and maintenance.
Our consumer research across 1,700
respondents reveals that over 70%
category buyers with internet access use
a digital channel during their purchase
journey. Digital influence is especially high
across the research and selection stage,
with over 61% using a digital channel to
find out what product/ service to buy. As
against that, 39% use digital channels in
the account servicing and maintenance
stage.
Majority of the growth in the early research
and selection process is happening owing
to multiple aggregator websites which
have come up over the past few years.
These websites allow for easy comparison
and research. In fact, unique visitors on
these websites have grown by more than
25% during the last three years.
11
1. In last 6 months, what were your sources of information while conducting the following activities. Research and
Selection – info search, compare products, decide brand, select product. Account activation – submit application,
submit document, activate account, learn to operate account. Digital channel include internet search, social media,
bank website, email.
2. In last 6 months, what were your most preferred channel for undertaking the following activities, account servicing &
maintenance – fund transfer/ monthly payment, balance enquiry, statement and document request, update contact
detail, raising complaint, linking to other accounts/ products. Digital channel include online banking using laptop/
mobile, mobile banking app, SMS banking.
Source: BCG Facebook 2016 Banking Survey (N=1700, conducted among users who have a bank account or have
purchased a financial product in last 6 months), BCG analysis.
% of urban category buyers with internet access
(Use at least one digital channel in the purchase process of a financial product)
Overall
70%
Research
and selection1
Account activation
and set-up1
Account servicing
and maintenance2
41%61% 39%
12. 1212
Digital influence for
financial services is
among the highest
Higher than consumer electronics,
travel
Digital influence in financial services
is among the highest across
categories. It is higher than many other
consumer focused categories such as
consumer electronics, travel, home
appliances.
A large part of this is driven by the
differences in underlying consumer
profile. Urban category buyers with
internet access for banking and
financial services are more male and
metro dominated and have higher
digital maturity as compared to other
categories such as home appliances.
As a result, they are more likely to use
a digital channel during the purchase
process. Also, typically banking and
financial services tend to be more
involved category with higher financial
implications leading to use of multiple
channels including digital channels.
1. Q. Which of these did you purchase in the last 12 months for which you actively participated in the decision of
purchase? and did you visit any site or used internet at any point of time as a source to collect information before
buying, at the time or after the purchase or made a purchase online?
2. Travel includes air, bus, railway travel, hotel and holiday packages; consumer electronics include mobile phone, PC,
laptops and tablets, television; Home appliances include washing machine, refrigerator, AC, microwave/ oven;
Consumer goods include groceries & staples, packaged food and beverages, alcoholic beverages, household products,
skin care, hair care, other personal care, cosmetics, make-up.
Source: BCG CCI Digital Influence Study 2016 (N=18000), BCG Facebook 2016 Banking Survey (N=1700), BCG analysis.
% of urban category buyers with internet access1
(Use at least one digital channel in the purchase process)
35%Home
appliances2
44%Travel2
55%Consumer
electronics2
77%Cars
70%
Banking and
financial
services
13. 13
Digital influence
high across all
financial products
Highest across credit card,
mutual funds
Within banking and financial
services also, digital influence
is high across the board, from basic
products such as savings account to
mature products such as loans and
insurance.
Digital influence is especially high
across highly mature products such as
credit cards and mutual funds. 86% of
urban buyers with internet access use
internet while buying mutual funds. As
against this, the number for personal
loans is 55%.
13
1. In last 6 months, what were your sources of information while conducting the following activities. Research and
selection – info search, compare products, decide brand, select product. Account activation – submit application,
submit document, activate account, learn to operate account. Digital channel include internet search, social media,
bank website, email.
Source: BCG Facebook 2016 Banking Survey (N=1700, conducted among users who have a bank account or have
purchased a financial product in last 6 months), BCG analysis.
% of urban category buyers with internet access1
(Use at least one digital channel in the purchase process of a financial product)
Life insurance
Savings account
Automobile insurance
Health insurance
Personal loan
Mutual funds
Home loan
Automobile loan
Credit cards
45%
55%
59%
60%
66%
69%
69%
69%
86%
14. Over 120 million
digitally influenced
users by 2020
More broad based profile
than 2016
With rising internet user base
and smartphone penetration,
the number of digitally influenced
users will also rise rapidly. Currently,
over 60 million urban banking users
are digitally influenced during the
purchase journey of a financial product.
Driven by rising internet user base, this
will double to more than 120 mn users
by 2020.
With a more representative cohort of
internet users coming online, the new
set of digitally influenced users will
also have a much more broad based
profile – more women, older age
groups and lower tiers. This will have
significant implications for financial
services players as these new users
will have different starting level of
understanding and hence different
expectation in terms of support in their
purchase process.
14
Urban banking users
who use at least one
digital channel during
purchase of a new
financial product
...Women
2016 2020E
Greatercontributionfrom...
18-24 25-34 35-44 45+
60
Mn
120
Mn
66%
34%
57%
43%
30% 45% 18% 8% 22% 48% 21% 9%
18-24 25-34 35-44 45+Age Age
Metro Tier 1 Tier 2 Tier 3/4
38%
19%
10%
33% 33%
20%
12%
35%
Metro Tier 1 Tier 2 Tier 3/4
Male Female Male Female
Source: BCG Facebook 2016 Banking Survey (N=1700, conducted among users who have a bank account or have
purchased a financial product in last 6 months), BCG analysis.
...Older
age group
...Lower
tiers
15. Low adoption of
online banking
currently
Low awareness, trust major
barriers
Although, digital influence during
research and selection, account
activation and setup is high, it reduces
significantly during account servicing
and maintenance. This is also reflected
in online banking user base, with only
8% of banking users being active online
banking users.
The low adoption is driven by gaps in
overall online proposition by banks.
Our consumer research across 3000
respondents concludes that topmost
reasons for not considering online or
mobile banking are lack of awareness,
trust, transparency and fear of hacking.
Banks can make great strides in
bringing consumer online for banking
services with carefully designed
initiatives towards customer education
and awareness.
15
Active banking population (Mn)
470 Mn1
220-240
180-200
35-40
20-25
Internet
users but
not online
banking
No internet
access
1. Not inclusive of accounts added in 2015 under PMJDY scheme.
2. Online banking users are defined as those who undertake transactions or transfer funds using their online banking,
mobile banking and USSD service.
3. Q. What are the top 3 reasons which best describe your unwillingness to use online/mobile banking.
Source: BCG CCI Banking Survey (N=3000), BCG analysis.
Non-active
Active
8% of banking users are active
online banking users2
Reason for not using mobile banking apps3
Don’t know how to use 22%
Don’t know about
bank’s app 18%
Fear of hacking 14%
Reason for not using online banking3
Information is complex to understand 34%
Lacks transparency – hidden
charges 23%
Lack of trust 23%
16. Increase in adoption
of cashless channels
post demonetisation
On November 8 2016, a policy
initiative by Government of
India ceased the use of existing
INR 500/ 1000 notes as a legal
tender. Consequently, 86% of cash
in circulation was demonetized. This
systemic intervention was successful
in breaking the consumer inertia and
giving an instant boost to adoption
of cashless channels such as online
banking.
Our consumer research across 1700
respondents indicates that use of
cash channels has gone down by
over 10 percentage points – i.e. from
89% pre demonetization to 78% post
demonetization. Mobile wallets have
seen over 10 times increase in usage
and use of online or mobile banking
has gone up by 40%.
This shift is more prominent for monthly
and annual payments, where use of
cash channels has gone down by over
16 percentage points.
16
Share of payment channels across transactions1 (%)
Mobile
wallet
Online
banking2
Cash
Pre-demonetisation Post-demonetisation
0.2%
2.6%
2.2%
3.0%
88.7%
78.1%
10.0x
1.4x
0.9x
Increase/
Decrease
1. Q. What has been your primary method of payment for these transactions for last 6 months/ from now onwards.
2. Including Mobile App and UPI.
Source: BCG Facebook 2016 Banking Survey (N=1700), BCG analysis.
17. 17
Over 150 million
urban active online
banking users by
2020
Multiple factors are coming
together to increase adoption
of online banking. Growing number of
banking customers, increasing internet
penetration, disruptive interventions by
Government such as demonetization
and other regulatory and policy
changes will give it a substantial boost.
There are 38 million active urban
online banking users currently. We
had earlier estimated this number to
touch 100 million by 2020. However,
post demonetisation, this is expected
to grow to 150 million in the same
timeframe.
0
50
100
150
200
250
300
2016 2020 2025
100
181
239
155
Accelerated adoption (Post demonetisation)
As is adoption
xx% % penetration among urban internet users (18+)
23%
57%
72%
37%
55%
Active urban online banking users (Mn)1
1. Online banking users are defined as those who undertake transactions or transfer funds using online banking,
mobile banking and USSD service.
Source: BCG Facebook 2016 Banking Survey (N=1700), BCG analysis.
38
20. Indian Government
promoting digital
ecosystem
20
Over the past few years,
Government has initiated several
programs to establish a robust digital
ecosystem in India. With several policy
and regulatory changes and open
architecture technology enablers,
India is set to leapfrog many advanced
economies.
From creating ‘Digital India’ program
to transform India into a digitally
empowered society, to setting up open
architecture layers such as Aadhar,
India Stack, Bharat Bill Payment
System and GST to more recently
pushing cashless transactions post
demonetization, government has been
actively developing the entire digital
ecosystem.
All these initiatives have created a
conducive environment for accelerated
growth in digital banking in the near
future.
Setting up open architecture layers
Digital India
Creation of digital infrastructure, digital delivery of
services, digital literacy enabling delivery of digital
banking in rural India.
Setting up digital infrastructure
Systemic interventions
Aadhaar
Aadhaar linked banking to increase financial
inclusion, direct transfer of government subsidies.
Goods and Services Tax (GST)
Digitisation of invoices across commercial value chain
creating huge data that banks can leverage.
Bharat Bill Payment System (BBPS)
Migration of bill payment from cash to electronic
channel.
Demonetisation
Government ceased use of existing INR 500/1,000 notes.
Other interventions
• No cash transactions above INR 3 lakh
• Electronic payment to government vendors above
INR 5,000
• Reduction of MDR cap for debit card payment1
• Switching fee waived for Rupay POS transactions2
Higher adoption of digital banking channels and
increase in digital transactions.
1. Till 31 Mar 2017.
2. Till 31 Dec 2016.
22. India Stack provides
a transformative
digital infrastructure
One of the most impactful initiatives
contributing to the digital
ecosystem has been India Stack. It is a
set of open API’s within 4 independent
layers that can provide presence-less,
paperless and cashless delivery of
services and consent based sharing
of data. This fundamentally opens a
new world of disruption which many
startups are already tapping into.
India Stack helps drastically reduce
the cost of customer acquisition and
servicing and increase the addressable
customer base multifold. For example,
by reducing the cost to 1/10th, the
addressable customer base can
increase by 10-15x.
22
24. End to end digital
customer experience is here and now!
24
25. Disruption underway,
FinTechs leveraging
opportunity
Leveraging the new set of technology
paradigms, FinTechs are uniquely
poised to disrupt traditional financial
services in a meaningful way. Since
2010, over 1000 FinTechs have been
founded and have raised more than
$ 2.5 Bn across the spectrum – from
payments to lending to investments.
Several unique models have been
emerged over the last few years. For
example:
• PayTM has simplified payments to
merchants and peers using single
touch fund transfer
• Capital Float provides collateral free
working capital to underserved SME
segment in less than 10 minutes
• Funds India is an online investment
platform that recommends a
personalised investment portfolio
within few minutes
• Walnut is a real-time expense
tracker app that helps an individual
manage expenses better.
25
1000+
FinTechs founded
300
funding rounds
$2.5 Bn
amount invested
FinTechs
Across
Spectrum
Payments1 $1,700 Mn270
Lending2 $345
Mn
200
Banking
tech3 $310 Mn100
Insurance
tech4 $115 Mn70
Investment
tech5 $50 Mn240
Consumer
finance6 $40 Mn160
1. Payment tools and solutions such as gateways, processors, PoS payment processors, cards, wallets, payment aggregators.
2. Platforms for credit scoring, lead generation, loan comparison, peer to peer lending.
3. Enabler of banking services via tech solutions, distribution platforms, backend solution providers. Excludes companies that
offer services to other FIs.
4. Platforms which help insurance companies by providing risk management tools, distribution platforms.
5. Public/ private market investing based solutions such as trading platforms, wealth management tools.
6. Tools for personal finance management, expense splitting, tax filing.
Source: Traxcn (As of 31-Oct-16), BCG Analysis.
PayTM | MobiKwik
Bank Bazaar | Capital Float
Fino FinTech | AGS Transact
Policy Bazaar | Cover Fox
Funds India | MyUniverse
Money View | Clear Tax
28. Despite magnitude
of digital influence,
digital media spend
lagging
The rising importance of digital for
an average urban consumer has not
been fully recognized by the financial
services industry. Urban internet users
spend almost 43% of their media time
on digital, and 70% of urban category
buyers with internet access use at
least one digital channel during the
purchase of a financial product.
In comparison, financial services
industry spends only 20%-22% of
media spend on digital. This is a
significant increase from 5% in 2012,
however there is scope for further
increase.
On the other hand, FinTechs have been
quick to adapt, with almost 35-40% ad
spend on digital.
28
1. Q. How frequently and how long do you watch TV, access internet and read newspapers.
Source: BCG CCI Digital Influence Study 2016 (N=18000), BCG Facebook 2016 Banking Survey (N=1700), Magna Global
Estimates, Expert interviews, BCG analysis.
of media time spent
on digital among
urban internet users
43%
of urban category buyers with
internet access use atleast one
digital channel in the purchase
process of a financial product
70% of ad spend on
digital by FinTechs
35-
40%
of ad spend on digital by
banking and financial
services companies
20-
22%
29. Half of online
banking users
find experience
sub-optimal
Risk of switching to new
entrants
Even across current digital offerings
by banks, consumers are largely
dissatisfied. Our consumer research
across 1,600 respondents indicates that
56% of urban online banking users are
dissatisfied with their mobile banking
experience and 48% are dissatisfied
with their online banking experience.
Consumers have moved away from
the crowded branch experience only
to realize that online experience
isn’t much better. If this isn’t
addressed immediately, banks risk
losing substantial customer base
to contemporary entities such as
payment banks and mobile wallets.
29
Active Banking Population (Mn)
470 Mn1
220-240
180-200
35-40
20-25
Internet
users but
not online
banking
No internet
access
1. Not inclusive of accounts added in 2015 under PMJDY scheme.
2. Q. How satisfied are you with the following channels?
3. Q. Are you willing to open an account with the upcoming payment banks?
Sources: BCG CCI Digital Banking Survey (N=1600), BCG Analysis.
Non-Active
Active Dissatisfaction with channel2
(% online banking users)
Online
banking
Branch
Mobile
banking
51%
Willingness to adopt payment banks3
(% online banking users)
48%
54%
56%
30. Low engagement
with mobile apps
E-commerce and FinTechs
much ahead of banking
Banking apps have much lower user
downloads compared to FinTech
and e-commerce apps. Out of the total
android devices across the country, top
banking apps are installed only on 1%
of devices compared to 8.5% of devices
for FinTechs.
Even the user engagement is low. On
an average, only 11.5% users are active
daily on a banking app compared to
13.5% for an e-commerce app. The
difference is starker in time spent. An
average user spends only 250 seconds
daily on a banking app, compared to
325 seconds for a FinTech app and 450
seconds for an e-commerce app.
While app downloads have increased,
banks need to significantly improve
customer experience. Banks also need
to rationalize the number of apps. Top
3 banks in India have more than 20
apps leaving customers confused.
30
1. Percentage of current installs of app out of total android devices.
2. Loyal users are defined as users that use app beyond the average lifetime.
3. Include Flipkart, Amazon, OLX, Myntra, Snapdeal, Jabong, Shopclues, Ali Express, Limeroad, Voonik, Quikr, HomeShop18, Nykaa.
4. Include PayTM, MyAirtel (Payments Bank), FreeCharge, MoneyControl, Walnut, MobiKwik, MoneyView, PhonePe, Splitwise, Airtel Money,
Zebpay, Chillr, Jio Money.
5. Include HDFC Mobile Banking, ICICI iMobile, Axis Mobile, State Bank Anywhere, Kotak Bank, State Bank Buddy, State Bank Freedom,
BoB M-Connect, FedMobile, Baroda mPassbook, State Bank Anywhere, HDFC-Recharge, Bill Pay, Shop, SBI Quick.
Source: Similar Web (Based on India data from Jan-16 to Dec-16 for Android PlayStore), Ranking based on ranking algorithm factoring
current installs, active users, leader-boards for Jan-17, BCG Analysis.
Current app installs1 (%) Average daily active users (%)
Loyal Users2 (%) Average daily usage time (seconds)
Top banking apps5Top FinTech apps4Top e-commerce apps3
8.5%
3.0%
1.0%
13.5%
12.5%
11.5%
28%
23%
20%
450
325
250
31. Banks need to
participate in
ecosystems and
serve end-to-end
needs in customer
journey
Winners of tomorrow need to break
free from traditional boundaries
and offer non-banking services to
customers. Banking needs to be
seamlessly integrated into the overall
customer journey. Banks have the
opportunity to provide holistic platform
for customers which address end to
end needs. Banks must think beyond
their conventional offerings to serve
as a facilitator, creating marketplaces
that permit buyers and sellers to come
together.
31
1. Please let us know which are the top 3 of the following value added services that you would like to avail from banks.
Source: BCG CCI Digital Banking Survey (N=1600), BCG Analysis.
% of online banking users looking to
avail value added services from banks1
Integrated platform with all
previous medical records on
portal. List & recommendations
on doctors. Also linked to
insurance & payment portals.
Health
74%
Integrated platform with ratings
& locations of grocery stores with
discounts & online payments.
Shopping
69%
Integrated platform with student
performance, school ratings,
admission alerts, options for
education loans & payment of
school fees.Education
68%
Integrated platform with ratings
of car dealers, list of available
used cars, options to avail loans,
insurance.
Automobiles
42%
Integrated platform with
information of property, as well
as loans and payment options for
rent and brokerage.
Real Estate
22%
32. Digital can
enhance customer
experience
Illustration: Buying a home
RK Mutreja
49 years,
New Delhi, Male
Self Employed,
runs a glass company
Internet Use
• Spends ~10 hours online weekly on email,
search, social networking, online banking
• Uses mobile and laptop to access
internet, prefers mobile
• Started using internet 6 years back
Banking Use
• Has two savings account and one
current account
• Bought insurance policy, car loan, home
loan, mutual fund and credit card before
• Uses credit card for online shopping,
travel and wallets for grocery, mobile
recharge
32
Digital
Solutions
35. Digital
Solutions
Digital can
enhance customer
experience
Illustration: Meeting
retirement goals
35
Shiju K
39 years, Kochi, Male
Works in the logistics
department of a
shipping company
Internet Use
• Spends ~5 hours online weekly on email,
search, social networking, online banking
• Uses mobile and laptop to access
internet, prefers mobile
• Started using internet 4 years back
Banking Use
• Has two savings account out of which
one is salary account
• Bought insurance policy and credit card
before
• Uses online banking for online shopping,
utility bills and wallets for grocery, local
conveyance
36. Banks need to
re-wire in line
with customer’s
perception
Customers today are looking for an
on-demand, digital and customised
experience. Banks need to reinvent
themselves and reorient customer
touchpoints and back-end processes in
line with customer expectations.
In order to deliver a whole new
banking experience to individuals and
corporate entities, banks need to mirror
the customer oriented experience
provided by e-commerce companies.
36
Bank's View Customer's ViewToFrom
Standardized plans
Customized offer
based on needs/
goals
Lengthy application
form, multiple
documents
Minimum time,
no paper-work
Multiple
authentication using
ID / Password + OTP
Single touch transfer
Multiple tele-
marketing calls/
SMS to sell several
products
Product
Selection
Document
Submission
Payment
Authentication
Cross-sell/
Up-sell
Non-intrusive,
relevant messaging
40. Three key stages
of transformation
for financial
institutions
In the new digital world, Indian
financial services presents
tremendous potential. From being
conducive to the emergence of strong
‘next-generation’ banks to offering one
of the finest banking experiences, India
has it all. But are all current Indian
financial institutions in a position to
take advantage of what can be?
Financial institutions need to transform
themselves in a staged manger.
Firstly, they need to fix basic back-end
operations and ensure straight through
processing to ensure digital and
timely delivery of services. They need
to rationalize customer facing mobile
apps and replicate in-bank experience
instead of just offering basic features.
Secondly, they need to leverage data
to develop targeted personalised
offers. They also need to integrate
working across digital and non-digital
channels. Finally, focus should be laid
on the entire customer journey instead
of taking an inward looking product
centric view.
40
42. Leveraging analytics
can provide a competitive edge to players
42
5-Step approach to build
analytics capabilities
Analytics enables digital platforms
to create ‘segment of one’
However, players currently
under-leveraging analytics
Customization…
• Tailored offerings based on
customer insights
And contextualization…
• Right intervention at right
time by understanding
customer context
Repeated over life journey…
• Gain customer insight over
transactions throughout life
journey
…Can help capture 5X-10X1
ROI on digital platforms
Analytics is used in limited
areas
• Even though use cases cut
across processes, digital
customer interfaces
Many players have limited data
• Mandatory data such as KYC,
transaction data captured
• Limited effort to capture data
for analytics e.g. mobile usage
Lack planned approach
• IT systems, data architecture, analytics team – business
coordination underdeveloped
Develop analytics roadmap
• Develop comprehensive
view of analytics use
cases
• Develop business cases,
prioritize and set
timelines
Deploy IT and data
architecture
• Develop system
capabilities
• Create data
architecture to
capture, process data
Setup analytics
function
• Organization,
roles, business
interface, KPIs
Enrich data
• Harness internal
data sources,
external data
partnerships
Roll out Project
cadence
• Joint development of
models by business,
analytics teams
• Feedback for model
improvement
1 2 3 4 5
1. Value can be realized through multiple paths – efficient targeting, higher product density, maximizing price realization, spreading cost of acquisition over customer lifecycle,
increasing customer engagement, optimizing marketing spends, optimizing investments in digital platforms
46. 46
Scope to increase
customer
profitability by 10x
Adoption of digital can significantly
increase profitability for banks.
On an average, customer acquisition,
servicing and transaction cost over
digital channels is almost 1/10th
compared to the cost over traditional
non-digital channels such as branch,
ATM and call center. Also, customers
using digital channels tend to bank
more and generate almost 5x-8x times
revenue for the bank. Overall, this leads
to 10x higher profitability from digital
customers compared to non-digital
customers
By 2020, banks can potentially
increase their retail profit pool by over
$ 3- 3.5 Bn by switching to digital and
reducing their cost base.
These are interesting times and digital
is truly revolutionizing industries at an
unprecedented scale. Financial services
industry needs to leverage digital to
create meaningful disruption across
the spectrum.
46
Presence-less
processing
Paperless
processing (STP)
Remote
on-boarding
Hyper-
segmentation
and targeting
Higher
marketing
effectiveness
Discovery /
Research
Purchase
Digital
transactions
Digital account
servicing and
maintenance
Digital query
resolution
Transaction Service
10X
profitability
from digital
customers
... cost of customer
acquisition over digital
channels compared to
traditional channels
... cost of transaction and
servicing over digital
channels compared to
traditional channels
Potential additional retail
profit pool for banking
industry by 2020
1/10th
1/10th
5-8x
... revenue generated by
multi-channel users
compared to branch only
clients
~$1.0
bn
~$2.5
bn
Source: BCG Estimates and Analysis.
48. The Boston Consulting Group (BCG) is a
global management consulting firm and the
world’s leading advisor on business strategy. We
partner with clients from the private, public, and
not-for-profit sectors in all regions to identify
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and markets with close collaboration at all
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49. For Further Reading
The Boston Consulting Group publishes reports, articles and books on related topics that may be of interest
to senior executives. Recent examples include publications listed here.
Global Corporate Banking 2016: The
Next-Generation Corporate Bank
A report by The Boston Consulting Group,
December 2016
Fintech in Capital Markets: A Land of
Opportunity
A focus by The Boston Consulting Group,
November 2016
A Sisyphean Struggle: Insights from BCG’s
Treasury Benchmarking Survey 2016
A focus by The Boston Consulting Group,
November 2016
Global Payments 2016: Competing in
Open Seas
A report by The Boston Consulting Group in
association with SWIFT, September 2016
Digital and Beyond: New Horizons in
Indian Banking
A report by The Boston Consulting Group
in association with Federation of Indian
Chambers of Commerce and Industry
(FICCI) and Indian Banks’ Association (IBA),
August 2016
Global Asset Management 2016: Doubling
Down on Data
A report by the Boston Consulting Group,
July 2016
Will Industry Stacks Be the New Blueprint
for Banking?
A perspective by The Boston Consulting
Group, June 2016
How Digitized Customer Journeys Can
Help Banks Win Hearts, Minds, and Profits
An article by the Boston Consulting Group,
June 2016
Global Wealth 2016: Navigating the New
Client Landscape
A report by The Boston Consulting Group,
June 2016
Global Retail Banking 2016: Banking on
Digital Simplicity
A report by The Boston Consulting Group,
May 2016
Global Capital Markets 2016: The Value
Migration
A report by The Boston Consulting Group,
May 2016
Digital Technologies Raise the Stakes in
Customer Service
A focus by The Boston Consulting Group
and NICE, May 2016
Ensuring Digital Readiness in Financial
Services
An article by The Boston Consulting Group,
April 2016
Inclusive Growth with Disruptive
Innovations: Gearing up for Digital
Disruptions
A report by The Boston Consulting Group in
association with FICCI and IBA,
August 2015
50. Note to the Reader
ABOUT THE AUTHORS
Saurabh Tripathi is a Senior Partner and Director in the Mumbai office and leads BCG’s
Financial Institutions Practice in India and the Digital Banking topic in Asia Pacific.
Nimisha Jain is a Partner and Director in the New Delhi office and leads BCG’s Global
Advantage Practice and Centre for Customer Insight (CCI) in India. Amit Kumar is a
Partner and Director in the Mumbai office and is a core member of BCG’s Financial
Institution and Insurance Practice in India. Kanika Sanghi is a Principal in the Mumbai
office and is a core member of BCG’s Centre for Customer Insights (CCI) in India.
Abhinav Bansal is a Principal in the Mumbai office and is a core member of BCG’s
Financial Institution Practice in India. Samar Bajaj is a Project Leader in the New Delhi
office and is a core member of BCG’s Technology, Media and Telecom Practice in India.
ACKNOWLEDGMENTS
This study was undertaken by The Boston Consulting Group (BCG) with support from
Facebook. We would like to thank Umang Bedi, Balendu Shrivastava, Prasanjeet
Dutta Baruah, Pulkit Trivedi and Sunita G.R. from the Facebook team for their support
and guidance while developing the report. We would also like to acknowledge the
contribution of Agam Goel, Shashwat Jha, Indira Ghagare and Ankur Gupta for their
assistance in writing the report. A special thanks to Jasmin Pithawala and Maneck Katrak
for managing the marketing process, and Jamshed Daruwalla and Kamal Ghanghas for
their contribution towards the design and production of the report.
FOR FURTHER CONTACT
If you would like to discuss the themes and content of this report, please contact:
WIP: Data to be updated