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Archive for the ‘BFSI’ Category

All leading mobile payment products in the world use QR codes. This includes Alipay and WeChat Pay in China, PayTM and PayZapp in India and Starbucks App in the United States. QR code has been popular in China for the last 4-5 years. In India, the nineties-era technology has become very visible in the last one year, driven by its use in leading digital payment products that got a huge stimulus on the back of the demonetization of high value currency […]

Posted by Ketharaman Swaminathan On Dec - 15 - 2017 Add Comments READ FULL POST

Personal Finance Managers and Mobile Money Management Apps (herewith “PFM”) have been around for over a decade. So far, PFM has focused on budgeting by helping its users control everyday expenses such as the proverbial $5 coffee. For reasons explained in Innovative Fintechs Don’t Need No Open Banking Regulation, PFM’s value proposition has so far been disproportionate to the level of account access it has demanded. On top of that, it has called for a change in behavior. Changing consumer […]

Posted by Ketharaman Swaminathan On Dec - 8 - 2017 Add Comments READ FULL POST

As we all know, there was a severe cash crunch in India on the back of the demonetization of high value currency notes a year ago. To ease the pain, the government of India made a big push to promote digital payments. Trending under #CashlessIndia, the drive multiplied visibility of preexisting digital payments and led to the launch of several new digital payments. Among the former category were web A2A electronic fund transfer (NEFT, IMPS, RTGS), mobile wallet (PayTM, PayZapp), credit card […]

Posted by Ketharaman Swaminathan On Nov - 10 - 2017 2 Comments READ FULL POST

In When Does Negative Copy Drive Positive Outcomes?, we saw how the Loss Aversion principle in consumer behavior makes negative copy effective. At the end of the post, I’d cautioned vendors against using negative copy indiscriminately and implored them to handle campaigns based on negative copy with a lot of care. In this post, I’ll share my thoughts on when and how to use negative copy in customer outreach campaigns. First the “when” of using negative copy. It’s a no brainer […]

Posted by Ketharaman Swaminathan On Oct - 27 - 2017 Add Comments READ FULL POST

Consumer advocates ranted about overdraft protection fees in 2008, saying the service was forced down upon consumers. While the uninitiated can Google “overdraft protection” for a prosaic definition of the term, Stanley Bing offers the following tongue-in-cheek description for one of the most lucrative services offered by US banks: “No matter what you spend with your debit card, even if you have no money in your account, the guys at the bank will make sure that you’re not embarrassed. They’ll pay […]

Posted by Ketharaman Swaminathan On Aug - 18 - 2017 Add Comments READ FULL POST

I recently read the following tweet: After Banks figure this out and do something with eKYC, they will realize that people are not ready to pay MDR, want privacy — Srikanth ஸ்‌ரீகாந்த் (@logic) February 20, 2017 I replied back pointing out that: But Merchants pay MDR, not Consumers! — S.Ketharaman (@s_ketharaman) February 20, 2017 He replied back with the following tweet: nice dream. — Srikanth ஸ்‌ரீகாந்த் (@logic) February 20, 2017 @logic was implying that merchants will definitely pass on the […]

Posted by Ketharaman Swaminathan On Jul - 14 - 2017 4 Comments READ FULL POST

I noticed a huge crowd during a recent visit to my bank branch. I happened to spot the bank’s Head of Relationship Banking – let me call her Sonia – in the branch. I asked her how come their branch was so full when finsurgents have been predicting the death of branches for so long. Sonia told me that, let alone die, their branches are growing. Despite the fact that branches are expensive – think mounting real estate costs – […]

Posted by Ketharaman Swaminathan On Jun - 9 - 2017 4 Comments READ FULL POST

If you think bots will never replace human agents, you’re amongst the lucky few who has been served by intelligent human agents. Let's stop pretending that live agents have IQ of 140+ when we claim that chatbots are too dumb to replace them. — GTM360 (@GTM360) March 29, 2017 I admit that I’ve also been among the lucky few at times. But more often than not, I come across fairly dumb human agents. And, lately, I’ve started experiencing fairly intelligent […]

Posted by Ketharaman Swaminathan On May - 26 - 2017 4 Comments READ FULL POST

Contrary to popular belief, Flipkart didn’t pioneer ecommerce in India. That distinction belongs to Fabmall, the startup that introduced ecommerce in the mid-1990s well before Flipkart was founded in 2007. I remember placing orders from a dial-up modem in 1998 and paying online by credit card, which was the only mode of payment supported by ecommerce forerunners like Fabmall, Rediff and IndiaTimes Shopping. That said, Flipkart did pioneer COD in India. The new payment method, launched in 2010, gave a […]

Posted by Ketharaman Swaminathan On Apr - 21 - 2017 1 Comment READ FULL POST

I had to pay college fees of INR 300,000 (~US$ 4615). The college supported an array of digital and paper-based payment options viz. Digital: Log in to college website, use college’s ePayment Gateway and pay by Credit Card. Paper: Demand Draft. I evaluated the pros and cons of both options. DIGITAL PAYMENT Pros: Credit card reward points: 3000 (@ 1 point per INR 100 spend). Generally, reward points can be redeemed for gifts worth INR 0.25 per reward point Deferred […]

Posted by Ketharaman Swaminathan On Mar - 3 - 2017 Add Comments READ FULL POST
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