Ep.4: The Bank of Tomorrow


In continuation to the last podcast on benchmarks of India top 13 neobanks. In this episode, we review what innovations we can expect from the bank of tomorrow. Neobanks in India have significant growth opportunity with their technology-driven and customer-centric approach towards banking solution. These banks have already begun to change customer perceptions from traditional banks to neobanks with 42% likeness for a customer to open a neobank bank account. However, to be resilient and relevant in the future, neobanks must ensure continuous innovation to deliver frictionless experiences.

Let’s take a deep dive into what the future is like for these neobanks with this episode.

The Bank of Tomorrow | Ep. 4| CX Benchmarks of Top 13 neobanks in India


Manoj Menon

Hello, and welcome to this podcast on the bank of tomorrow. What innovation can we expect from the bank of
tomorrow?I’m Manoj Menon, MD and Founder of twimbit. And then joining me on this podcast is my colleague, Varnika Goel, who leads the financial services vertical at twimbit. Varnika, welcome, and thank you for joining.

I and Varnika, over the last four weeks, we have recorded a series of podcasts based on the research that Varnika led for the Indian market. We reviewed the CX benchmarks, customer experience benchmarks of the top 13 neobanks in our first podcast. In the next one, we looked at what are the top innovation features offered by these neo banks in India.

What are the top innovative things that they did, that the traditional banks have not innovated on. And finally, we addressed the core issue, how quickly can you open a bank account? Is it as easy as opening an account on some of your social media platforms? And we explored what are the possibilities of the future. So that gave us some very good insights. And we encourage you to look upon it.

And today, I and Varnika thought we will talk about, where will the future be for these neobanks? So Varnika and I brainstormed, and we identified four innovation opportunities as we looked into the future for the neobanks of today. So maybe I’ll let Varnika, you begin. So Varnika, start with the first one. What is the first, most exciting innovation opportunity for these neobanks, looking ahead?

Varnika Goel

I think Manoj, the first, most exciting opportunity would be becoming invisible to your customer. And I think that is super powerful when you embed yourself so seamlessly in your customer’s journey that you almost become invisible. The customer doesn’t even know that you are playing any role in their daily life. How, at the same time, you’re actually supporting them to move from one daily task to another.

So, banks need to think about becoming ubiquitous to their customers, playing a pivotal role on their daily tasks, whether they perform it through their mobile devices, wearables, or any other form of application. So it actually needs to be a great fusion of humanity, digitalisation and personalisation in bringing all of these factors into the banking solution and making banks completely invisible.

What I see right now is that the invisibility is somewhere more skewed towards payments, where you’re actually making your payments. Transactions seamlessly flow from any third party or say from grocery shopping to any other activity, is happening seamlessly. You don’t even have to think about it. But what about other things? What about actually fulfilling milestones in your life? And the bank already pre-empts that milestone for you and becomes that thought enabler and actually guides you through those actions. And eventually, you’re able to make decisions without even knowing that the bank was even involved.

What do you think? Do you think this aspect will actually have a huge growth impact right now?
Whether we can see 1- 5%. How much do you think that this, there is a potential for invisibility to grow?

Manoj Menon

I think you’re right, actually, you know, and I, personally, am supremely excited about it. Because, who wakes up in the morning – says, I’m so excited, because I’m going to the bank today. It’s not like I’m visiting a Google office or a Facebook office. So that excitement is not there. But yet, financial services are the very fabric of how majority of us measure success in today’s capitalist society.

Everything that we want – to own a car, buy a house, you know, take a nice holiday, it’s all linked to financial services. So the services are all around us. And yet, we need to consume them and banks can play a huge role in enabling us to fulfil our aspirations. So, can they do it invisibly? Can they help us live better lives? To your point, I think this is where the per capita consumption of financial services will grow.

So, imagine, I want to do an education course. I should not even think about the loan for that education; it comes embedded. So it’s almost seamlessly embedded. It’s almost like, Intel Inside on a PC. I buy the PC, I feel good that it has got an Intel, particular processor, and therefore, I have the best. And that’s how the bank should be, somewhere processed by that invisibility.

And if you can do that well, the more you can do, the greater the success to your point. So I agree with you. I think that could be the No.1 holy grail that maybe a banking CEO should aspire to. How does he make it so seamless that his services are all over, and at the same time, it is frictionless.

Varnika Goel

So you made a great point Manoj here. You said that’s when the per capita consumption of services come in
play. But per capita consumption increase in per capita consumption is not only, I think, can be achieved from
solving a bank’s offering, their core products. I think it’s much more than that. You can’t expect your customers to only and only consume your services. And we become so profound. And so, I think having such a full suite of services that you’re actually on, the entire customer journey. So what do you think, how will the customer achieve? And I think that, where we feel that the next, biggest innovation opportunity lies with the bank.

To view the entire conversation, click on the downloadable button below.