2020 :Future of Plastic Money (Credit /Debit cards)
In current era of the technology everything become a faster and fastest and in that competition banking sector is also in a race to popup with the upcoming trends and technology and to mean to achieve it every time banking sector comes with the innovative idea and one of the biggest and successful idea which will use the cards included credit card, debit card instead to go bank branch. But now a days that service is replaced by the new generation of the development of the app and with help of those app bank can do the transaction, so in future card concept may get varnished in upcoming 2-3 years and place of that may be taken over by now UPI which is one of the option available in a market.
Now a day’s impact of the UPI is very huge and money transferring app and its advantages over the cards and multiple platforms are supported by UPI for the banking transaction technology, demographics, changing customer expectations, greater competition and issues with banks’ own legacy business and operating models. The challenges are clear, even if the ultimate endgame is not. Banks need to get ahead of these challenges and retool to win in 2020. Bank need to do things differently. Each bank’s unique response will depend upon the bank’s current position, aspirations for the future, desired customer focus, organizational capabilities, brand promise, regulatory, situation and capital constraints. Banks should consider the posture they wish to adopt. Do they want to shape this future, rapidly follow, or manage defensively, putting off change? Staying the same is not an option. Every bank needs to develop a strategy to tackle these challenges. One that transcends the status quo and considers all possibilities. One that can adapt to an uncertain future.
And one that takes an end-to-end view – integrates the changes in markets, customers, risk, regulation, operations, technology – and the challenges of implementing real-world largescale change. We hope this perspective has been provocative and provides insight as you consider both your own strategy to thrive in 2020 and the tactical actions you need to take today.
So, get ready for future change…..
Mr. Pradip Patil
Indira College of Management – MCA, Pune.