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Embedding Banking into Everything

  What will the future banks be like? Frankly speaking, we doubt there will be a physical bank where financial transactions may be carried out. This doesn’t mean that banking won't exist in the future. Banking systems have existed in some form or another for as long as humans have transacted, and they are likely to survive in some form or another for as long as we do business. However, banking as we know it today, may not be around for much longer. In the future, deeper integration of financial services, often known as embedded banking, is expected to become the standard.   Today’s banking is nothing like what our grandparents or parents experienced. Consider this: when was the last time you visited a real bank office to conduct business? Do you still use cash or your debit card, or do you prefer to utilize mobile applications, digital wallets, and UPIs? The introduction of new technology has ushered in a new era of digitally-driven experiences, and banking is no different. Cu...
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The Future of Credit Cards

  The credit card industry has evolved and grown significantly since the 1950s when Bank of America launched the first card. Robust consumer protection policies like quick charge back of unrecognized transactions have won the industry some loyal customers. But the basic functionality of the credit card was commoditized long ago and now there is minimal differentiation, with most cards offering variations on loyalty and cash back offers. The question now is, how will the sector hold up as fintechs and tech giants continue to disrupt the sector? Keeping Pace with Innovation Credit card companies are currently replacing the magnetic stripe with EMV chips that ensure greater security. Signatures for purchases are also becoming obsolete as most retailer no longer require this. Tokenization is another important development. This implies the use of a unique non sensitive identifier or token that is stored in a merchant’s network to protect credit card information from bad actors. But the ...
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Everything You Need to Know About Event-Driven Revenue Collection

  What does it take to be a successful bank? To better serve clients in today's market, banks must offer customer-centric goods and services, ensure a seamless omnichannel experience, and investigate inventive new business models. True success, however, is contingent on efficient and cost-effective operations management as well as strong revenue management. Identifying and repairing revenue leakage is essential for a successful and profitable company. Managing payment failures, bad loans, and other types of customer-driven fraud is an important aspect of safeguarding revenues. Forced or event-driven revenue collection is an approach that is gaining favour today as banks investigate ways to assure payments without disturbing the client experience.   What is Event-Driven Revenue Collection?   To compute charges and manage billing and invoicing, most banks now employ a revenue management software. Automating these activities is critical for eliminating manual mistakes and pr...
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