Everything changes when the change is phenomenal

 

Everything changes when the change is phenomenal

 

Dream Digital, Go Digital

I was travelling by public transport and didn’t have the exact change in my purse.  The bus conductor asked all those who didn’t have the exact tender to get down and many did so.  The lady seated beside me in the bus had the currency denominations I needed.  An idea struck me just then that we are in a digital world. So, I exchanged Rs 50 from her using GPay in just less than a minute.  That was superfast and amazing! She too was baffled initially when I put forward that proposal.  She thought for a second, smiled and said it’s the first time she has ever encountered someone doing it this way and confessed it was a great idea.  Normally even a queue in an ATM would take twenty or more minutes these days, she quipped.

Digital platforms rock - L&D on forefront – Job opportunities galore 

Today, it is unimaginable that in a big country as ours, there has been a dramatic, paradigm shift in consumer behavior, thanks to digitalized payment transactions, despite its population of teeming millions still living uneducated in its villages even after several decades of Independence.  It is not just the elite and erudite businessmen who use digital modes.  Now every Tom, Dick and Jane as small vegetable vendors, Fruit sellers, snack vendors and wayside coconut water (elaneer) dealers too display their digital scan boards amidst their wares, and are adept at using the forums of payment platforms available in a hassle-free manner. This certainly is noteworthy and no mean achievement.  

It amounts to learning and development and a confidence level that stems from wanting to emerge successful and adopt marketing strategies that are prevalent and fundamentally essential to the era.   As a living witness, I never envisaged such a phenomenal change and it baffles me. It accrues only when we create a good infrastructure as this now, which empowers access to one and all, paving the way to create amazing economies of scale. Mind boggling it is for sure, as just a decade ago, we weren’t really equipped as now.  But, needless to add,  we need to be very careful with UPI's when we go digital as safety is foremost, for accounts  not to be hacked.  

It is poignant to note that as way back as 2008, when recession struck, fintech players like PayTM, PhonePe, GooglePay, Whatsapp Pay, BharatPe, etc. never existed.  Unbelievable it may seem that 7,422Cr digital payment transactions were recorded in India on a fast forward mode to FY2022. And by 2025, India is all set to account for nearly 70% of all digital payments, according to sources.  The boom in FinTech is expected to add 21 million new jobs and contribute nearly $1T to India's economy by 2025.   Seems like a dream? Well, it isn’t. Reliable sources reveal these statistical data, encapsulating India’s foray into the Digital front. Don’t raise your eyebrows if India goes fully digital by 2024-25.  

Do expect to see a new role in consumerism as also role of traditional banks

Online marketing is the new mantra in consumerism, a purchase-play that was unheard of a decade ago. Shopping is just at the flick of a mouse in the comfort of one’s homes with apps abounding and business going “Live” with their wares at well past midnight. Just as the game of T-20 has changed in outlook since its inception many years ago, with new teams incorporated, so also business operations have expanded in every sense, hitherto unknown. 

We see a lot of banks merging with another under the scanning eye of the RBI and soon it will be an era where banking too reaches phenomenal heights, as competition among banks will give room for best power-play in the new financial world.  For banks also it may be a question of “only the fittest can survive”.  They have to get more digitalized, stop harassing customers for KYC documents periodically and also get geared to functioning as a ’paperless bank’, at least to customers who are geared for it.  Incidentally, as per the guidelines from RBI and prevention of Money Laundering act, banks classify customers under three categories, viz., high, medium and low risk and accordingly the KYC updating is different for all three:  for low risk it is only once in ten years, medium is once in 8 years and so on.  But under the changing circumstances, with introduction of AADHAR, PAN and what not, in recent years, whatever else is required ought to be given just once at the time of opening an account towards KYC, as paper consumption MUST reduce.  It is also good time-management adherence for the customer, who ought to be treated as a Queen and not as a King in the parlance of chess-board play.

Make it simple , consumer friendly

Unnecessary queues must be stopped herewith as email’s must be encouraged for communication purpose rather than hardcopy submission to the extent possible, or better still, as an option provided to customers who may prefer it.  Even when it comes to FD transactions, banks need to be customer-friendly as only that will get them more business. If a customer has misplaced/lost their Fixed Deposit receipt, then as a way forward it must get complied by transferring to their SB account in a hassle-free manner without incurring costs or much ado about nothing. With the peanuts that it earns as interest these days, it’s not worth the deal if they are made to run from pillar to post.  That apart, nomination in all deposit accounts saves much hassles.

If a Death Certificate is provided once, it should suffice for all bank transactions of that customer. Just like Aadhar and PAN which are linked to a customer’s account, Banks must not insist on Death Certificate copies for each and every transaction. In a digitalized world, all the relevant accounts of a customer must get accessed at the drop of a hat with the flick of the mouse. Staff including the Branch Manager must get techno-efficient and put themselves in the shoes of the customer when they answer queries.  Each staff must visualize themselves to play the role of a “Servant leader” technocrat with a heart to resolve societal issues through tech-uplift.  Ease of banking must be the need of the hour as times are changing.

When an unusually heavy amount from an account is withdrawn / transferred / closed, no matter who’s, the bank must insist on physical verification of all the joint holders before that transaction is released/ transferred / closed and the banker MUST make an attempt to speak to the joint holders on a video call in WhatsApp to satisfy themselves in the first place. I know of instances where a Joint account holder was never consulted or made aware of the transaction of closure and the account was closed without the person’s knowledge residing in the same family! Considering that forgery is rampant, Banks have to be even more careful in the digital world. If nomination is resorted to in savings account but not in FD’s, its wont help much. This is considering that it is the nominee who will eventually receive funds from the bank for onward distribution among all the legal heirs as per the applicable law (religion).  Incidentally, I may add that bank employees themselves are not aware and therefore don’t guide the customer properly. They need to get geared to update themselves in many aspects of banking including FCRA, etc. and not misguide the customer and waste their time and efforts.

Was Corona a silver lining in the cloud for us in India?

I daresay ‘yes’, as many foreign countries have now decided post-covid to reduce their dependence on China which is absolutely fantastic for us. We couldn’t ask for more than being a favored investment destination.   According to reliable sources, free trade agreements by India and entry of global investors is seen in positive light as we are now open to treaties to expand our horizons in the wake of post-covid, which spells abundance and worth the wait. 

Government too must get tech-digital savvy, step up to grab the global investors and resort to paperless functioning with speed in ALL its departments without any exception, thus complying and giving room to being fully online as a way forward.  Hasn’t history taught us supply and demand patterns? True to the dictum, when costs drop drastically, new changes in behaviors emerge.   Everything changes when the change is phenomenal.

 

MALINI KALYANAM

Social Activist – Environmentalist- Holistic Healer- Pottery Artist – HR Professional—Corporate Trainer and more (but not necessarily in the same order.)

 
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