+ All Categories
Home > Business > Rajesh SIMSREE

Rajesh SIMSREE

Date post: 23-Jun-2015
Category:
Upload: ing-vysya-bank
View: 14,583 times
Download: 0 times
Share this document with a friend
Description:
ING Hunt for Lions
Popular Tags:
14
Rajesh SIMSREE
Transcript
Page 1: Rajesh  SIMSREE

RajeshSIMSREE

Page 2: Rajesh  SIMSREE

Executive Summary Banks were always known for Customer Loyalty over years, but

with recent increase in competition over the online services of banking it has no longer been the same scenario

Advances in Online Banking Network and recent exponential growth in the mobile and smart phones development, banking is now seen in a completely new perspective

Focus is now driven on how to retain a customer along with adding new customer base by providing value added services and being at par with the competitors

The Case Study here analyses the offerings of the ING Vysya Bank in comparison with the other banks in digital banking taking into considerations of the pros and cons related to the digital banking

It focuses on the growth of the industry and how to take this growth forward towards adopting new digital banking technologies keeping in mind the culture and acceptance level of the digital banking products for the Indian consumers

The research for the case study includes primary and secondary research on digital banking in India and conclusions based on the research shows us a road map for the adoption of Digital banking for ING Vysya Bank

Page 3: Rajesh  SIMSREE

AGENDA

Digital Banking Vs Branc

h Banki

ng

SWOT Analy

sis

ING Vysya Bank Produ

cts

Industry

Background

Competitor

s Offerings

Way Forward for Digita

l Banki

ng

Conclusion

Page 4: Rajesh  SIMSREE

WHY CUTOMERS BUY FROM WHERE THEY BUY ????

Digital Bankin

g Vs Branch Bankin

g

SWOT Analys

is

ING Vysya Bank

Products

Industry

Background

Competitors Offerin

gs

Way Forward for

Digital Bankin

g

Conclusion

Digital Banking

Growing at a very fast pace, especially usage of mobile smart

phones gives extreme convenience to access and transact anywhere

anytime

People prefer going online and transact as it saves them time, effort and provides lower cost and faster

transaction

Increase inclination towards digital medium for the population with age

groups 15-40

Branch Banking

People used to the branch banking having lesser acceptance of the digital medium when it comes to

transaction of money due to security concerns or other reasons

People with age group above 40 are less incline to the digital medium and thus branch banking is the preferred

way for them

People in Rural Areas are very less aware on the digital medium and the branch banking is far more reachable

and approachable for them than digital

Page 5: Rajesh  SIMSREE

SWOT – DIGITAL BANKING

Digital Banking

Vs Branch Banking

SWOT Analysi

s

ING Vysya Bank

Products

Industry

Background

Competitors Offerin

gs

Way Forward for

Digital Bankin

g

Conclusion

Strengths• Can be accessed anywhere anytime• Saves a lot of Time• Faster transaction with lower costs• Customer friendly• Provides better convenience and more

efficiency

Weakness• Security concerns over the digital mode• People acceptance level of involving

money via digital mode not favourable• Demographics with age group above 45

less inclined towards digital world• In India rural population and a lot of

people in urban not used to the digital - world

Threats• Better Customer services and advices

provided in bank branching• Any security related issues or news can

pose as threat• Bank branches tapping the people not

using digital medium

Opportunities• Increasing awareness about digital banking

benefits amongst people• High growth been seen in the sector and can be

leveraged by providing value added services• Higher growth in the mobile smart phone users –

a big market• Changing acceptance level for digital medium• Better digital infrastructure aimed at - Digital

India plan by RBI

Page 6: Rajesh  SIMSREE

SWOT – BRANCH BANKING

Digital Banking

Vs Branch Banking

SWOT Analysi

s

ING Vysya Bank

Products

Industry

Background

Competitors Offerin

gs

Way Forward for

Digital Bankin

g

Conclusion

Strengths• Sense of security when it comes to

branch banking• Better catering to the requirements of

the customer when in person• Face to face interaction preferred by

customers• Used to this medium

Weakness• Going all the way to branch – time

consuming• Long queues in Branch• Slower Transaction process• Higher Transaction Costs• Experience wit staff different every

time – Bad experiences too possible• Not open 24*7

Threats• People preference towards digital

banking• High growth in mobile banking• Online banks accessible all the time• ATM increasing in number• Digital banking providing faster and

efficient services

Opportunities• Focus on improved customer service• Make the branch highly efficient in

terms of operations• Take advantage of the face to face to

face interactions with the customer

Page 7: Rajesh  SIMSREE

ING VYSYA – DIGITAL PRESENCE

Digital Banking

Vs Branch Banking

SWOT Analysis

ING Vysya Bank

Products

Industry

Background

Competitors Offerin

gs

Way Forward for

Digital Bankin

g

Conclusion

Fund Transfer

Bill Payments

Open/Close Fixed Deposits

Shop Online Via net Banking

Linking different accounts, demat, investment, credit

cards

Bill payments

Funds Transfer

Save Cheque

Shopping

ATM Locator

Transfer Funds between your ING accounts

Do RTGS/NEFT Transactions with higher daily limits

Do Future dated transactions

Set up transaction flows - Maker/Approver/View Only

Create Fixed Deposits Online

Partially/Completely break Fixed Deposits

Request for a Demand Draft / Pay Order

Internet Banking

Mobile Banking

Business Net-Banking

Page 8: Rajesh  SIMSREE

DIGITAL BANKING GROWING

Digital Banking

Vs Branch Banking

SWOT Analysis

ING Vysya Bank

Products

Industry

Background

Competitors Offerin

gs

Way Forward for

Digital Bankin

g

Conclusion

Tren

ds I

n M

ob

ile

Ban

kin

g

Trends in Payments

Page 9: Rajesh  SIMSREE

ING VYSYA PERFORMANCE

Year Gross Earnings

(Cr.)

Net Profits (Cr.)

No. of Branches

2009-10 2853.11 242.22 482

2010-11 3349.02 318.65 511

2011-12 4526.56 456.30 531

2012-13 5588.46 612.96 546

2013-14 6072.34 657.85 557

Digital Banking

Vs Branch Banking

SWOT Analysis

ING Vysya Bank

Products

Industry

Background

Competitors Offerin

gs

Way Forward for

Digital Bankin

g

Conclusion

Rolled out ING Mobile

Core Banking Transformation & Data Center Modernization Implemented

Mastercard’s best E-Commerce program- industry 1st OTAC security model

Prestigious CIO 100 award implementing risk-based authentication solution

Tech Target’s Top 10 Business Intelligence ImplementationsElectronic Bank Realization Certificates (e-BRC)TDS certificates are made available on internet banking platformCTS (Cheque truncation system) grid for Mumbai

Page 10: Rajesh  SIMSREE

COMPETITORS OFFERINGSICICI BANK

• E-Locker• My Money

• Pockets• Mobile

Money• Call to Pay

AXIS Bank• Apply for IPO

online• Stop Cheque

Payments• Mail Facility• Net Secure System• Personalization

Features Via Mobile• CMS Power Cheque

Yes Bank• Money Monitor

• YES Pay Now• Insta Account

opening• Yes Bank Money• Capital Market &

Escrow Account Services

HDFC Bank• Credit Card Auto

Pay – Via Mobile• Mutual Fund

Operations• VISA Money

Transfer – Via Mobile

• Cash On Call• Dial an EMI

ICICI BANK

• E-Locker• My Money

• Pockets• Mobile Money

• Call to Pay

AXIS Bank

• Apply for IPO online• Stop Cheque Payments• Mail Facility• Net Secure System• Personalization Features Via Mobile• CMS Power Cheque

Page 11: Rajesh  SIMSREE

WAY FORWARD – DIGITAL BANKING

Card-less ATM transfers and withdrawals

Omni-Channel Customer Experience

Multi Channel On boarding

Page 12: Rajesh  SIMSREE

ROAD MAP– DIGITAL BANKING

New Customer ExperienceEffective Operating Model

Digital Banking

Vs Branch Banking

SWOT Analysis

ING Vysya Bank

Products

Industry

Background

Competitors

Offerings

Way Forward for

Digital Bankin

g

Conclusion

Transparency & Fair price

High quality interaction

Fast & Secure Processing

Variety of Products & Services

Enhanced Revenue model

Integrated Digital Infrastructure

Streamlined governance & agile culture

Lean Channel & Organization Structures

Outside World Inside Organization

Deliver the existing services with continuous improvement to retain customer loyalty

Increase Investment and expenditure on the Mobile and online features providing value added services

High Focus on the services already been provided by the competitors and quick adoption of these services with

various value adds

Research & development on the new services that can give an edge above others

Creating Awareness about the Digital Banking and its benefits to the rural area people and also training

campaigns for their understanding

Increasing the reach via advertisements and sales activities and also using the mobile platform for effective

promotion

Tie ups with telecom and IT companies to provide end to end customized advisory and transactional services

Page 13: Rajesh  SIMSREE

ANALYSIS, FINDINGS &CONCLUSIONS

Digital Banking

Vs Branch Banking

SWOT Analysis

ING Vysya Bank

Products

Industry

Background

Competitors

Offerings

Way Forward for

Digital Bankin

g

Conclusion

2%

8%

60%

3%

27% atmcustomer careinternet - web browsersmart phone appvisiting near branch

depo

sit -

mon

ey

fund

tran

sfer

open

eing

fd

appl

ying

for l

oan

wealth

man

gem

ent

0102030405060708090

Bank BranchDigital Banking

Medium of Accessing Bank Information

•Preference for Bank Branch for almost all services

Annual Income: < 2l

•Except for applying loans, all other services being preferred in digital medium

Annual Income: 2-5

•Fund transfer and opening FD being preferred for digital

Annual Income: 5-8

•Except Fund Transfer all services preferred in branch

Annual Income: 8-15

•All services preferred in branch

Annual Income: > 15

Page 14: Rajesh  SIMSREE

ANALYSIS, FINDINGS &CONCLUSIONS

Digital Banking

Vs Branch Banking

SWOT Analysis

ING Vysya Bank

Products

Industry

Background

Competitors

Offerings

Way Forward for

Digital Bankin

g

Conclusion

The people from age group of 20-39 years are actively using digital medium As the salary and age in this group(20-39) increase there are concerns

regarding the security of the digital banking The key targets or opportunities for the banks is to focus on the people of

above 40 years age Knowledge of the system and seminars to impart the use of digital banking

is required in this age group Also majority of the small entrepreneurs prefer the bank branching rather

than the digital mode of banking Preference for funds transfer in digital mode has been very high but for

other services people still prefer bank branching Focus for ING Vysya should be on tapping the people from the rural area

and the people of age more than 40 years by keeping knowledge sessions or some other innovative solutions

ING Vysya needs to be on par with the other competitors for the existing digital customers

Expenditure on R&D should be kept in mind seeing the digital infrastructure of India, as although innovative technological solutions will add on to the customer base of ING Vysya, but can prove to be additional cost if conditions and demand not favored


Recommended