This summit was organized by Inventicon Business Intelligence on 4th and 5th July in Holiday Inn Hotel in Mumbai.
Background
This summit was organized by Inventicon Business Intelligence on 4th and 5th July in Holiday Inn Hotel in Mumbai. I got the opportunity to Chair the summit for two days. The background of the summit was to discuss how to fulfill the customer's need in providing financial solutions that meet their demand; to identify the areas of customer education to enable them making right choice for their financial needs; how to innovate products and services making it useful for customers and what are the emerging trends in technology that can be leveraged to enhance the marketing and distribution.
There is a changing landscape of Indian customers where their jobs are no longer secured, the spending pattern of the younger generation have taken a turn towards more spending and less savings side, there is an emerging trend about change in lifestyle with more emergence of diabetes and hypertension at an early age; the retirement benefits are to be self funded. Such changes over the last two decades require changes in the products to suit the emerging needs of the customers.
Also need to be considering the change in the marketing and distribution from more traditional approach to online and digital mode. The present day customers require more ease of operation in their execution, so the providers need to be prepared for the present day change and emerging future. Digitalization is the new mantra for success.
This change not only going to transform the Indian financial market in future but this will also giving totally new risks that this side of world have never witnessed. So this is a very challenging environment for the financial services players to operate in next one or two decades. Those who will manage the digital world better with better risk management will be the new leaders.
The summit tried to answer some of the above questions whose details are given below
Customer's need
This story is from the August 2018 edition of BANKING FINANCE.
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This story is from the August 2018 edition of BANKING FINANCE.
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