What Innovations Will Make Cards Thrive?

Banking Frontiers organized a round table conference on card and payments scenario in India, with Evolis India as knowledge partner.

Cards – credit and debit and prepaid - are riding a new wave of customer engagement. And as the wave grows and attracts more customers, there is room for a whole lot of innovation. What innovations will customers want in 2019? How will banks attract and engage more customers? How will cards be issued? How will the cards business evolve? What will be the landscape for competition and partnership? To discuss these exciting questions, Banking Frontiers, in association with Evolis India, organized a roundtable, with business heads IT heads of banks participating and sharing their perspectives on innovation in cards and payments.

CUSTOMER CONVENIENCE

Customer convenience plays an important role in the BFSI industry. These entities make customer-centric strategies to provide better customer service. Easy and faster service, size and durability are some of the important parameters they employ in this regard.

Sandeep Ubale, GM - IT, State Bank of India, highlighted the importance of customer service: “Customer convenience is an important aspect in the BFSI industry. Attempts by banks to add more functionalities are making things complicated for the customers as a result of which customer service is getting compromised. Customer needs convenience in carrying credit and debit cards with him. Thickness and durability of the card are causes for concern. Cards often get damaged too within 3-4 months after activation.”