Since the time when I was heading the payments SBU of a leading software company 15 years ago, I've been shilling / hearing such things but, as a consumer, I've never seen them implemented in practice with any of the dozen banks I've dealt with across multiple countries during this period.
I don't think it's due to poor marketing by solution providers or inertia on the part of banks. I think it's because, what appears to be logical and a good thing personalization to external bystanders is a major source of disconcertment for the payor at the point of payment.
Everytime I see something even slightly different on the checkout workflow of my favorite ecommerce website or instant grocery delivery app or anywhere, I stop on my tracks and wonder if my Internet connection is patchy, there's some problem with my credit card, or I've landed up on the wrong website or whatever. Obviously, this has a telling effect on conversion rate.
I think that's why personalization in payment workflow has not gone mainstream despite being talked about for decades.
28 Sep 2023 11:56 Read comment
Nice post. Agree with your guiding principles.
Fintechs can and are using them to enhance UX of their apps.
But, for reasons I highlighted in Why Banks Will Never Catch Up With Fintechs, I think banks can't / won't be able to do so.
26 Sep 2023 11:56 Read comment
I got an HSBC credit card within two months of landing in UK in 2007. I certainly had zero credit history in UK. Even my HSBC bank account was not my salary account. Wonder how that worked.
19 Sep 2023 10:23 Read comment
Your post starts with the use case of "shopping outside India" (P2M) and ends with steps for what seems to be the use case of "payor (inside or outside India) make a payment to a payee (outside India)" (P2P).
Any idea what are the steps for using UPI for P2M outside India?
If you're suggesting that they're the same as those for P2P, then this feature will be dead on arrival - I seriously doubt if any merchant will readily know their IBAN number etc. at checkout.
18 Sep 2023 17:08 Read comment
Great post!
It's my longstanding view that lack of fraud protection is a big reason why A2A RTPs - whether they use Open Banking or not - have failed to gain traction in advanced markets like UK and USA where credit card has high penetration.
As I highlighted in Why Don’t UPI / Zelle Provide Fraud Protection?, it goes against the charter mission of A2A RTP to offer chargeback.
In other words, fraud protection is a feature of credit card but a bug of A2A RTP MOPs.
14 Sep 2023 10:00 Read comment
With less than 10% of its population exposed to equity markets, India does indeed offer a great untapped market for online stockbrokers.
But, unlike mature markets, India is an emerging market with huge headroom for growth, so it also offers a great untapped market for brick-and-mortar brokers. Exhibit A: The most valuable bank in India, which is also the fourth most valuable bank in the world, has grown both its digital banking and branch networks simultaneously.
12 Sep 2023 12:03 Read comment
Nice post. Would be nicer if you'd defined what "Cloud Migration Project" means in the context of your article.
Extant IT landscapes in many banks often include onprem custom developed software, onprem COTS software, software hosted at ASP (which is neither onprem nor cloud), and so on. In today's world, even cloud means different things e.g. hyperscaler cloud, multitenant cloud, offprem datacenter subscription model, etc.
I'm not sure if your guidance applies to migration from all AS-IS deployment models to all TO-BE deployment models.
04 Sep 2023 11:32 Read comment
Given the D.C court's decision overturning SEC's rejection of Grayscale's application for Bitcoin Spot Fund, can SEC NOT approve BlackRock's application for the same product?
01 Sep 2023 13:56 Read comment
Everytime people talk about some problem in traditional interbank payments, Crypto Bros reply "Blockchain solves this".
Now it's time for Banking Bros to respond back with "SWIFT solves everything - including Blockchain":).
01 Sep 2023 13:40 Read comment
Any data on value of these 11.4 million payments?
In contrast, in July, UPI in India did 9.96 billion payments for a TPV of â‚ą15.34 lakh crore ~ $192B.
01 Sep 2023 13:20 Read comment
David CocksFounder and CEO at CloudTrade
Reuven AronashviliFounder and CEO at CYE
Eldad TamirFounder and CEO at FINQ
Laxmi RamanathFounder and CEO at La Meer Inc.
Welcome to Finextra. We use cookies to help us to deliver our services. You may change your preferences at our Cookie Centre.
Please read our Privacy Policy.