Consumerization of Commercial Banking: It is way beyond a fad

The world of commercial banking as we have known it is changing… And significantly so!

One of my senior colleagues (and mentor) at Deloitte, always used to tell me – “Bala, just keep watching – the world is going to entirely change based on how the generation of today want to shape it in their image and with their preferences”.

Two years back I was at an intense brainstorming session on what really was shaping up the way banks offer commercial banking services to their clients, when I remember writing on the white board (yes… the good old days of in-person meetings), the very 4 words that are a subset of this article’s title – Consumerization of Commercial Banking, and at that moment, I remembered my former mentor and the connection to those golden words that he graciously gifted to me.

So what exactly does Consumerization of Commercial Banking mean?

It’s quite simple actually… Taking the keyword “Consumerization”, it is literally the way in which the behavioural, operational and technological aspects of an individual consumer shapes up and dominates how businesses think and work, in lieu of adapting to the age old tenets of “how it was done” in years prior. It is a very powerful and all-encompassing phenomenon that will only accelerate over time, especially in the oh-so-digital world of today.

The proliferation of these aspects, which influences and shapes up how banks are now rethinking and redefining their offerings to large corporates and mid / small-sized businesses is pretty much what Consumerization of Commercial Banking is all about

Why exactly are banks thinking in these lines and why now?

There are a few key driving factors for this trend, especially in the current day and age –

  1. Many new and evolving businesses in recent years have been, and continue to be dominated by a newer generation of entrepreneurs (I fondly call them wannabe-corporates) who view the world with a “digital eye”. They grew up in a world where digital technologies were as table stakes as hundreds of TV channels, gaming systems with awesome graphics or a plethora of social media forums. It would be so very naïve to think that they would leave all that behind just because they are “off to work”. No siree Bob… not happening
  2. Engaging, quick, convenient and interactive solutions for consumer banking has created a desire for similar interactions for commercial customers, who after all, are consumers in their daily life, so they know what they want and how to experience it…
  3. Commercial online banking operations, especially payments, are still largely inefficient, process heavy activities, and users like to do a lot of their work “on-the-move”. This is not a generation that is happy with being tied to a desktop or lug a laptop all day long, and they certainly don’t want to look at a long boring set of fields that are to be entered before they send money to someone for a simple business transaction!

So what really is happening to make this a reality?

Banks have been learning… and fast.

They are inspired by examples around them, especially in the retail world where consumerization is a simple and straightforward need for survival. Entities like Amazon, Uber, Starbucks, Netflix, etc., have created (and have been constantly evolving) newer paradigms on interactive engagement, and the spill -over of this desire to commercial banking is just natural.

However, this is still not a level playing field – The larger banks have had a head start on this over the relatively smaller banks, who will hopefully catch up soon. These larger banks have had the advantage of strong technological muscle and big bucks to invest in state-of-the-art tools, setting up their own digital think-tanks, some even buying out AI / ML firms and investing hard dollars into various initiatives, a few examples being –

  1. Increased focus on “unburdening” the commercial banking customers and just “keeping things simple”
  2. Understanding the transactional needs of the customer by “leveraging data and statistical models” is complete passé. The future is in understanding the emotional and contextual needs of the customer and their interactions. Banks are investing heavily in this space and looking at how the digital experience can become a lot more contextual by deriving the right intelligence from interactions and past historical trends of customers
  3. Driving “contextual” experiences in every step of the user journey. The magic is to “think-ahead” into what the customer wants before they get there… and guide them on the best way to get there
  4. “Look ma, no hands…” –There is an Increased focus on moving the commercial client to the mobile / wearable / voice based devices, especially since they are getting used to managing their daily activities with minimal physical intervention
  5. Emphasis on “human” interactions (like biometric authentication, facial ID recognition, voice controls, etc.) to make the experience a lot closer to the consumer world

And many more…

So in a nutshell…

Long live the consumer!

All hail the Consumerization of Commercial Banking!!

This is one space to watch out for in the future…



Personal blog of Balakrishnan Narasimhan


Disclaimer: The views, thoughts, and opinions expressed in the text belong solely to the author, and not necessarily to the author’s employer, organization, committee or other group or individual

Treasury Management: what hurts the most?

As the second quarter of 2020 gets underway, the news agenda for the year has already been hijacked by one topic. The impact of the Covid-19 pandemic has brought much business activity to a standstill and threatened the future of even the best-run companies.

Every pandemic has a pain point and Covid-19 has 5 such aspects of treasury as pain points:

  1. Liquidity and funding
  2. Cash flow forecasting
  3. Credit risk on receivables/supply chain finance
  4. Managing the treasury team remotely 
  5. FX volatility management

Download the detailed report by EuroFinance and The Economist Group supported by Deutsche Bank

read the full report

iGTB’s CBX is an API-first, digital transaction banking platform, capable of integrating with any channel, device, product engine and 3rd party system through APIs. With a rich suite of transaction banking products, across DTB, Payments, Liquidity, Trade and Supply Chain Supply, iGTB is an authority on vertical and integrated products that enable banks to meet their ambition to be the Principal Banker to their corporate customers.

iGTB seamlessly integrates all transaction needs of corporate customers.Digital is the need of the hour. Book an online demo now.

It is the time of social distancing and digital banking

The time of complex, face-to-face, telephonic and operationally heavy corporate treasury processes for banks is past.

The use of APIs and intuitive interfaces that allow banks to quickly roll out digital solutions and enable instant access to treasury management systems, provide payments, liquidity management, and instant analytics capabilities is now.

Greenwich presents original research on how Social Distancing boosts Digital in Corporate Banking.

read the full report

iGTB’s CBX is an API-first, digital transaction banking platform, capable of integrating with any channel, device, product engine and 3rd party system through APIs. With a rich suite of transaction banking products, across DTB, Payments, Liquidity, Trade and Supply Chain Supply, iGTB is an authority on vertical and integrated products that enable banks to meet their ambition to be the Principal Banker to their corporate customers.

iGTB seamlessly integrates all transaction needs of corporate customers.Digital is the need of the hour. Book an online demo now.


Time Out for Treasurers

We seem to be in a distant time warp from the environment that we all experienced just a few months back. I was at the fantastic setting of the Kempinski Palm Jumeirahin Dubai in January 2020 for the 1st gathering of iGTB Oxford School of Transaction Banking alumni. There I heard the challenges and ambitions of a group of highly qualified financial professionals across a wide spectrum of industries. I was party to the comments made on constraints of banking partners – getting the operating fabric of day-to-day business right, securing fast decision making and achieving more permanency from the relationship management teams.

I also heard their high expectations of banks to provide more accessible real time account information, better analytics, and to share learnings on how to leverage newer technologies in a more relevant way so that the treasury  function could support businessbetter. We had rare use case insights of how robotic process automation and blockchain can actually improve business logistics and support core cross border trade activity. Such snippets of real life activity were rewarding in their relevancy in painting an environment that was grounded in pragmatism but also forward looking, hopeful and realistic in expectation.

How the landscape has changed today! We are in the A&E ward of hospital care –living off any spare equipment. Treasurers are reeling and going back to the fundamental basics of Treasury Management 1.0.

If ever we had to go back to valuing the soundness of the first principles of treasury management it is now. How to understand the hard way the real significance of working capital management, liquidity provisioning and the need for accurate data to assess the rhythm of collections and payments of the business: The critical importance in having those credit facilities and back stop loan agreements as well as cash in the bank to meet unexpected payment obligations.

For many SME companies growth was always the key parameter. But now locked in a major economic tsunami the panic buttons are being pressed. How to cut costs, how to delay payments, how to explore force majeure contractual conditions to by pass cash deployment. And yes how to re-engage with critical banking partners and maintain the balanced argumentation around invoking contingency support as well as claiming a rightful place in the queue for governmental support schemes.

Tomorrow’s imperatives for many have a time horizon of days. Not even the present quarter is a meaningful calendar reference point. This is a short sentence where survival relies on speed and action. We can only hope that normality returns really quickly and that support schemes are fluid, generous and easy to mobilise. Banking institutions are clearly working hard to unlock all the lifelines they can for the corporate community. Central banks are waiving critical regulatory capital ratios and ensuring liquidity floods the market.

preserving-bank-and-liquidityPreserving bank cash and liquidity levels is a top priority. We remain truly mindful of the challenges that the finance industry faces in an unprecedented point in history. If only we could turn back time…that elusive ingredient that is not unfortunately on the side of many treasurers. Our thoughts go out to our colleagues and friends across the banking and corporate worlds as they navigate this pandemic.


As the wise bard said – ‘Defer no time, delays have dangerous ends.’

Prediction Proves the Rule: CBX and the Cash-Flow Forecaster

The CBX dashboard is the essence of iGTB’s persona-based workflow and deep learning-driven analytics.

When switch on your CBX and the Cash-Flow Forecaster dashboard, you see a great deal of information, all of which is filtered to focus on key items. CBX has already done that for you.

It has filtered all the trusted data from banks, applied its algorithm, assessed your past behavior, and thrown up a list of insights that require action. All relevant to the current context: amount, currency, validity, and policy.  As a result, you never log in to the same screen twice.

It now asks you to choose between various strategies to deal with the current problem.

CBX does not wait for you to wade through transaction history, it does it on its own and presents its insights in real-time.

This is why CBX excels at cash-flow forecasting and providing actionable insights based on such forecasts. It enables you to avoid exposures, prevent accounts from going into the red, make the most of favorable exchange rates. Thus maximize investment returns.

Suppose CBX and the Cash-Flow Forecasterdetects a forex exposure. It now needs to refine this forecast, and syncs with any third-party tools you use. The forecast will be more detailed, but CBX lets you accept, amend or reject any insights based on new or existing data.

Once you filter the new data, CBX recommends actions based on cost, speed, and risk.

Now you can choose between several carefully curated actions.

With a single click and you can buy foreign currency, enter into a forward contract or take any and all actions suited to deal with a forex exposure.

CBX’s proactive analytics keeps you in control and gives you freedom of choice. As a result, you never log in to the same screen twice.

And you rarely have to make the same decision twice: if CBX detects a forex exposure again, it will remind you of your previous decision, and ask if you want to act as before.

This is the virtuous cycle of AI-enhanced insights and user-driven actions. CBX only gets better with each decision you take – it becomes part of future forecasts.

CBX and the Cash-Flow Forecaster, all is grist to the million.

350 Reasons Why iGTB Creates A Model Bank

In 1997, when Steve Jobs returned to helm Apple, developers lashed out at him for terminating beloved projects like OpenDoc.

In response, Jobs said:

“You’ve got to start with the customer experience and work backwards to the technology.”

Context is everything.

We are only learning from the best: when Celent hailed iGTB as a pacesetter in customer engagement, it focused on our persona-based workflows and user journeys.

What is a persona?

In the transaction banking context, a persona is any actor at the corporation or bank ranging from a business owner, a treasurer or AP clerk, to a product manager, call center agent or a channel manager – who achieves his or her aims with the help of the banks product suite powered by iGTB.

The user journey is a manifesto that drives design and ensures focus on meeting real business needs. The twenty main personas and 350 user journeys are integral to the design & code. The scope and sophistication of these journeys offer tremendous potential for solutions that customers will love.

To paraphrase Jobs, think of a customer striving to maximize returns, and work backwards to the  functions and the tech stack.

Do this 350 times, with 20 unique personas. You now have a contextual banking experience, which anticipates business aims and provides cogent recommendations based on AI, trusted data and user risk appetite.

Whether it is by the AI, or by the highly flexible APIs, data is curated and analyzed to help achieve the user’s aims.

The analysis yields bespoke recommendations “best next action” and “best next offers” because it starts with a unique persona. The insight is immediately actionable because the interface is streamlined for the customer – a few clicks and you have handled a serious forex exposure, set down a rule for such exposures, and thus refined future insights because of the decision you made in one important context.

The persona or user-based workflow is what makes iGTB’s AI, API and cloud-powered solution a virtuous cycle. As the user is guided to make the right choice, the user also guides the AI to providethe right choice in the future.

Netflix can point you to a good show, Amazon to a good product, but iGTB points you to the next best $million. 350 times.

The Real Value of Artificial Intelligence in Banking

After the 2008 financial crisis, banks resorted to technology to survive and revive their fortunes. Compliance and transaction banking became core focus areas for financial innovation, as they could maximize returns in a strict regulatory regime.

iGTB is at the ‘sharp end of customer-facing AI applications’, according to Alenka Grealish of Celent, and one of the ‘few pioneers bringing advanced AI to commercial customers’.

iGTB is embarking on delivering next generation customer engagement by rebuilding its entire platform to be API-first and AI powered. Alenka Grealish, Celent

Grealish visualizes the growth of AI in banking as the ascent of service providers from base camp to summit, where their AI setups are fully mature. Hence, AI in compliance is a crowded summit, but AI in cash management through is still highly experimental.

The Contextual Banking eXperience (CBX) platform can interact with customers to provide contextual insights – about cash positions, currency exposures, payments, and collections and receivables – the best next action, based on context, and the oversight needed to track outcomes, refine strategy and maximize returns.

CBX is a white label digital banking platform for corporate and SME banking, built to anticipate business needs and help corporations achieve their aims. Real-time cash positions and cash flow forecasts help the customer take care of threats well in time, and maximize investment opportunities. CBX uses API handshakes to sync with third-party banking tools, always hungry for data to fine-tune its contextual insights and recommendations.

All insights are immediately actionable: the latest CBX doesn’t wait for you to wade through your dashboard – if an exposure or opportunity is detected, the system provides options based on the customer’s risk appetite.

And these actions are executed with minimum clicks. This is why iGTB was hailed as an Advanced AI Mountaineer by Celent.

But iGTB is not scaling these peaks alone. iGTB’s climb to the summit begins with a user’s journey, the subject of our next blog.

Transaction Banking, Digital Take-over or Digital Make-over?

The question has often been asked in Transaction Banking:

why were banks caught so badly wrong-footed in Transaction Banking Digital  take-over, transforming themselves in the face of the plethora of new entrant challenger banks and financial technology firms?

The Dow Jones is up over 2.5 times since 2008: no wonder people have forgotten the crisis.

Transaction Banking Digital Take-over: Writing here, some 10 years plus after a near financial industry melt down, yet with the Dow Jones Index at an all time high, [1] and with unprecedented levels of excess liquidity, one may forgive the short-term memories of many readers.

However, for many operating across Retail and Corporate banking businesses, the longer term context will not be forgotten. The sheer scale and number of projects that followed the crisis put an immediate brake on client-led product development, with the imperatives of complying with a regime of regulatory initiatives becoming the single axis of all change resource (and monies) in the bank. But as we all know, change resource is more than money and accompanying people – how it is allocated heavily drives the level of innovative intensity and creativity across the whole company. Little surprise then, that banks could and would understand the language only of constraint, risk aversion and consensus-driven decision making. Those pressing for innovation and any entrepreneurial activity quickly became behavioural pariahs and ostracized from the mainstream bank.

Post-crisis regulation dominated the agenda allowing competition to step in

Fast forward to a time when the sheer velocity of change is getting faster and faster and where activity delays of weeks or maximum months sends shivers down most people’s spines.  How do we need to look at a period of many years when progress was frozen? Well, with real regret.  Regret because it really put the banks on the back foot and left the door fully open for competition to step in. And so the invitation was accepted and, as they say, the rest is history.

A second, less-anticipated development has been what can only be described as the Jeckyll-and-Hyde behaviour of a handful of regulators in the developed world: agitated by the lack of progressive decision making by consumers and SMEs, they launched into a full dismantling of the cosy club of domestic banking by driving a hard agenda of payments innovation and open banking. The key industry reference point was probably the damning report issued by the UK’s Competitive Market Authority unambiguously titled  ‘Making Banks Work Harder for You’.[2]  If, in the past, the regulatory pressure was conducted under a cloak-and-dagger approach, now the boxing gloves were clearly taken off.  Siding with the proponents of new technology and business models, the regulators had their opportunity to crack open the monopoly chain over product development, pure play manufacturing and client distribution and ‘ownership’. Now, on paper at least, this strong linkage would be broken forever, with banks needing to scramble to defend their beachheads.

Regulators have clearly moved from shoring up capital to making banks feel the full force of competition.

But defending core business and elevating the level of commitment to digital transformation has in some respects paid off for a number of institutions. Whilst popular opinion has wanted to write off banks, evidence to date shows that they are not capitulating. Overall, cost-cutting and trimming business scope has arrested the decline in worsening ROE performance. Up to relatively recently, market shares of major banks in the UK and USA have shown little dilution. More recently SME lending and mortgage business distribution has shown some signs that the larger banks are losing ground – but again this is not a seismic change.

The history of digital “transformations” is woeful, but has paid off for a few.

What might be truly game-changing, however, is the advent of new data protection legislation (GDPR) across the UK, EU and, in future, to be followed by other regions (indeed, GDPR’s scope already effectively stretches way beyond Europe’s shores). GDPR came onto the statutory books at the end of May and draws much tighter parameters around how financial institutions and, importantly, the fintech industry at large, treat individual data. In recent years across banks, the term ‘doing what is right for the customer’ has been adopted as the best-practice role model vocabulary, translating into the right behaviors. Now such language will need to be adopted by the newcomers.  The usage of some of the more sophisticated new technologies will need to evidence that ‘sales’ or ‘solutioning’ advice is backed by the right level of client insight and expertise. So will ‘certification’ re-emerge as a growing theme in the future finance landscape? Quite likely, with the number of cases of mis-selling still very fresh and the already well-established hard lines drawn around investment and foreign exchange advice now industry norms.

GDPR represents a game changer.  Might it bring fintechs into the fun world of regulation – and doing the right thing?

So it would not be a misplaced view to see the adoption of better data protection environments helping incumbent banks defend their patches. Own goal for the regulators perhaps?

Thirdly, and finally, there is perhaps a more genuine concern surrounding the continued health and success of banks. Design thinking has been a pivotal discipline rescuing many a household name (Procter & Gamble is a well-documented case in point) [3] across a number of industries. In banking, outside of the relatively small confines of digital circles, the term and what it means is not understood. Putting the ‘customer at the centre’ and ‘driving innovation’ are well-worn platitudes, but without a major shift in cultural ability realizing true innovation around clients is unlikely to happen – and certainly not on a sustainable basis.

Corporate history shows sustainable advantage is about thinking differently – and the CEO’s job is to lead that change.

Digital transformation is not easy: McKinsey reports that 74% of such transformation programs failed in 2018. Worse, employees are not committed to such programs: only 55% of corporate employees devoted themselves to the new paradigm, as opposed to 68% in 2014. The use of best practices such as senior-level ownership, prioritization and transparency has also declined from 2014[4]

How, then, do we want to see banks nurture the innovation pipeline?

Well, in all honesty, the tone will need to be set from the top.

CEOs and Group Executives will need to look at their business problems very differently beginning to feel far more comfortable with abandoning logical historically driven insights. Banking tomorrow will be driven by leaders who have a strong sense about what that future state will be refining mysteries into better-honed heuristics that bank staff can begin to work on. Leaders themselves will need to be very finely tuned listening agents with immense acumen in accurate diagnostic processing – clarifying what the external environment is saying and where the likely behavioural nuances and trends are settling.

This cultural challenge will demand empathetic leaders but with the uncompromising belief in their convictions. One can only be reminded of the three key tips that Steve Jobs gave Indra Noori when she requested a session with him before taking or her role as CEO of Pepsi Cola: (1) Stick to your guns, (2) Don’t be too nice and (3) Own your own legacy [5]

In future, if banks really want to ‘do what is right’ for the customer they will need to truly walk in their shoes – Design Thinking 101 or Transaction Banking Digital Take-over

[1] Over 26,000 at time of writing compared with just a little over 10,000 on 29 September 2008.

[2] “Making Banks Work Harder for You,” Competition and Markets Authority (CMA), 9 August 2016.  See press release “CMA paves the way for Open Banking revolution”,

[3] “How Procter & Gamble Designs Change,” Peter Cohan, Forbes magazine, 12 May 2012,

[4] “How the implementation of organizational change is evolving,” Blake Lindsay, Eugene Smit, Nick Waugh, McKinsey, February 2018.

[5] “Steve Jobs to PepsiCo’s Indra Nooyi: Don’t be too nice,” Ruth Umoh, CNBC, 6 August 2018.  

Supply Chain Finance – The Past, Present and the Promising Future ?

Anand Pande, Global Product Chair, Trade & SCF and Founder GPP, runs through the history of supply chain finance and looks at where it’s headed in the near future.

In a recent article by The Economist, I was cited as describing supply chain finance as “a land of unrealised promise”. The piece focused mainly on post-shipment financing programs offered directly by banks or indirectly through technology companies – with a revenue pool of USD 2.8 billion dollars attributed to this kind of buyer centric or reverse factoring supply chain financing programs. .

In my opinion, banks and especially the freshly minted fintechs in the lending space should also be looking at pre-production financing flows on the supplier side, along with inventory financing flows on the demand or sales side. Combined, these would swell supply chain finance revenues pools in excess of USD 300 billion dollars (according to estimates from the Growth Paradigm Partnership). This may also be the reason that supply chain finance revenues for banks have underperformed at just 10% to 25% of their total trade revenues, despite 80-90% of global trade flows being dominated by open account supply chains.

Banks were bolder in the early 90s when it came to addressing financing gaps through pre- production supplier financing. Funding was offered based on irrevocable purchase orders, transmitted either through ERP integrations or H2H connectivity between big global corporations in the retail industry, especially in clothing and the accessories sector. The technology switch that saw purchase orders transmitted from global corporations to the multiple country locations of global banks in the emerging growth markets of Asia, Eastern Europe and South America was a win-win – securing much-needed SME financing and the acquisition of new SME clients for banks, while simultaneously bringing sustainability and stability to supply chains.

Fast-forwarding past the global financial crisis to the present, most of the supply chain finance programs supported by technology are focused on providing relatively safe post-shipment financing backed by buyer-accepted invoices. The supporting technology typically consists of either a proprietary bank platform or a multi-funding bank-agnostic platform provided by one of the various technology companies that seem to be being founded on an almost daily basis. Both these bank and non-bank platforms, however, address only a small portion of the market, while scalability remains an ongoing challenge due to on-boarding, KYC, legal, accounting and multiple jurisdiction documentation challenges.

Emerging technologies such as artificial intelligence, natural-language processing, and robotic process automation will undoubtedly play a definitive role in bringing about efficiencies in the SCF space. However, to achieve commercial success and revenue growth, banks must also look at replacing their conventional risk assessment and compliance models (focused on balance sheet and P&L statements) with more dynamic models that utilise both quantitative and qualitative tools.

The quantitative tools will be powered by high-end analytics, which look at matching accounts payable and receivable data from the large buyer or seller’s ERP with the invoices raised, as well as the actual payments received in the supplier’s bank account. A sophisticated web-scraping tool, backed by machine-learning algorithms, will then carry out the next level of analysis to identify suppliers with strong performance track records.

The qualitative tools will further enhance the risk assessment process by gathering and analysing data from various social media sources, as well as multiple government, company affairs and credit bureau databases, including information on taxes, litigations, tax payments, salary payments and employee CPF contributions.

The qualitative tools will further enhance the risk assessment process by gathering and analysing data from various social media sources, as well as multiple government, company affairs and credit bureau databases, including information on taxes, litigations, tax payments, salary payments and employee CPF contributions.

Blockchain solutions, meanwhile, promise to bring further efficiency to the supply chain finance process. But to progress, these will need to move from disparate standards towards either interoperability or a uniform standard. Clarification from governments as to the legal enforceability and validity of smart contracts is another pre-requisite for building critical mass – and one which needs to be resolved on an urgent basis.

Of course, the technology available today is already enabling banks to make big strides with their offerings – and SCF is showing signs of clear profit potential. One of our client banks with 5000 plus branch network in just a few weeks in following the implementation of a new straight through processing product and is already achieving tens of millions of dollars of disbursements. More banks – and more profit – will surely follow.

Anand Pande is Global Product Chair, Trade & SCF, at iGTB and Founder of the GPP

Fintech Disruptors

Biren Parekh, VP, Intellect design arena, was invited to the prestigious Shailesh J. Mehta School of Management, located in the IIT Bombay campus to deliver a speech on fintech disruptors:

  1. API Banking – As per the latest trends, API Banking will literally disrupt the banking concepts. There will not be branches anymore and all transactions will be done through API, which will be offered by different non-banking
    portals or anyone who wants to offer banking transactions through their portal.
  2. Crypto Currency – Crypto currency has already disrupted banking deposits. There are lot of portals and apps who are offering more returns on deposits compared to banks. Many smart guys have already started investing money
    in Bitcoin. They get the double advantage i.e. increase in price of bitcoin as well higher returns on investment. Isn’t interesting? Do contact me.
  3. Peer to Peer lending– Similar to Crypto currency, this offers significantly higher returns than bank deposits e.g.
  4. Robo Advisor – Robo advisors are not new, but they still have to catch up with youngsters. It will hopefully pick up in the coming years, since youngsters are tech-savvy and have less time. One can do financial management
    on the go without human interaction, based on factual information.
  5. Biometric Payments – Voice based payments or retina based payments are going to be new norms in coming years.
  6. IoT based insurance pricing – Are you a rash driver? Be ready to pay more insurance premium for your vehicle! And if you are a good and patient driver, be ready to benefit from the same by paying less premium. With IoT sensors
    on your vehicle, insurance companies will be able to judge how prone you are to making accidents. Are you looking for insurance companies offering these solutions? Search only if you are in US.
  7. Social Media Banks– The topic sounds interesting, isn’t it? Yes, so are the banks. There are banks in Europe, like the Fidor bank, which offer higher interest rates depending on how many likes they receive on different options
    of interest rate on social media!

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