Increasingly, the change in technology is reshaping the relationship between the financial institutions and customers, says Narayan Krishnamurthy, Editor, Outlook Money. Outlook Money Digital Dialogues, March 2015.
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00:00 Increasingly, the change in technology is reshaping the relationships between financial
00:14 institutes and customers.
00:18 More change is on the way as sophisticated mobile devices become omnipresent payment
00:23 terminals.
00:24 I was just reading a couple of days earlier that smartphone owners in India spend as much
00:31 as about two and a half hours a day not talking on them but using it for all other activities.
00:37 So I sense about 10-15% of that could be somewhere to do with their finances as well.
00:43 I'm hoping that's what the outcome comes out.
00:48 As a chronicler of events focusing around financial services, I feel businesses and
00:54 financial institutions of every stripe have a lot of learning ahead on how best to exploit
01:00 social media explosion that literally can make, break brands and businesses in this
01:05 sector.
01:07 The challenge is for financial firms to adapt to a world where seamless interaction with
01:11 customers across a broad range of channels and technologies is vital to growth and even
01:16 survival.
01:19 For years, Outlook Money has talked about this ongoing impact of technology and how
01:23 firms in the financial services are adapting and deploying technology for better engagement
01:27 with the customers.
01:31 The success of technology can be best gauged by how less complex it is.
01:36 Nowhere is it truer than in the financial services where less complexity leads to more
01:41 conveniences and that is what differentiates between those who succeed and those who are
01:45 still making an attempt.
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