MANAGEMENT is efficiency in climbing the ladder of success; LEADERSHIP determines whether the ladder is leaning against the right wall - Stephen Covey

Wednesday, September 21, 2005

What Indian consumers want from banks?

A McKinsey survey highlights that India's retail-banking customers seem unreachable—hidden behind an impenetrable wall of loyalty to local banks and a general aversion to credit. This survey of urban banking consumers, however, shows that the most profitable and fastest-growing segments—the young and the relatively affluent—are quite willing to give foreign entrants a chance or maybe a run for their money. Multinational banks able to deliver quality service and a sophisticated portfolio of financial products might create an opening in this wall of loyalty and capture a share of India's fast-growing retail-banking market. Looks like banks (MNC & Indian ones) in India are going thro a phase of "biting the bullet"???? Hey, but one thing.....which other country offers such "thick spreads" as India for banks to make their money?? No wonder, we gotta whole host of MNC Banks out there waiting to grab a slice of the pie...all i hope is that the pie doesnt get smaller!!....I suppose u knw what i mean.


Blogger Trevor Gay said...

Good to see your Blog up and running Sriram - I am a regular visitor.

I very rarely visit a bank these days. I do all my banking online and very occasionally have a need to go to a building to meet a human being!

This is of course much different than when I was a young man. In those days one had to get cash on a Friday afternoon before 3pm when the banks closed or wait until the banks opened again on a Monday morning at 9.30 am - how times change.

I am not sure I like ‘online living’ for everything but I do like to be in charge of my own financial affairs.

It sounds like you have an interesting changing environment in India

3:48 PM

Blogger Sriram said...


Firstly, I really appreciate u in devouting cpl of minutes to read my blog & post responses. Thanx a ton for ur time!

Secondly, the world of banking has undergone 'quantum' change and as u rightly put it - is becoming VIRTUAL...going fwd i expect ppl to use handhelds (incl watches) to view balances, transfer funds, check accounts, park funds to deposits, pay loans and perform a whole host of transactions.

Lastly, I agree with u on 'NOT' pegging ur life to the online world for anythin & everythin(its better to be REAL than VIRTUAL at times!) and it seems more to me like being so 'tech-dependant' that if u dont get a windows error pop-up atleast once a day, ur not doin fine!! :-)

7:17 PM

Blogger Trevor Gay said...

No problem Sriram - keep up the good work.

I see the day - not too far ahead -when 'coins' will be obsolete and the thought of carrying small circular lumps of metal in one's pockets will be something from history.

It is now 1 pm in England and I am about to go and make an English cup of tea - that is something that will never be 'virtual' :-)

8:03 PM


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