Banks in India have always existed in silos, a strategy that has helped them to weather global financial crises and turbulent domestic markets. However, as developments of the past year show, decisions based on walled processes and databases are no longer optimal.
On the technology front, the e-wallets launched by banks are struggling to compete with non-bank mobile wallets. There are several reasons for the failure of bank wallets to catch on, despite sustained marketing efforts. Issues remain with regard to functionality, app user experience, and the failure of banks to capitalize on user data to generate customer interest in using the app.
Big Data is no longer an option for India's banks, but what are the best strategies and approaches to take advantage of the opportunity and stay ahead of the competition? In the Big Data in Indian Retail Banking Report, we look at some of these key challenges and opportunities.