| |January 202119Mobile wallet companies reap the benefits by expanding their market presenceproducts and services. By prioritizing the implementation of open banking, banks can engage third-party fintech players to drive the innovation in banking services. The new technology providers can innovate with the data provided by the banks and build solutions around new consumer or merchant onboarding and other value-added ancillary services. There are several point solutions offered by FinTech globally, which can be replicated in India faster. Post-pandemic environment will demand more financial inclusion and solutions in the area of micro-lending and peer to peer lending. This is also critical to bring the pandemic affected people, especially migrants to generate new avenues of earning. Globally, there are several platforms offering various loan products such as student loans, purchase specific financing, personal loan, etc. They offer secured/unsecured financing based on the credibility determined through alternative data sources (such as employment, habits, education etc.). The pandemic has already created a social environment with higher levels of public co-operation. This environment is conducive to promote mobile apps which can make financial transaction at peer to peer basis.Replacing the legacy infrastructure is a multi-year project. Banks will continue to offer the traditional products and services on the existing technology platforms unless they decide to take inorganic route to capture new customers. The omni-channel experience may have a short-term benefit to attract new customers, but there will be more attrition unless the bank brings a new business model to offer the technology-based services in alternative marketplaces. Globally, there are several neo-banks, which are offering similar products and services on completely on the cloud. Post pandemic, the new normal will bring the more digital savvy merchants and consumers. They have already adopted very different online lifestyle, such as streaming media, food delivery, travel booking, eCommerce and video gaming. There is a strong yearning for a similar experience in banking.
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