Chennai, India, September 5, 2017- Leading
technology services firm Aspire Systems launched ‘The Millennial Banking
Technology Framework’ for banks to wade through millennial customer paradox,
making it every global bank’s guide to survival in the millennial age. In
India, banking is on the cusp of radical change while banks are living dangerously
at the whim of the digital-savvy millennial.
technology services firm Aspire Systems launched ‘The Millennial Banking
Technology Framework’ for banks to wade through millennial customer paradox,
making it every global bank’s guide to survival in the millennial age. In
India, banking is on the cusp of radical change while banks are living dangerously
at the whim of the digital-savvy millennial.
The Millennial Banking Technology
Framework would help banks expand their markets, drive new revenue streams and
foster a climate of innovation. It has millennials at the center of the value
chain with a strong emphasis on 3rd party partnerships. These
partnerships could be with their service partners, solution partners,
aggregators or payment providers. The layers of millennial engagements extend
into Accelerated Mobility, Amplified Social Connectivity, and Contextualized
Analytics that fit into the Scalable Cloud to deliver digital banking
experiences with the highest standards of risk management, security and
compliance.
Framework would help banks expand their markets, drive new revenue streams and
foster a climate of innovation. It has millennials at the center of the value
chain with a strong emphasis on 3rd party partnerships. These
partnerships could be with their service partners, solution partners,
aggregators or payment providers. The layers of millennial engagements extend
into Accelerated Mobility, Amplified Social Connectivity, and Contextualized
Analytics that fit into the Scalable Cloud to deliver digital banking
experiences with the highest standards of risk management, security and
compliance.
Millennials are emerging as one of the
largest living demographics in India and smartphone adoption is on an
exponential rise among them. They expect complex financial narratives around their
lives to be decoded and simplified. According to the Millennial Disruption
Index, 73% would be more excited about a new offering in financial services
from Google, Amazon, Apple, PayPal or Square than from their own nationwide
bank. The days are numbered for banks that don’t get it right as they are now at
the highest risk of disruption.
largest living demographics in India and smartphone adoption is on an
exponential rise among them. They expect complex financial narratives around their
lives to be decoded and simplified. According to the Millennial Disruption
Index, 73% would be more excited about a new offering in financial services
from Google, Amazon, Apple, PayPal or Square than from their own nationwide
bank. The days are numbered for banks that don’t get it right as they are now at
the highest risk of disruption.
Srini Peyyalamitta, VP, Banking &
Financial Services at Aspire Systems has strongly advocated the need for banks
to move from being product-centric to become more customer-centric. He
continues, “Banks definitely need to brace themselves for the millennial
banking revolution. Millennials seek trust from their banks and this Millennial
Banking Technology Framework is designed to put customer outcomes at the
forefront making banks their trusted advisor. This framework is launched as
part of the Millennial Banking Awareness Initiative that the company is running
throughout the year for Indian bankers.”
Financial Services at Aspire Systems has strongly advocated the need for banks
to move from being product-centric to become more customer-centric. He
continues, “Banks definitely need to brace themselves for the millennial
banking revolution. Millennials seek trust from their banks and this Millennial
Banking Technology Framework is designed to put customer outcomes at the
forefront making banks their trusted advisor. This framework is launched as
part of the Millennial Banking Awareness Initiative that the company is running
throughout the year for Indian bankers.”
