🚩🚩 My dad insists on visiting a bank to open an FD. Despite our repeated requests, he is never convinced to get it done online. He would prefer to put his confidence in a genuine person than a bunch of computers, whose operations would remain a mystery to him.
🚩🚩 Like him, there are so many others who find it easier to visit a bank branch and talk to a human rather than going through the apparently complicated process of remembering passwords and dealing with OTPs.
🚩🚩 With the launch of CDBCs, UPI, Digital Banking Units and other fintech revolutions, is anyone thinking about our non-digital savvy communities? The situation is more serious than we think in developed nations where a large section of people was born before the advent of internet.
🚩🚩 Let’s take the example of UK where incumbent banks have been on a spree to close branches, mainly to save costs in the light of a dwindling economy.
🚩🚩 The solution came in the form of shared banking hubs, which are set up by multiple banks. Think of it as a co-working space where representatives of multiple banks are sitting in to address customer needs.
Does India need something similar?