by Fleming. Team

Kannan Ramasamy, Chief Executive Officer at Vayana, shares his insights on the future of retail banking in the Middle East.


1) According to you, what strategies banks should adopt to be updated with the changing times, in terms of banking technology.

As Banks go through digitization, their biggest challenge is being able to define and deliver a desired level of customer experience consistent with their marketing strategy and branding position. While Banks will continue to compete on products, services and margins, the more enlightened Banks are likely to enhance their position by developing a differentiated customer experience. One approach to consider is to develop experiences that are simple and relevant from an end user standpoint. To amplify – pivoting around simplicity in design will enable greater adoption of self-service behaviour from end users; whereas a pivot around relevance could set up cross sell and upsell opportunities in line with user stories. The user stories drawn from the Bank’s marketing position will be enabled by the amazing flexibility that technology offers today.

2) What disruptive technologies do you feel banks need to look out for in 2017?

As we move into “Banking without Interfaces” customer experience will be seamless, limited only by the possibilities imagined in the user stories. We will see innovations in Analytics, Payments, Market Places, Onboarding and P2P Lending to name a few.

3) How do you see the industry evolving in the next five years?

Over last few years we have seen technology evolving at very fast pace, fuelling opportunities for disruption by FinTech. In the next few years we are likely to see following trends in the financial industry:

  • FinTech will mature into a player with clear monetization strategies.
  • Regulators will have better understanding and evolved positions with respect to emerging technologies, cyber security and evolving business / revenue models of the banks.
  • Regulator / Banks will move towards interoperability through data exchange standards potentially leading to a financial marketplace.
  • As a result of these significant market shifts, Banks will be in a position to take on a collaborative approach and offer services well beyond pure financial services. This collaboration with FinTech companies or other service providers such as Telcos, Utility Service Providers, Hospitality Partners, Lifestyle Boutiques etc. will allow Banks to increase stickiness and consequently revenue throughput per customer and shareholder value.