| Pub. Date | :Nov, 2019 |
|---|---|
| Product Name | : The IUP Journal of Bank Management |
| Product Type | : Article |
| Product Code | : IJIT21911 |
| Author Name | : Priya Solomon |
| Availability | : YES |
| Subject/Domain | : Finance |
| Download Format | : PDF Format |
| No. of Pages | : 14 |
India has traditionally been a cash-based economy with limited penetration of formal banking and financial services. The financial sector in India is witnessing a transformation with new payments banks being established in the country for achieving the dream of a fully banked country. The RBI, Indian commercial banks, the Government of India and other individual stakeholders have undertaken a number of initiatives in the past to promote financial inclusion. This paper tries to gather some insights on customer attitude and expectations that shape the marketing strategies of payments banks in India. The findings reveal that customer awareness, expectations, financial needs and value proposition affect positively customer’s adoption and usage of services of a payments bank. Streamlining the operations of payments banks in India based on the study conducted shall help players to put in place people, processes, products and systems with strong analytics-driven marketing strategies, which can be easily scaled up in future to operate as a full-fledged bank.
India has traditionally been a cash-based economy with limited penetration of formal banking and financial services. The financial sector in India is witnessing a transformation with new payments banks being established in the country for achieving the dream of a fully banked country. The Global Financial Development Report (World Bank, 2014a) provides a careful review and synthesis of recent research on financial inclusion identifying policies which are workable. The Opportunities of Digitizing Payments Report (World Bank, 2014b) stresses on the manner in which digitization of payments, transfers, and remittances contribute to the G20 goals of broad-based economic growth, financial inclusion, and women’s economic empowerment.