V Narayanasamy: Cashless Transaction

Posted by admin on Friday, December 30, 2016

V Narayanasamy Money Quote saying after Prime Minister Narendra Modi requested they become a pilot state for digital banking that it requires work and transition time. V Narayanasamy said:
 

 

“[Puducherry] has been selected to become a model state for cashless transaction on a pilot basis – digital banking could not be resorted to at the drop of a hat” — V Narayanasamy

 

 

In this quote, former Puducherry Chief Minister V Narayanasamy seems to be explaining why Puducherry was chosen as a pilot area to promote cashless digital transactions. While the central government was pushing for digital banking nationwide, Narayanasamy acknowledges it could not be implemented everywhere immediately or “at the drop of a hat”.

By selecting Puducherry as a “model state” to test this transition on a smaller scale first, it allowed time for systems and infrastructure to be put in place along with educating citizens.

The quote suggests Puducherry was deemed a suitable pilot area to help work out any issues or challenges before the broader rollout of digital banking across India.

Narayanasamy appears to be justifying Puducherry’s selection by recognizing a gradual, experimental approach was necessary for such a large-scale economic and technological shift.

Jim Marous: Uber Banking Experience

Posted by admin on Friday, November 4, 2016

Jim Marous Money Quote saying everyone wants ease of use and frictionless access in their banking just like their experience with technology companies. Jim Marous said:
 

 

“Consumers are increasingly judging their digital banking experience to the offerings from companies such as Amazon, Facebook, Google, Uber and Apple” — Jim Marous

 

 

Jim Marous is saying that consumers are comparing their experience of using digital banking services to their experience of using popular technology companies like Amazon, Facebook, Google, Uber and Apple. These technology companies are known for providing easy to use, convenient and frictionless digital experiences.

So now consumers expect the same level of seamless and hassle-free service when managing their finances online through digital banking. Jim Marous is pointing out that banks need to improve the user experience of their online and mobile banking platforms to meet rising consumer expectations set by top technology brands.