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The Edge Malaysia: Senior Director at Cognizant’s Center for the Future of Work says that the Next Set of Opportunities for Banks is Slow Money

“Right now, the hot areas [in digital] are in wallets and payments. But for how long can you continue to focus on that? You have to move beyond mobile wallets and payments, and that’s where I think the next set of opportunities are going to be — addressing the slow money needs of people, which is definitely missing right now,” says Manish Bahl. Excerpts:

“‘Slow money,’ a phrase coined by Cognizant and its partner ReD Associates in a recent study, refers to any future spending or saving by consumers, and this can include pension, insurance and financial market investments.

The results of that study, which was published by Cognizant and looks at people’s emotional relationship to money, show that banks need to better understand their customers’ relationship to money and focus on where those needs are not being met.

Manish says, ‘Right now, the focus is very much on payments and wallets, both from fintechs as well as banks. But over the next three to five years, I believe banks need to start focusing on the long-term financial objectives of people, which mean pensions, investments and so on. These are opportunities that are sort of overlooked by many banks and fintech companies in the country.’

‘The relationship that people have with banks is more transactional…and that has been the case for so many decades and there’s nothing wrong with it. But now, with fintechs coming into the picture, things are going to get changed a lot, which means establishing a deep-rooted customer relationship that is going to be critical to succeed in digital.'”

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