Are financial services getting commoditized
Have you recently received calls, emails, and/or text messages from banks and NBFCs offering a variety of products and services? If the name of the institution making the offer is removed, would you be able to differentiate which call, email, or message came from which institution? Do they all not look and sound the same? · They all offer credit cards with attractive cashback offers, discounts, access to airport lounges, flexible limits, and purchase protection. · A few years ago, Yes Bank started offering higher rates on saving accounts (with conditions). Many other banks like RBL, AU, Kotak, IDFC First etc. followed suit. · There is not much to differentiate between SME, Housing, and personal loan offerings of various banks and NBFCs. · Most banks have made retail/consumer business a ...