Do it yourself

My relationship manager at a private bank recently offered me a “metal card”; claiming it to be the most premium credit card available in India. I learnt that though globally the metal cards have been in vogue for two decades, these have become popular in India only in the past couple of years. Of course, I did not meet the eligibility criteria for the card, and also, I found it to be too ‘elite’ for my spending profile. But this is not the point here. For the past many decades, I have been used to referring to the modern consumer credit ecosystem as ‘plastic money’. My wallet and table drawer are full with a variety of plastic cards- credit, loyalty, identity, membership, insurance, travel, etc. I considered myself privileged with so much “plastic” in my possession. Suddenly, one phone call from a 28-year-old bank executive shattered my ‘illusion’, and apprised me how underprivileged I am for being part of ‘plastic’ economy, when the elites have already moved to the stronger ‘metal’...

  India technology (ICICI Securities) Banks’ ongoing technology investment programmes remain intact : Citi management mentioned in their earnings call that their overall technology expenses grew 12% YoY in Q1CY23. Management acknowledged that these investments have driven a significant increase in expenses, but believes they are crucial to modernise the firm and position Citi for success in the years to come. Citi’s ongoing technology investments include consolidation of its platforms, modernising IT infrastructure, improving data and IT security, and investing in data to create advanced decision-making and risk management capabilities. Citi is also leveraging cloud-based solutions to modernise its systems and eliminate manual processes and operating costs over time. JP Morgan management mentioned the 16% YoY increase in their expenses last quarter (Q1CY23) included technology investments among other things. Banks are investing in technology for efficiency gains: Wells Fargo ...