Banking & Financial Services

Hyniva bring a suite of products and accelerators for the Banking industry in the areas of Consumer Lending, Cards & Payments, Document management, Mobile banking and ability to provide strategy solution through Business process services, BPO, IT Transformation, Program Management and Operational excellence

Banking and financial industries is going through major transformation due to uncertainty around the world, can you reimagine the future of the industry in 10 years? We never thought banks can be in the virtual world. We trust our money completely today to business we know nothing physically about without even thinking what will happen if the internet worldwide for no reason quit working. Traditional banking model is slowly going through changes due to Bitcoin, Paypal, cryptocurrency or block chain models that are set to take over the world across global boundary.

Banks have to disrupt their own models to innovate and grow or face obsolescence. There is already significant disbelief on efficacy of banks in wealth and cash management. Banks are now synonymous with money monster extracting money out of customers pocket using all sorts of fees and trivial schemes without really providing any benefits like reasonable interest rate based on the total cash value their customer keep with them. Most banks have the traditional model where more money in bank and wealthier bank customers get more benefits even though logical value to the benefits are much lower than the actual money the bank provides like low interest rates to their customer. Disruption to this are virtual banks like Ally who gives better rate by claiming operational cost reduction by not having physical locations. Brand equity has now become a dance with the cobra, small miss can result in a major loss of revenue and trust.

Even lending and credit lines have started to get disruptive through not credit card credit lines like Bill Me Later, an innovative model where a credit line is provided to credit worthy customer with a elongated payment model. The structure of the loan as it might be called will catch the customer off guard if for any reasons the customer forgot to pay the total purchase price of an item within the 6 month interest free timeline. Then the customer get hit with all the interest (very high interest) calculated on the purchase from day of purchase. There are always innocent victims of this pansy scheme successful entrapment.

Innovative disruption like Apple pay, Google pay has started changing the game, where the banks have been arguing over similar solution for implementation for year before over taken. Wake up to the new model where customer experience is becoming the mother of forced innovation and disruption in direct retail and marketing scenarios across the world. Keep up or lose your existence.

Blockchain can disrupt not just the banks but the economy of the whole world, moving the power of money from the hands of government to the hands of people. Banks made money as the intermediaries for transaction providing secure transportability of currency and providing the value guarantee, making money on interchange which we today know as exchange rate. Sometime logically delaying the actual transfers to make bulk profits on reduce transfer rate on top of taking a cut for the conversion of money globally. Mobile payment and internet connectivity has started question the excuses provided today by the currency exchange model to charge the customers. Payment and conversion ecosystem is going to look vastly different within a few years. Blockchain as a trusted intermediary can complete eliminate the need for banks. It is predicted private permissioned blockchain-based payment systems will out cast and define new paradigm significantly by 2020. Digital currency will become mainstream and carrying currency will become a new mode of wallet as a result fee margin and income from such models will significantly decline. One can predict global trading will soon become welcoming to blockchain even possibly developing a newer trading model that might allow for a different mode of futures trading.

Hyniva can help you change, look at our current products and accelerator and our solution.