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delivery. Customers expect all the channels to be equally 9. Teaming Up with Fintech and Technology
well-designed, communicating the same visual brand
language and usability patterns. Companies
Most advanced banks are investing in Fintech companies and
Successful banks earn the trust of their customers by integrating their technologies into their services. The readiness
overcoming organizational silos to create and develop a to integrate third-party solutions allow Banks to improve the
united, user-friendly ecosystem that ensures a smooth, service package for users and deliver additional value.
connected flow of a delightful experience.
Banks that are transforming into digital companies are actively
8. Contextual Financial Experience using Big Tech platforms and services to improve the banking
customer experience, optimize work processes, and promote
The key to becoming a successful bank is complete focus on
their services. The digital strategy of successful financial
solving customers' problems instead of following a
institutions must include guidelines for tracking, using, and
standardized scenario. It requires true empathy toward the collaborating with Fintech and Big Tech companies.
customers, getting to know them.
To meet customers' expectations, advanced banks bring
From a practical perspective, this calls for personalized,
contextual banking experiences. As the number of advanced digital experts to the table by collaborating with Fintech
startups, UX architects, interface design professionals, and
technological solutions for data processing and
user researchers who understand digital customers' needs
personalization through AI is becoming more accessible, it and behaviour to create delightful financial products.
is broadening the opportunities Banks can offer their
customers. Personalized, contextual financial products Finally, it is the time when every business is reminded of why
powered by technology should: it exists and what it has to offer to its clients. In such
Inform the users about any situation that requires their circumstances, it's all about finding the best ways to serve
attention, even when they have not thought of it the customers and ease their daily struggles. If the
themselves. customers see that the financial brand has their back, cares
Help improve users' financial health by monitoring it and about them and is actively looking for more and more ways
providing recommendations. to help, the company will receive trust, loyalty and respect
in such scope and intensity that would be impossible outside
Make financial forecasts and offer uniquely crafted
possibilities according to the user's specific needs and of the context of the crisis.
goals, in a specific context.
So, it is encouraged to view it as an opportunity to take the
Soon, it should also enable users to conduct financial business to a brand-new level by forming long-lasting
operations using voice processing, gestures, emotional connections with the customers in the post-
neuroscience, VR, and AR. pandemic world.

Personal guarantors may be subject to bankruptcy procedures: SC

The Insolvency and Bankruptcy Code (IBC) has several provisions that the Supreme Court upheld as constitutional,
notably Section 95, which permits creditors to file for bankruptcy against personal guarantors. A bench consisting of
Chief Justice D Y Chandrachud, Justices J B Pardiwala and Manoj Mishra dismissed a plea challenging the IBC's provi-
sions and dismissed over 200 petitions challenging the clause on the grounds that the procedure used by the code
violated natural justice principles.
The law was passed in 2016, however it was changed in 2019 to include provisions for personal guarantors rather
than just for businesses that weren't paying their creditors. In addition to other collateral, promoters and associated
businesses frequently give banks personal guarantees when applying for loans. The ruling would enable creditors to
take strong legal action against the removed promoters of multiple businesses that were placed under insolvency
resolution, including prominent businessmen such as Anil Ambani, the Bhushans of Bhushan Steel, and the Ruias of
Essar Steel. Nearly 2,300 cases with claims above Rs 1.6 lakh crore have been lodged against personal guarantors for
the start of personal insolvency resolution as of September's end.

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