Navigating the Complexities of Indian Corporate Banking: A Project Retrospective

Over the last quarter, we had the opportunity to explore the Indian B2B Banking landscape, which was super exciting and challenging too. The goal of the study was to provide valuable insights for a client based in Russia looking to enter the Indian market. We delved into a sector that impacts the lives of business owners from the very start of setting up their business. The scope of the study was focused on understanding the operational structure of the Indian corporate banking ecosystem, along with the challenges and opportunities within the sector.  

For anyone entering the Indian banking market, the study breaks down the complexities and nuances of a system that is both deeply traditional and rapidly changing. Understanding the duality of the banking landscape was one of the most interesting aspects of the study. At each stage, from secondary research until the end of the diary study, we uncovered the “Organized yet chaotic” nature of the corporate banking ecosystem where the traditional practices coexist with modern advancements, creating a disordered yet functional landscape. Throughout the study, we were able to explore the finer details of the corporate banking experience. By looking at the process of a business owner opening a bank account, their interactions with the system and the roles of the personnel involved, we were able to understand the specific preferences and challenges users face across major banks in India. For instance, we mapped out the journey of a business owner not just by looking at formal steps like account openings but by considering their offline interactions, reliance on in-person services, and how these aligned or clashed with digital aspects. This approach helped us capture a more accurate picture of the challenges and opportunities within the market. 

However, recruiting participants for the study was challenging due to privacy concerns. Many were hesitant to participate in a “Bank study” where they might need to share sensitive financial information. The hesitation was understandable—it wasn’t just about the time commitment; it was about trust. To ease their concerns, we guided them through a process that allowed them to participate without feeling exposed, offering clear, step-by-step instructions on how to safeguard their personal data. By showing them how to mask sensitive details before sharing anything with us, we were able to create a sense of security.  

When we first began exploring business banking, we thought it would be an extension of regular banking, just on a larger scale. However, it quickly became clear that corporate banking demands a much deeper understanding. Beyond the basics, we had to dive into the complexities such as tax obligations, company registrations, and credit assessments, things that rarely surface in personal banking. As we navigated through the websites of various banks, we encountered a lot of technical jargon. Terms that were commonly used across platforms seemed foreign to us, and we realized they would likely be even more confusing for our clients, who had no prior context of the Indian BFSI segment. To bridge this gap, we decided to create a comprehensive glossary, simplifying the language and making it more accessible and easily digestible without feeling overwhelmed by unfamiliar terms. 

It’s intriguing to realize how certain information becomes second nature to us as Indians, especially when it comes to documents like the Aadhaar card, PAN card, and GST registration. We instinctively understand their roles and significance within the banking sector, yet for those unfamiliar with the Indian system, these concepts can be new. Explaining not just what these documents are, but also their cultural significance and why they are essential for banking processes required a nuanced approach. To tackle this, we crafted engaging narratives that illustrated their importance in everyday transactions. We went a step further by embedding hyperlinks to reputable sources, such as government websites, which allowed our clients to explore these topics in depth.

The study helped us identify key opportunity areas and challenges within the system. It can provide a roadmap for striking the right balance between leveraging cutting-edge technology and respecting the operational norms that many Indian customers and banks still hold dear. To make the findings more engaging and easy to understand, we created storyboards illustrating the journeys of various customers, highlighting their expectations and the challenges they face.