Tag: Strategy & Planning

Reflections, Ideas & Perspectives

The Decoy Effect: How a “Bad” Option Makes You Choose What They Want

Indrajit Roy Choudhury

The decoy effect is a marketing strategy where an intentionally unattractive option is introduced to steer consumers toward a desired choice. By comparing options, consumers often make decisions based on perceived value. Behavioral economist Dan Ariely demonstrated this through subscription plans. The decoy effect is prevalent in various markets, making certain products appear more appealing. Awareness of this effect can help consumers make more informed choices and regain control over their purchasing decisions.

Reflections, Ideas & Perspectives

The Coffee Conquest: How Nestlé Brewed a Cultural Revolution in Japan

Indrajit Roy Choudhury

During the 1970s in Japan, tea was the leading beverage, while coffee struggled to gain acceptance, despite Nestlé's strong marketing efforts. To address this challenge, Nestlé brought on psychoanalyst Clotaire Rapaille, who proposed focusing on children to create a positive link to coffee. The company introduced coffee-flavoured snacks, gradually introducing a generation to the drink. By the 1980s, this approach turned coffee into a cultural mainstay and contributed to Nestlé's success in Japan.

Reflections, Ideas & Perspectives

Mahakumbh: Where Faith, Culture, and Commerce Collide

Indrajit Roy Choudhury

The Mahakumbh, the largest spiritual gathering, unites over 450 million participants for a month and a half of celebration, merging faith and commerce. It presents brands with opportunities to foster trust through innovative, purpose-driven marketing instead of conventional advertising. Successful campaigns have resonated with attendees by addressing their needs, such as hygiene and environmental sustainability. Effective strategies enhance the pilgrim experience while respecting the sacred nature of the event. As Mahakumbh evolves, balancing commercial interests with spirituality is crucial for brands aiming to connect authentically with participants, emphasizing health, eco-consciousness, and community support as essentials for meaningful engagement.

Reflections, Ideas & Perspectives

Navigating Vendor Pricing Conflicts: Building Long-Term Partnerships

Indrajit Roy Choudhury

Pricing conflicts with vendors can be challenging but also present opportunities to fortify partnerships through effective strategies. Key approaches include open communication, collaborative problem-solving, emphasizing long-term relationships, and considering alternative options if necessary. By fostering trust and transparency, businesses can resolve issues while enhancing mutual respect and value in their vendor relationships.

Banking Excellence & Financial Innovation

The Evolution of Core Banking: Navigating the Future of the Banking Industry

Indrajit Roy Choudhury

The banking industry is undergoing a significant transformation due to technological advancements, customer expectations, and regulatory changes. Short-term focuses include enhancing cybersecurity, improving operational efficiency, and customer experience. Medium-term goals emphasize digital transformation through cloud migration and data analytics, while long-term visions include real-time operations and ecosystem collaboration to drive innovation and competitiveness.

Banking Excellence & Financial Innovation

The Concept of Ethical Banking: A Modern Approach to Financial Responsibility

Indrajit Roy Choudhury

Ethical banking prioritizes social and environmental impacts alongside profit, fostering transparency and accountability. It avoids investments in industries like fossil fuels and promotes projects benefiting society, such as renewable energy. This trend is growing in India, reflecting a shift toward sustainable financial practices. Ethical banking aims for long-term profitability by aligning with societal values.

Technology Trends & Competitive Advantage

Safeguarding Your Digital World: Embracing World Backup Day

Indrajit Roy Choudhury

In today's digital age, our lives are intricately woven into the digital fabric, with memories and essential information stored on devices. World Backup Day, observed annually on March 31st, serves as a reminder to protect our digital assets. Data loss can be devastating, so implementing a robust backup strategy is crucial. Evaluation of current backup methods and automation of regular backups are key steps. By embracing proactive backup practices, individuals and organizations can empower themselves with digital resilience, ensuring the safety and accessibility of their digital lives.

Technology Trends & Competitive Advantage

Embracing Digital Disruption: A Wake-Up Call for Traditional Banks

Indrajit Roy Choudhury

Digital attacker banks have demonstrated that they can delight customers, scale up quickly and expand into new products, geographies and customer segments. Digital attackers are lower cost, faster to innovate and can transform their traditional parents. As an alternative to embarking on a multiyear, hugely expensive systems transformation, some incumbent banks have launched attackers with the aim of transforming the core business.

Reflections, Ideas & Perspectives

COVID-19: A Case of Knightian Uncertainty

Indrajit Roy Choudhury

Frank Knight, an economist, formalised a distinction between risk and uncertainty in his 1921 book, Risk, Uncertainty, and Profit. In his classic book, Knight introduced a distinction between measurable uncertainty, which he called “risk,” and “true uncertainty,” which cannot “by any method be reduced to an objective, quantitatively determined probability.”

Banking Excellence & Financial Innovation

Navigating the Digital Landscape: Understanding the Nuances of Digitization and Digitalization in Banking

Indrajit Roy Choudhury

Digitalization and digitization, while often used interchangeably, refer to different concepts: the former represents the use of digital technologies to change a business, while the latter designates the transition from analog to digital forms. The banking sector exemplifies a field facing a shift towards pervasive digitalization, facilitating branchless banking and providing enhanced customer services. However, challenges such as regulatory restrictions and digital skill gaps persist. This digital transformation in banking is seen both as a challenge and an opportunity for future growth.