In most organisations today, management teams keep harping on the need to constantly innovate. People who come out with innovative ideas are sought after and amply rewarded. To me, innovation does not only mean creating a product no one has ever thought of before. It often is meeting a real need of customers by thinking through their problems and coming out with a neat solution.
In this context, I was delighted to read about the introduction of the virtual card- an innovation which works like your credit card for on-line purchases without having the risks associated with the conventional credit card. Apparently, HDFC Bank and Kotak Mahindra Bank have introduced virtual cards.
There are so many stories of people being defrauded of large amounts by others using their credit card details to run up extravagant purchases. From its description, the virtual card save us customers the anxiety we always have of having our credit card details being misused on the internet.
A relatively simple idea, one might say, now that we have such a product. But some guy some where thought about it and implemented the idea. Congratulations!
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This is Post No: 204 of the “A Step A Day” series : To provide perspective and provoke thought to facilitate self-development across a wide spectrum of issues- big and small- crucial for executive success