Top Technology Trends that ruled the BFSI sector in 2017
Today, people have more financial options available to them than ever before, leading to less reliance on and engagement with traditional banks. At the same time, globalization and regulatory complexity is driving a continued need for simplification and automation. How can banks transform and perform in this new environment, satisfying clients and shareholders alike?
The year 2017 witnessed quite a revolution in the Banking and finance industry as far as technology integration is concerned. As India’s economy continues to grow, the BFSI sector needs to be well-equipped to address dynamic market pressures and rapidly evolving industry needs. It has become imperative to transform technologically to sustain a competitive edge. A digital culture shift, designing a modern workplace that harnesses digital intelligence and enabling mobility are key aspects.
We’ve become quite used to banks continually revolutionizing their technology capabilities to develop a seamless business process, enhanced customer experience and efficient partners collaboration. To round up the progress that has been pioneered by the big 5 banks in India and followed by the rest, here is a power packed performance index of the BFSI industry as part of the ‘Digital Transformation series’ by Microsoft.
We bring you the top 5 technology trends picked up in 2017 that won businesses, customers and eventually, success for the banks and financial institutions in India.
1. Rise of Self- service technology for partners and consumers- A self-service channel can not only reduce servicing cost for enterprises drastically but also improve customer satisfaction. But deploying a customer self-service channel is a daunting proposition for most enterprises. With Kaizala, a mobile app and service for Android, iOS and Windows phones, designed for large group communication and work management, it easy to connect and coordinate work with your entire value chain, including field employees, vendors, partners, and customers wherever they are.
2. Banking on Cloud- Cloud is the future of progressive banking systems. An excellent productivity solution, cloud offers its unique advantages on three levels- making banks agile by rapidly upgrading to cloud based technology, focusing on user adoption by identifying use cases based on work profiles, and transforming business by process alignment with the new tools, all of which together will ultimately enhance, both, branch and customer experience. Very recently, SBI bank, the largest public-sector bank of India has chosen Office 365, the cloud powered productivity solution from Microsoft to improve communication and collaboration among its workforce, addressing the banking behemoth’s requirement of transforming it into a modern workplace, naming this as the largest deployment of Office 365 in India.
3. Artificial Intelligence- Artificial intelligence (AI) has the potential to transform both front office and back office operations with its self-improving programs. With information now coming in a variety of forms and from a variety of sources, it’s vital companies use systems of intelligence that are built around processing vast amounts of disparate data.
4. Database Management Innovation with Technology – In financial services data is the business, so it is extremely mission-critical to have the right data to delight your customers, manage your risks and run your business. Managing data has a lot to do with security and banking and finance institutions are sitting on a dearth of confidential information that requires technology intervention. Stable and high performing BankingEasy applications, enabling small to mid-size banks to offer the same services and digital experiences such as centralized clearing, multi-channel banking, relationship banking, real time dynamic reporting, inter-branch reconciliation, offer exciting products and services etc. that the end customers expect from any large bank. Solutions like Microsoft Azure and BankingEasy offer improved analytics capability and the data analytics reports.
5. Mobility and automation – with the new workforce expecting more and more ease of working on-the-go, technology that enables mobility like Azure cloud, the application must confirm to the high mobility standards today’s employees are expecting. With cloud services, automation is only a byproduct of technology enablement which further brings down the required time and human errors. Further innovation in technology to enable banks in their turnaround time and minimize errors, will be a big boon for the banking and financial institutions in the coming year.
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