Dig­i­tal Di­rec­tions & Transformation 2018

Banking Frontiers - - Editor’s Blog -

One very mean­ing­ful in­sight we have from our read­ers is that the in­crease in quan­tity of in­for­ma­tion does not com­pen­sate for the re­duc­tion in qual­ity. We have taken this to heart and de­cided to map our fu­ture by hav­ing a deeper em­pha­sis on qual­ity of content, viz on re­search based content. Ac­cord­ingly, we started a sys­tem­atic re­search ef­fort and our first of­fer­ing is the re­port Dig­i­tal Di­rec­tions & Transformation 2018. This re­port will be re­leased shortly…mean­while I am happy to share some of the key find­ings.

1. Chat­bots, when paired with Ma­chine Learning, help de­velop a better un­der­stand­ing of the cus­tomer.

2. Chat­bots en­able a more per­son­al­ized con­nec­tion with the cus­tomer in terms of lan­guage, rel­e­vant prod­ucts, etc.

3. Some providers in the mar­ket tightly cou­ple chabots with their own NLP en­gine, which presents a risk.

4. AI & ML are shift­ing the fron­tier of com­pet­i­tive ad­van­tage away from data and to­wards neu­ral net mod­els.

5. Glob­ally, in­vest­ment bank­ing is lead­ing the ef­fec­tive de­ploy­ment of AI.

6. API is the pre­ferred method for con­nect­ing with dis­tri­bu­tion part­ners.

7. API breaches will get worse be­fore they get better.

8. RPA has been adopted by sev­eral or­ga­ni­za­tions with very pos­i­tive re­sults.

Chal­lenge is how it will work with In­dian lan­guages - for both text and voice.

9. RoI on dig­i­tal mar­ket­ing has been some­what static in short term (last 3 months) but has been fall­ing slightly in long term (2 years).

10. Cur­rently, there are 1650 fin­tech star­tups based on data col­lected by var­i­ous banks. Of these, 1100 have shut down in 2017.

11. As AI threat­ens to take over hu­man jobs, hu­man work is trans­form­ing from la­borer to con­trac­tor to ar­chi­tect.

12. Cus­tomiz­ing tech­nol­ogy has be­come the strategic driver.

This could have been an ex­haus­tive re­search, but we chose to give greater em­pha­sis on pro­vid­ing fresh in­for­ma­tion. Con­se­quently, there is less than de­sired cov­er­age on top­ics like pay­ments, cryp­tocur­rency, sand­boxes, an­a­lyt­ics, cloud, and a few oth­ers. Had this been an aca­demic ori­ented re­port, we would have given great weigh­tage to com­pre­hen­sive­ness over fresh­ness. In fact, we are happy to part­ner with academia to ex­tend this into a com­pre­hen­sive re­search re­port.

We are deeply thank­ful to CEOs and CXOs from banks and in­sur­ance companies for shar­ing their ex­per­tise and ex­pe­ri­ences that made this re­port pos­si­ble.

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