Indian banks using SMAC technologies actively to carve new path of innovation, reveals CII-PwC survey
Disruptive technologies such as SMAC (Social, Mobile, Analytics and Cloud) are carving a new path of innovation in banking functions and strategy.
Sixty three percent of banking survey respondents confirm that their bank used social media campaigns quite frequently to get leads. Nearly 50 percent respondents said they were using social media aggregators to help interpret unstructured data. It has become very critical for CIOs to have effective analytics tools and technologies in place, stemming from data mining and predictive analytics.
The findings are a part of the CII-PwC survey “Connecting the dots: Wiring business, technology and operations,” which was launched at the CII Banking Technology Summit.
Technology is considered as a critical pillar to meet the strategic objectives of the business by 63 percent of banking survey respondents. 38 percent of the banks felt that technology has played an important role in bringing improvements in operational efficiency.
In adddition, 52 percent respondents expect the investment in technology to be primarily around regular maintenance and improvements in infrastructure.
Debdas Sen, Leader Tech Consulting, PwC India said, “Indian banks have grown accustomed to using technology. However, we have now reached a point where technology needs to be used as a value lever to traverse a fast-paced growth trajectory. Innovation to help develop the product, process and service is the new mantra. Increased customer awareness has mandated banks to align their strategies to provide an enhanced customer experience. The advent of social media, changing regulatory environments and other macro- economic factors are further strengthening the strategic role that technology plays in the industry.”
According to the report, banks will invest in platforms such as integrated payment hubs, which supplement existing core banking systems and provide a consolidated view across all payment channels.
Big Data use in payments or unstructured areas like social media, customer care and internal communications will mature. Also, the sector is likely to witness increased use of mobile specific features such as geo-location, camera or scanning and voice identification.
As per the report, banks in the small to medium space will start looking for entire core banking platforms as a service, while more established banks will increase cloud adoption in non-core areas such as HR.