In­dian banks us­ing SMAC tech­nolo­gies ac­tively to carve new path of in­no­va­tion, re­veals CII-PwC sur­vey

InformationWeek - - News -

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.

Newspapers in English

Newspapers from India

© PressReader. All rights reserved.