Virtusa, an IT outsourcing company, has shared important tips to enterprise CIOs of banking and finance companies in India.
Technologies like social, cloud, mobile, analytics adopted in the banking sector is set to revolutionize the banking strategies and functions.
While banks are increasingly using mobile technologies to gain a competitive edge, they still want to experiment with social media and analytics to better their customer experience, enhance their brand image and build their brand equity.
“These technologies are driving a significant change in enterprise computing including emergence of new distribution channels, changing requirements in customer experience, and the need for more insights through smarter analytics,” said Prakash Arunachalam, vice president and head – Delivery, Chennai & Pune Delivery Centers, Virtusa.
1) To look for opportunities to reach out to the unbanked segment with the help of innovative channels like growth of ATMs, internet, mobile banking, and big data analytics etc.
2) To move to a customer-centric approach from the product-centric approach, which will help design all services from a customer’s perspective.
3) To have effective analytics tools and technologies in place, stemming from data mining and predictive analytics to take banking to the next level of growth
4) To use the social media gambit to engage with the customers on a continuous basis by providing latest information, offers, facilitate transactions such as booking movie tickets, fund transfers, addressing grievances etc.
Virtusa creates mobile wallets, monetizes data assets and delivers point solutions, which are focused on developing unique solutions for customers on customer experience, mobility, social, enterprise and digital content management, business process management, process engineering and redesign, business intelligence, reporting and compliance across verticals within financial services.
The company has delivered solutions that have transformed 7 of the top U.S. banks, 4 of the top 10 global banks, several top brokerage firms and 2 of the largest card and payment providers.
With technologies like social, cloud, mobile, analytics forming a major percentage of the financial system, banks need to attract them for their growth by offering personalized experience and services, 24/7 accessible services, virtually communicating and transferring money to the bank, paying bills online, transferring money using a mobile device etc at a lower cost.
Scope of technologies
The global financial slowdown coupled with increased guidelines and regulations is challenging and affecting the profitability of banking operations around the world. The government’s regulatory compliance has increased the cost of doing business.
The banking industry is struggling to streamline its present operations while trying to change its course to conquer the market with innovative products and services. Hence to survive they need to tap the unbanked segment, invest in new functioning competencies and reduce their costs.
Banks need to continuously develop services that distinguish them from their competition and offer more customized products and services, in an attempt to satisfy existing account holders with an integrated multi-channel user experience while attracting the next generation of customers.
Most of the banks and financial institutions still employ legacy technologies to manage data analysis, with a very small chunk looking at adopting alternate technologies to monetize the huge volume and variety of data available. On an average, a bank uses more than 5 different technologies to analyze data today, which reflects a lack of awareness towards technological cohesion in an enterprise.