Digital Transformation in the Indian Banking Sector, 2016

LONDON, June 22, 2017 /PRNewswire/ -- Banks are Looking beyond Core Banking Systems and Compliance for Better Service and Revenues

Frost & Sullivan (F&S) determines digital enterprise transformation as a set of activities that will reform business processes, empower stakeholders and provide new revenue models using digital technologies (such as Social Media, Mobility, Big Data and Analytics, Cloud technologies, IoT & Automation, and Cyber Security) and by embracing new digital avenues. In the National Digital enterprise readiness Index- survey, F&S has extensively covered the adoption of these digital technologies in transforming the business and creating new opportunities for growth.

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The 'Digital India' campaign has the potential to transform the Indian banking sector. Highlighting the progress of 'Digital India', more than 12,000 rural post office branches have been linked to payment banking. Historically, banks have used process management solutions to improve and streamline their customers' experience rather than enhance their security. However, with the advent of mobile technologies, the end-users' thrust on banks' security have pushed banks to adopt technologies such as fingerprinting for customer safety and compliance.

Social media had been used by banks predominantly to assess customer experience, market promotions, and improve branding. In the last 3 years, banks have used social media platforms such as Twitter and Facebook as mediums to transact. Enterprise social networks are leveraged to enable formal and informal interactions within and outside an enterprise, thereby ensuring uniform and transparent communication.

Enterprises are embracing BYOD (Bring-Your-Own-Devices, part of enterprise mobility) to enable the use of personal devices and the concept of work anytime-anywhere to improve employee efficiency and effectiveness. In the customer-first world, mobile has been at the center stage and the business models are coined to collect data and give the customer a uniform Omni-channel experience.

Security concerns of cloud computing has restricted the wide-scale adoption of cloud in the banking sector. However, with the transformation to smart banking, the dependence on cloud computing will exponentially increase for enhanced performance and flexibility.

Predictive threat analytics has emerged as a new security intelligence innovation to identify advanced zero day attacks by helping identify the behavior anomalies within the smart banking networks.

Enterprise cloud allows a company to leverage cloud computing for critical as well as non-critical applications, thereby ensuring business agility, collaboration, and long-term cost savings.

Proactive measures are required for securing access, networks, data, applications, and the perimeter. This is the key to achieving the smarter workplaces of the future.

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