According to the BFSI industry experts, 2021 will witness the next wave of digital transformation on ease of business sourcing and leveraging ways to utilize analytics aggressively, to make propositions sharper and precise for the customer in line with customer’s need, making risk management more effective. Another area that will witness rapid growth is the externalization of rule sets meaning the BFSI companies shall integrate better with external services and ride on various technological capabilities that the market has to offer. A lot of innovation will be driven in servicing which has a significant uptake during covid, but the servicing was less approached with complete digital agenda in mind and was more of a survival need during the pandemic.
Sachin Dutta, Chief Operating Officer, Canara HSBC Oriental Bank of Commerce Life Insurance Co, says: “There is an opportunity to simplify and bring it at par with other financial products. There could be further adoption of bots, especially voice bots, in 2021 and customers getting familiar with these offerings. From an architecture standpoint, we could see more insurers moving towards adoption of microservices architecture and going for containerized setups thereby making changes more manageable, faster and scalable.”
According to Rahul Chopra, Chief Digital Officer, Clix Capital, the year 2020 was hijacked by a global pandemic that is taking its toll on us, but there is one arena that is smiling bright – digital transformation.
He says digital transformation is no longer a ‘should have’ component, it is now an ‘essential revolution’ for organizations worldwide, no matter what size and segment they belong to. As 2020 is past and 2021 is in, digitization has shown certain eye-striking transformations, more so because of the pandemic, he adds.
Denne historien er fra May 2021-utgaven av Banking Frontiers.
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Denne historien er fra May 2021-utgaven av Banking Frontiers.
Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.
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Swedbank leverages data to the hilt
Sweden's Swedbank takes innovation to a different level by collaborating with other competing banks:
Digitization is for customer satisfaction, says Argenta Bank
Belgium's Argenta Bank has designed its digitization efforts to enhance customer experience:
Speed, Safety, Compliance
Brijesh Samantaray, Co-founder, Propelld shares the current trends in the education loans how the company is leveraging technology:
Unique methods in fraud perpetration
When we look at some of the very serious frauds that had taken place in the financial realm, it is evident that the perpetrators are somewhat ingenious:
NBFCs: Elevating Organizational IQ
What is more important than hiring smart people is raising organizational IQ. This topic was discussed in depth in a panel discussion at NBFC's Tomorrow conclave organized by Banking Frontiers. Edited excerpts:
Trustful Transformation
Transformation is no longer only about growth & efficiency. It involves aspects like compliance, security and explainability that are impacting NBFCs. These issues are explored in this panel at NBFC's Tomorrow:
CEO Panel: Connecting Traditional Wisdom with Modern Intelligence
Banking Frontiers organized its annual NBFC Conclave titled NBFC's Tomorrow in August 2024 at Mumbai. Highlights of the first panel discussion:
NBFCs EXPERIENTIAL EVOLUTION, TRUSTWORTHY TRANSFORMATION
Banking Frontiers organized NBFC's Tomorrow, its annual NBFC Conclave, in Mumbai on August 21. The program comprised panel discussions on 5 upcoming opportunities for the NBFC sector, along with presentations, fireside chats and a keynote address. Edited excerpts from the conclave:
Smart ATMs - an indication of a resurgence
Smart ATMs can be the future way of how one may be interacting with a bank and doing transactions:
Personalization scores with HNWI & YP
Ghulam Haidar Rasooli, Chief Financial Officer at Afghanistan based Ghazanfar Bank, reveals the impact of personalization and future roadmap:
