CIOTechOutlook >> Magazine >> May - 2016 issue
How Digitization Will Unite Banks Into One
By
The consumer today is in the banking seat from the focus of being able to voice opinions and digital banking expectations, but there are a large number of financial originations who are trying to meet these expectations. The consumers are on course to benefit a great deal as banking organizations further digitize offerings. 2016 is all set to be the year that is bound to witness end to end digital accounting solutions, contextual offers, and better pricing that reflects changing economies instantly. Additionally a better array of offerings coming from the partnership of fintech and legacy banking is bound to change the industry for the better. The wave is expected to continue for many years. As margins are tightened and competition intensifies, the industry is gearing up for a constant state of flux. To counter the same, instead of competing against each other, banks will be forced to work closely together to attract more consumers to their branches. This collaboration will result in greater trust, better technological innovations and the development of a hub of distribution for a broader solutions base.
This will in turn make banks realize that it is no longer adequate to let the consumer make the first step towards banking, say to purchase a new product on his / her mobile phone. Instead it is imperative today for Fintech companies to engage companies at every stage of their purchasing journey because of the fact that consumer decisions are heavily influenced by the quality of the experiences.
Another prominent trend will be that of deriving actionable insights from big data. Capturing and using consumer insights has become the single most differentiator for fintech companies to build and solidify relationships. It is a known fact that over 60 percent of organizations today use big data analytic services to be a source of significant competitive advantage. However, consumers of today expect the financial institutional partners to be able to provide real time recommendations based on fluctuating financial profiles. This is turn will help the whole system save money, achieve targets , increase BFSI knowledge while at the same time help managing budgets better. Keeping in mind all of the advancements in the realm of banking, CIOReview presents to you our 2016 Banking special with special feature stories by expert authors and stories on some innovative cutting edge banking technologies.
Do let us know what you think.
Vignesh Anantharaj
Managing Editor
vignesh@cioreviewindia.com
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