The banking landscape today is far removed from what it used to be ten or even five years back. Factors such as digitisation, the proliferation of smart phones, easier access to the Internet, having a third of the country’s population under 25 – and who are naturally tech-savvy – plus, most recently, demonetisation – have all combined to completely change the dynamics of banking in India.
Banks are struggling to retain their customers, and are fighting to grab a larger chunk of the financial services sector; no easy task when they face new, agile, cloud-powered, data driven and customer focused disruptors in the space, in the form of FinTech start-ups and payment wallet companies. Their ability to offer tailor-made solutions, supported by attractive, easy to use mobile apps, is far higher; traditional banks are finding it difficult to keep up with this pace of change, and meet their compliance mandates around security and data sovereignty.
Secure transition to Cloud
While concerns around security and compliance are still limiting banks from harnessing the complete potential of cloud services, many are moving their non-core banking applications to this new computing paradigm. This allows them to enjoy the advantages of agility and scalability, improved customer experience across multiple channels, socially enabling the banking experience, gaining the ability to apply learned insights from actionable data and build customer friendly mobile apps, among others. Some banks are using Software as a Service (SaaS) solutions in areas like marketing to increase customer engagement, advocacy and revenues by, personalising communication and delivering need-based recommendations for financial planning.
More recently, banks are beginning to deploy Platform as a Service (PaaS) solutions to quickly develop and deploy user friendly apps and the reasons are many.
Catching up with the App economy
In today’s app led economy, banks cannot afford to be laggards. They…