Holistic enterprise-wide digitisation is the key to success in the Indian banking industry
Emerging new competition, changing customer expectations, and reduced profitability are forcing banks in India to revisit their strategic business and operating models as well as their digital transformation and technology innovation strategies.
By Research
- Embrace digitisation and integrate systems, channels and data analytics for better service capability
- Focus on finance and risk integration for a mature risk management model
- Implement stronger HR management and workforce empowerment tools
The Asian Banker, in partnership with Oracle, released a special report, “Imagining ‘The Future Bank’ India”, which benchmarks current developments in Indian banks against leading global banks, and identifies key gaps in their financial services industry. The research brings together strategic and opera¬tional models that are imperative to bridge these gaps and lead the way to “The Future Bank”.
Embrace digitisation and integrate systems, channels and data analytics for better service capability
Banks in India are facing multiple challenges - emerging competition from new entrants and fintechs, reduced profitability, rising non-performing assets (NPA) and changing customer expectations. At the forefront is digital transformation. The banks need to have a customer centric focus which requires them to align their channels, products and analytics.In order to compete with the best in the world, the report reveals that Indian banks must implement holistic platform based, enterprise-wide digital transformation, cross-channel integration and seamless processes to achieve “omni-channel” service capability (Figure 1). They should also move in the direction of integrating technology towards agile systems and processes, empowered by data analytics, with better risk management tools and sound distribution network strategies.
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