17 March 2018


Rajashekara Maiya V - Infosys technologies limited

17Posts 37,148Views 1Comments

From increments to exponents: 13 banking trends for 2013

02 January 2013  |  5569 views  |  1

Even as the banking industry grapples with sweeping changes in policy, regulation and customer expectations, a 'big bang' transformation in strategy or host systems may not be on the cards this year. A peripheral, step-by-step, incremental agenda will be beneficial for banks in 2013. But don't be swayed by the word 'incremental'. Each of the trends in this infographic has the potential to deliver significant business value.

1. Analytics gets real time, and mobility is a priority
Banks will combine existing and real-time information of a customer, transaction and product to integrate it with applications like location-based services.
2. The core evolves from transaction to intelligence
Transaction history will emerge as a way to identify new product / service requirements or push contextual offers.
3. Time to cash in the chips on gamification
Banks look to tap into the virtual gaming ecosystem or charge a fee for facilitating end-to-end payments of virtual currencies.
4. Socializing pays off with a new revenue stream
Social media goes from customer care to new selling opportunities - powered by peer recommendations, personalized services, and co-creation of products.
5. Banker, retailer, telco, technologist: the new gang of four
Banks go from collaboration to co-creation, with new services and products that combine offerings from banking and non-banking entities.
6. The teller is a jolly good seller
A shift in mindset and training programs help tellers become trusted salespersons who understand customer needs and proactively recommend new services.
7. 65 plus is easier to serve than 30 minus
The rush to woo Gen Y customers will be coupled with increased focus on senior citizens globally - as they have considerable savings, want simple products, and are less likely to jump ship.
8. Life stage banking gets overlaid with lifestyle banking
All customers at the same life stage like education or marriage may not have the same needs -- their lifestyle - influenced by geography, culture and interests - will define their banking solutions.

The CIO's Agenda

9. Baby steps, not big bang: progressive modernization
Use a phased approach to avoid disruption and experience the possibilities with projects for new channels, customer segments, and lines of business.
10. Try some real estate on the cloud
Use one of the big three - infrastructure, platform, or software as a service - to test the 'cloudability' of areas like end-user computing, payroll processing, or procurement.
11. If IT is a problem, IT is also the solution
Those grappling with legacy systems need creative thinking to build new self-healing IT layers that simplify processes and increase automation.
12. In search of the right outsourcing model
Rather than outsourcing everything or not outsourcing at all, banks need to outsource the right processes to the right IT or BPO partners.
13. Mobility: the ultimate troubleshooting device
The ubiquity of mobile devices can be a great way to access and address IT problems 'anytime, anywhere' -- solving not just their issues, but also those of their customers

Comments: (1)

Tapan Agarwal
Tapan Agarwal - Intellect Design Arena Ltd - London | 03 January, 2013, 08:44

Very well articulated. I like the simplicity in the approach. They are  all so implementable. I agree with your views and I think 2013 will be all about "COMPLEXITY REDUCTION".

Be the first to give this comment the thumbs up 0 thumb ups! (Log in to thumb up)
Comment on this story (membership required)

Latest posts from Rajashekara

OK wearables, disrupt banking

21 January 2014  |  2366 views  |  0 comments | recomends Recommends 0 TagsInnovation

Is innovation in your DNA?

05 December 2013  |  1914 views  |  0 comments | recomends Recommends 0 TagsInnovation

The appification of banking

03 December 2013  |  1635 views  |  0 comments | recomends Recommends 0 TagsInnovation

Shifting the boundaries of innovation

28 November 2013  |  2886 views  |  0 comments | recomends Recommends 0 TagsInnovation

Personalize this

26 November 2013  |  1724 views  |  0 comments | recomends Recommends 0 TagsInnovation

Rajashekara 's profile

job title Group Strategy Manager
location Bangalore
member since 2011
Summary profile See full profile »
I am Group Strategy Managerfor Finacle from Infosys. Based out of Bangalore, I have over 18 years of experience in banking and Information Technology. Before taking on my current role,was Audit Assist...

Rajashekara 's expertise

Member since 2011
17 posts1 comments
What Rajashekara reads
Rajashekara writes about
Retail bankingInnovation
Rajashekara 's blog archive
2014 (1)2013 (15)2012 (1)

Who's commenting on Rajashekara 's posts