Capitalising on agility to win the digital banking competition
Digital transformation has become a herculean task in an age saturated with technology. Traditional banks and lenders are now required to embrace unpredictability, maintain agility and digitise to the core. This signifies the need for a new approach to the banking industry.
A question is on how to drive consumers to choose a neobank? Badly served by their existing banks, neobanks are a tempting alternative for customers who require branch-less digital, like branch X ( which shares Digital Banking Information and can also be a Microfinance aggregator) with the mobile application functionality, budgeting and saving tools, quicker and easier loan approval for their businesses and low-cost international transfers and ATM withdrawals many more. However, few banks in India are running successfully by appointing the agencies for Banking correspondence .
In the coming days, Neobanks to gain the traction as the banking industry is in the path of consolidation. Instead of 20-odd small banks, consolidation will pave the way for bigger and larger entities which can compete globally. Neobanks also need to establish revenue sources that can be diversified over time. Ultimately, all financial services providers must give their customers a compelling reason to continue banking with them.
However, it is evident that these changes need to be made incrementally and with careful consideration given when choosing the technology that will support digital transformation. Cloud technologies can play an important role and help legacy players that are in the process of migrating to the cloud overcome challenges with application modernisation, data centralisation and security.
Emerging technologies such as artificial intelligence (AI) and cloud computing have empowered organisations to ride the data explosion wave, fuelled by rising mobile and Internet penetration, to derive business insights and disrupting the entire financial sector.
According to a report 82% Indian organizations hit by ransomware in the last 6 months which is a 15% increase from 2017. There is a rise of streaming services, on-demand viewing and the battle for consumers’ attention are transforming the role of the video service provider before our eyes. Companies have been forced to make major changes, and they’re seeing the workplace and the world differently. In such a situation, it is imperative for Indian organizations to safeguard themselves from ransomware attacks.
It's a great opportunity for the technology companies to forecast on the next wave of FinTech growth ,which is likely to be led by the bundling of FinTech solutions with the newer consumption needs during COVID-19.
The Indian FinTech market has been on a growth trajectory, as is evident from an increase in the number of start-ups into FinTech solutions by using emerging technologies, it has reshaped the financial services industry through innovative means to cater to evolving customer expectations of personalisation and convenience. FinTech has evolved as one of the most innovative and cost-effective disruptive technologies. Early adaptation of FinTech solutions has enabled several start-ups, financial service providers and other diverse sectors to achieve an accelerated pace of growth.
The Coronavirus pandemic has transformed the way enterprises function by introducing them to the new normal. Employees all over the world are compelled to adjust to digital infrastructure and work remotely. This requires acquiring new skills – not just technical but also soft skills to make a smooth transition into the new way of working. Furthermore, with the emergence of new-age technologies such as Artificial Intelligence (AI), Machine Learning (ML), and Robotic Process Automation (RPA), there is a pressing need for employees to reskill themselves as job profiles are evolving with these innovations.
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