Organisations are unable to tap into their business and technology eco-system to create opportunities that deliver business value and over 50 per cent of executives believe banks must play the role of an ecosystem orchestrator, a report on financial services from Capgemini says.
This unlocking of the ecosystem is one of the four key trends that the report brings to the fore in the current complex world, wherein digital technology is now intimately entwined with business change.
With business perfectly infused with technology, the quest for simplicity becomes paramount. ‘Simplify’ is, therefore, the theme of the 2020 edition of the Financial Services TechnoVision 2020 report, which has identified the four key trends as ‘Organisational Agility’; ‘Trust Beyond Compliance’; ‘Cost/Core Transformation’ and ‘Unlock Ecosystem’.
The report captures a number of real world examples that map to TechnoVision building blocks and address the four key industry trends.
As for ‘Organisational agility’, the report noted that it is slow, expensive and extremely difficult for organisations to respond to rapid internal and external changes.
On ‘Trust Beyond Compliance’, the report noted that trust is created at human speed and destroyed at internet speed. Trust needs to be cherished as the most important asset in an organisation, the report highlighted.
As for ‘Cost Transformation’, the report highlighted that lack of a consistently stable, secure and efficient foundation for growth is leading to significantly higher operational costs.
SBI’s ‘data lake’
In its financial services edition of TechnoVision 2020, Capgemini has scanned the industry to find suitable examples that illustrate how some of the banks and insurers have embraced upcoming technology trends articulated through its a TechnoVision building blocks.
The report highlighted that key leaders across the financial services sector in India that are leveraging technology include State Bank of India (Big Data) and PNB MetLife (virtual reality based platform – conVRse – to improve customer service).
SBI has started the process of implementing a big data lake, a one-point data processing and storing warehouse, as the country’s largest lender looks to analyse vast pools of data, including that generated on its social media platforms, to enhance customer offerings.
Through the big data lake, the bank is looking to process unstructured data such as those from social media, and feeds from agencies providing economic data and credit scores, along with data generated within the bank to get insights into user experiences and upgrade its risk management capabilities, the report highlighted.