The Microsoft Future Ready Industry Week, BFSI Edition a virtual event hosted Industry leaders from the BFSI  to discuss at length about the emerging global and local trends in banking.

  • Banking is today in the hinterlands and the heartlands of the country. There are billions of payments happening across the country in real-time. So, it is a very different ecosystem which is changing very rapidly.
  • The most challenging part of turning around a business is changing one’s thinking. But it is a great opportunity. The CEO, chief digital officer, and chief information officer are the drivers of technological progress, and they must be willing to take chances.
  • Today, companies are running their large cloud centres and constantly looking at the internet space to gauge what kind of new threats are coming. For banks to do that individually, it is not possible, so there is a collective advantage that can be gathered by pooling resources on cloud.

The landscape of banking industry in India is changing at a rapid speed with Intelligent banking witnessing a shift towards e-banking, digital transformation and innovation. The aim is to strengthen loyalty through deeper customer insights and relationships, empowering employees, and combating financial crime. 

The virtual event, focused on discussion around the emerging global and local trends in banking and how Microsoft is partnering with some of the largest banks in India to accelerate their digital transformation journey while enabling them to stay relevant with hyper-personalized customer experiences.

The event highlighted how the banking industry is facing a fast-changing landscape in India with Intelligent banking witnessing a shift towards e-banking. Now more than ever, the banking Industry is seeking digital transformation and innovation and strengthening loyalty through deeper customer insights and relationships, empowering employees, and combating financial crime.

Speaking on Day 1 of Future Ready Industry Week, leaders from Microsoft India, HDFC Bank, ICICI Bank, Kotak Mahindra Bank, Federal Bank, CAMSfinserv and Adobe India shared their perspectives on important industry developments and implications for the Indian banking industry.

Here are some key takeaways and excerpts from the selected sessions.

The Fireside chat opened on Global and local perspectives, joined by Bill Borden, Corporate Vice President, Financial Services, Microsoft and Sashikumar Sreedharan, MD, Microsoft India shared some of the key view points:

Key Takeaways:

  • Across the financial services industry, there is a clear focus on customer demand and customer expectations in addition to delivering products and services differently to customers to create differentiated experiences 
  • Tech intensity can be a framework to think about accelerating digital transformation centred around the ability to adopt technology, the capability of technology and the multiplying effect of adoption and capability, all centred around trust.

Role of technology in addressing CXO challenges

  • Speed, agility, and time to value are top of mind in terms of parameters for how organizations are going to compete.
  • A big focus is on the idea of how to accelerate the notion of digital transformation. How do financial organizations think about doing that not just from the standpoint of cutting cost but from standpoint of really prioritizing and determining what is the unique value proposition that they can generate, and how they can bring that to the market quickly. 
  • We believe that a way to do that is an acceleration model around tech intensity. It is a term we use with customers to describe how you combine and think about your technology and approach to technology, and the equation we consider is really the ability to adopt technology, the capability of technology, and the multiplying effect of adoption and capability.
  • Along with that technological intensity, there must be a focus on people and culture. One cannot drive the amount of change, speed and agility without thinking about the culture and the change management approach. Culture change is equally, if not more important, than technology itself. So, it must be a balanced approach.

Session Title: Customer experience in banking Personalized, digital, and secure | Anubhuti Sanghai, Operations & Customer Service Head, ICICI Bank, Deepak Sharma, President & Chief Digital Officer, Kotak Mahindra Bank Vikram Chandra, Founder and Editor of Editorji Technologies joined the discussion

Key Takeaways:

  • Banks are becoming more of a consumer tech firms in financial institution, financial spaces. Banks will also increasingly start to become more of embedded finance. It is not only a place that customers go to, but soon will experience it where ‘you are due to API’s and ecosystem’.
  • The Gen Z or the digital native persons are going to be our consumers for future.

Excerpts:

  • Data redefining customer-bank relationship: Deep mining of data, use of artificial intelligence, machine learning, data science, is enabling banks to deliver on real time personalized offerings with insights generated from different channels where customers interaction and on boarding of new customers, and their experience taken a prominent place.
  • Building solutions in-house or on the cloud: Industry leaders look at a solution in four different stages. Infra-part, which is what typically where the cloud is increasingly dominant in terms of compute or storage or flexibility of skilling up skilling down or finding the new tools and solutions which are built on cloud. Cloud as a  core infra layer is a game changer in this shift and a lot of new applications started to move on cloud or are born on cloud.
  • Applications: The layer over infra is what leaders call core applications, like core banking, loan origination, credit and risk analytics. As per them “applications are getting modernized over a period and the question arises -should applications be taken to cloud or should we continue to run on premise”. And that is how the choice of new application and infra gets connected.

Microsoft has partnered with some of the largest banks in India to accelerate their digital transformation journeys while enabling them to stay relevant with hyper-personalized customer experiences.

Global examples of industry leaders who have made significant progress in their digital transformation journeys

Microsoft Support for Westpac (Australia):

  • Microsoft signed a multi-year partnership with Westpac to jointly work with them and create the platform, agility, speed and pace to drive their digital transformation agenda. Microsoft has been helping them migrate the core platform to the cloud. So that has been a big driver for them in terms of driving value creation for the clients they serve, and it is paying off well.

Microsoft Support for Standard Chartered Bank:

  • Standard Chartered had a digital transformation agenda to be a cloud first bank, and Microsoft started a multi-year partnership with them to help them think about their approach. They have been very focused on employee collaboration across 84,000 employees and rolled out a collaboration model using Microsoft 365 and Teams to drive productivity.

Microsoft Support for Morgan Stanley:

  • Microsoft has been working with Morgan Stanley on their digital transformation agenda in a multi-cloud environment while exploring how to accelerate transformation to shape new products and services in a faster way. They are also moving into shaping the employee experience around Microsoft 365 to drive collaboration and effectiveness while looking at rolling out new cloud native services.

(Image Courtesy: www.honeyattorneys.co.za)

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