Digital To #Trulydigital

12 Trends Reshaping Banking in 2017

Marcus by Goldman Sachs

A digital shift powered by Finacle

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Strategic Trends

Customer Experience will make Winners and Laggards

“We see our customers as invited guests to a party, and we are the hosts. It’s our job every day to make every important aspect of the customer experience a little bit better.” – Jeff Bezos, Founder, Amazon, “Online Extra: Jeff Bezos on Word-of-Mouth Power”, BusinessWeek, 2004

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Economics of the business ecosystem will come into play

“If banks can’t offer something more valuable than Amazon Prime, then we’re probably in the wrong business” – Bradley Leimer, Head of Innovation, Santander North America, “Empowering Lifelong Customer Relationships in a Digital World”, Money Summit, 2016

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Moving a step closer towards autonomous banking

“Ultimate automation... will make our modern industry as primitive and outdated as the stone age man looks to us today” – Albert Einstein, Nobel Laureate

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Security will be more pervasive, adaptive and integral

“The knock on effect of a data breach can be devastating. When customers start taking their business elsewhere, that can be a real body blow.” – Christopher Graham, Information Commissioner, United Kingdom, Advertising Association’s Leadership Summit, 2016

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You must bank on insights – every time, everywhere

“Information is the oil of the 21st century, and analytics is the combustion engine.” – Peter Sondergaard, Senior Vice President, Gartner Research, Gartner Symposium/ITXpo, 2011

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Empower your employees for digital transformation

“I hire people brighter than me and then I get out of their way” - Lee Iacocca, Former President, Ford, “Iacocca: An Autobiography”, Bantam Books, 1984

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Technology Trends


Unleashing innovation with open APIs and open banking

“We fundamentally believe that the world is shifting from closed to open – closed architecture to open architecture, everything moving to the cloud; closed networks to open networks; closed systems to open systems.” – Derek White, Chief Design and Digital Officer, Barclays, “Barclays has two blockchain 'labs' in London and is planning 45 experiments with the technology”, Business Insider, 2015

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Banking in Cloud-First Strategy

“I don’t need a hard disk in my computer if I can get to the server faster… carrying around these non-connected computers is byzantine by comparison.” – Steve Jobs, late Co-founder and Chairman, Apple, Worldwide Developer Conference, 1997

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Blockchain: The Race to Production Begins

“I’m a big believer in the ability of blockchain technology to effect fundamental change in the infrastructure of the financial service industry.” – Bob Greifeld, CEO, NASDAQ, The Financial Times, 2015

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AI – Your sci-fi movie imagination is turning into a reality

“I truly believe Ai is the key to unlocking the full potential of human focused digital, so it is important that we understand what Artificial Intelligence is, in order to understand what it is going to mean for design. Because now that it is here, we have a solid foundation to start creating more intelligent, invisible experiences that make us more human by design. We are at the precipice of one of the most significant discoveries of development since we learnt how to light a fire.” - Pete Trainor, Director of Human Focused Design, Nexus CX Ltd., “Hippo: The Human Focused Digital Book”, 2016.

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More things to bank on

“[T]he Internet will disappear. There will be so many IP addresses, so many devices, sensors, things that you are wearing, things that you are interacting with, that you won’t even sense it. It will be part of your presence all the time. Imagine you walk into a room, and the room is dynamic. And with your permission and all of that, you are interacting with the things going on in the room.” - Eric Schmidt, Executive Chairman, Alphabet, “World Economic Forum in Davos”, 2015

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Banking architecture - Driving value with simplicity

“Large banks are reluctant to undertake core modernization projects due to the risks and complexity of the effort. By componentizing their products, core vendors are providing banks with the flexibility needed to develop phased implementation plans that reduce this risk. Moreover, componentization allows banks to prioritize their efforts, improving the business case for core modernization by focusing on functions that provide the greatest short term benefits”– Robert Hunt, Senior Research Director, CEB TowerGroup, Launch of Finacle 11E, 2013

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Case Study: Discover Financial Services, USA
Simplified transformation for a #TrulyDigital banking

Carlos Minetti, President of Consumer Banking at Discover Financial Services

Discover's adoption of the Finacle solution is part of our continuous commitment to improve our customer experience. As our direct banking business grows, the Finacle platform will help us scale and optimize internal processes so that they keep pace with evolving consumer demands and market trends.

Discover Financial Services (DFS), is a direct bank in the United States. With presence across all 50 states, it is the 33rd largest bank holding company in the US. DFS is committed to becoming a truly digital bank, co-opting Finacle as a partner in this endeavor.

As a first step in that journey, DFS looked to replace its complex, legacy IT environment, which supported 100 discrete IT services, with 75 requiring point-to-point integration. Many of these services were also being used from hosted system providers. With pan-U.S. presence, compliance with multiple and constantly evolving federal and state laws was also a critical requirement. DFS selected a program with progressive renewal and modernization, minimizing risks and accelerating accrual of business benefits.

Case Study: ICICI Bank, India
Agility for continuous innovation and digital banking leadership

Ms. Chanda Kochhar, Managing Director & Chief Executive Officer, ICICI Bank

ICICI Bank has a rich legacy of leveraging the latest technology to bring in new paradigms in banking. Akin to pioneering new technologies in the country like software robotics, mobility and near-field communication among others, I am delighted that we are the first bank in India and among few globally to set up a blockchain application.

ICICI Bank, the largest private sector bank in India, is a pioneer in leveraging technology and adoption of digital banking, and in the process achieving explosive growth in customer base and business volume. Riding on the sound technology foundation and multichannel capabilities offered by Finacle Core Banking, and Finacle e-banking solutions, the bank has pioneered many industry-first innovations such as Flexi-fixed deposits, Goal based flexi-recurring deposits, Facebook Banking, Direct Banking, and Tablet Banking. The bank has also launched several other innovative offerings including -

  • #icicibankpay, a service that allows users to transfer money, check account balances and transaction histories, and even recharge prepaid mobile plans, all through Twitter
  • This was quickly followed by the launch of Pockets, India’s first digital wallet that enables users, including non-ICICI customers, to transact on any website or mobile application in the country.
  • Only a few months later, it launched iWear, the country’s first multi-platform smartwatch app that lets its customers stay connected with their bank accounts at all times.

In October 2016, ICICI Bank launched a Blockchain network for international remittances and trade finance with Emirates NBD. This network was successfully piloted on the UAE-India remittance corridor, one of the busiest and biggest corridors in the world. With this, Emirates NBD became the first bank in UAE and ICICI Bank, the first bank in India, to pilot a blockchain-based network for financial services.