Authored by Anand Ganapathy, Sr. Director and General Manager- Enterprise, Dell Technologies
Digital transformation is not a nascent concept in the Indian banking, financial services and insurance segments (BFSI). The sector has undergone an enormous transformation and continues to play an instrumental role in driving the country’s economy. The current digital disruption is an offshoot of scenarios such as the advent of new technologies, shifting behavioral patterns of today’s tech-savvy customers who demand rapid response and seamless journey across the touchpoints, enhanced financial awareness among the rural population, and of course the changing business landscape.
An RBI study showed
that the drop in cash circulation in the economy pre-vs-post demonetization was
almost 3%. Simultaneously, the number of mobile banking payments went from 5.33
million in 2014 to 6200 million USD in 2019. The year 2020 accelerated the pace
of digital transformation where banks had to re-think and re-innovate the
existing services that were still reliant on physical contact, and we saw e-KYC
and e-Credit cards emerging during this time.
As per Jan Dhan
Yojana, there are over 360 million active bank accounts in the economy1,
i.e., 360.6 million accounts engaged in multiple online transactions across
payment platforms. India recorded an 80% increase in online transactions in the
year 2020, where tier 2 and tier 3 cities were significant contributors in this
number2. The surge in the use of digital
modes of payments is prominent. BHIM, Paytm and Google Pay have taken
over a major portion of the Indian digital payments space.
This scenario has
made the sector re-evaluate its processes, and the current technology infrastructure
to accelerate the services, while protecting the phishing scams and end users.
So, the
question is – Is the sector ready for this digitally savvy dynamic age?
The answer is YES!
With the right technology, they can not only manage, but also excel in the
future. However, the two of the most daunting challenges are:
·
Rapid response and secure services:
Today’s customers are informed and demand services that they can rely upon,
while also prioritizing quick services and response. This is where rapid and
customized service delivery becomes a prerequisite for the sector.
·
Fraud and risk management:
With the increasing online transactions there is also an increase in cyber
frauds and phishing. This is where the sector needs to re-emerge its security
protocols, emphasizing upon securing both internal and external stakeholders by
leveraging robust and secure technologies and solutions.
Dell
Technologies – Tech partner enabling BFSI sector to re-emerge in today’s digital-first
world
To enable BFSI companies to analyze faster, be
more decisive and deliver better services, Dell Technologies brings the right
tools of transformation to help them design scalable and agile solutions and
deliver more value to their customers. Dell Technologies is helping the BFSI
sector to re-imagine collaborations and re-strategize operations. With a
comprehensive, end-to-end portfolio of systems, storage, networking, software,
and services we are enabling the sector to build scalable and agile solutions and
deliver new value to customers.
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Partnering with
Dell Technologies will give access to:
- Dell EMC Customer Solution Centres
that will help in connecting with world-class IT experts and explore the best
practices. - In-depth discussions of effective
transformation strategies using briefings, workshops and proofs of concept to
help in reducing risks associated with new technology investments and speed
up implementation. - HPC and AI Innovation Lab, giving access to a range of servers, powerful HPC clusters, sophisticated storage and networking, to validate and test at scale.
Source: Transforming the Business of Finance
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We are helping some of our esteemed customers like
State Bank of India, Yes Bank, Bank of Baroda, IndusInd Bank, etc.
with solutions that help them tap on their real
potential and transform to re-emerge as intelligent service providers.
If
you want to understand what digitalization initiative will benefit your
organization and help your business re-emerge in this new world, you may get in
touch with our experts and transform your business the way you want.
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