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Getting Truly Digital at Confluence

Posted by Anirban Dey (View Profile | View All Posts) at 12:03 PM

As we head into what promises to be a very exciting Confluence, here's what you can expect from Finacle.

Infosys Confluence 2016 focuses on Zero Distance, the approach to operating at the convergence of desirability, feasibility and viability. By uncovering ways for us to connect with end users, by bringing to life desirable ideas and by creating value from them. It's a framework that will allow you to adapt and respond to rapid digital disruption, on the basis of innovation, automation and lifelong learning. At Finacle, we are bringing this spirit to life by enabling our customers to deliver truly digital experiences to their customers. #TrulyDigital Banking is therefore our chosen theme for the Finacle track at Confluence 2016.

But why do we even need a theme like that, when digitalization is clearly on the mind of every banker on the planet?

For a good reason...there is no common, accepted understanding of what truly digital banking really means. We intend to bring to you the "blueprint" of a truly digital bank that will help guide you on your journey to digital transformation.

So what does a #TrulyDigital bank do?

Provides Frictionless Banking
A truly digital bank needs to reimagine its customer's banking experience. Increasingly customers are demanding greater speed, convenience, accessibility, security and personalization. For the truly digital bank, it is all about delivering a frictionless delightful experience anyplace anywhere anytime. For example, even something as routine as account opening could be completely redesigned to suit customer behavior and preference, and implemented with the help of the latest digital technologies and tools, such as digital onboarding, biometric authentication. The same can be extended to other banking interactions delivered consistently across desktops, tablets and smartphones.

Exists in an ecosystem
The traditional monolithic bank is rapidly unbundling at the hands of new-age, technology driven players that are threatening parts of the banking business, like payments. At the same time, it is becoming impossible for the conventional bank to be everything to everyone. These trends are driving the expansion of the banking ecosystem. The truly digital bank will have to coexist within this ecosystem, collaborating and co-operating with its customers, customers' customers and competition to create an aggregated portfolio of products and services that fulfills its customers' varied needs.

Puts insight ahead of everything
Analytics-driven insight will be the most valuable resource in a truly digital bank, which will distinguish itself with its ability to quickly capture and convert data in near- or real-time into actionable insight. Analytics will be part of enterprise culture, and therefore encompass every employee regardless of job, role or function. The following four aspects of banking will see increasing usage of analytics - customer experience improvement, fraud and risk management, revenue expansion and operations optimization.

Practices ubiquitous automation
The truly digital bank will automate its business in the interest of efficiency and optimization. Automation, driven by business rules, algorithms and machine learning, will enable the banks to process millions of transactions every day without increasing costs. At the same time, it will accelerate the pace of business expansion, as well as free the workforce from repetitive tasks so that they can focus on value generating activities.

At Confluence, we will talk about all these ideas in greater detail, but more importantly, we will demonstrate some of our amazing new offerings for truly digital banking. You don't want to miss it for anything.


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