ERP Insights >> Magazine >> October - 2015 issue
Extending the Benefits of Banking with IT
Author : Kalpana Maniar, Chief Information Officer, Edelweiss Financial Services
Tuesday, November 3, 2015
Technology is fast changing the way we live our daily lives. In the personal space we are already experiencing how the advancement in smart phone technology with the social media revolution has transformed the way we communicate.
The convergence of social media, mobile computing, analytics and cloud is also transforming the way businesses operate. Digital technology enabled disruption has the potential to decimate established incumbents.
We have seen iTunes take the music industry head on. New players like Airbnb, LiquidSpace and Trivago have disrupted hospitality and travel business. Amazon and Netflix have disrupted the media and entertainment industries. Uber and Zipcar have transformed transportation. WhatsApp and other over-the-top (OTT) services are now set to disrupt global telecommunications companies. New players in payments space and Peer to Peer (P2P) payments via Facebook or Blockchain will create new paradigm shifts.
It has therefore, become imperative for companies to adopt digital strategy to take advantage of rapidly shifting and emerging business opportunities.
The IT leaders today have a challenging task of finding opportunities in a technology landscape that is moving at a much greater pace than ever before. We are already seeing expectations on CIO roles changing from just an enabler to partnering with business so as to leverage technology for business transformation. Almost every business is a digital business because technology has become fundamental to every aspect of a business, and all senior leaders - not just CIOs - need to embrace and drive value from technology.
What is needed is a deeper understanding of business to use technology for increasing revenues, enhancing business efficiency & productivity, effectively managing risk, enhancing customer experience and creating differentiation to enhance the brand. The mindset and language needs to encompass innovation and business transformation.
Few technologies will impact business enterprises long-term plans, programs and initiatives. Some of the emerging trends with the potential for significant impact on the organizations in few years are as follows:-
Peer to Peer Platforms (P2P): Though at its infancy, we see a few online marketplaces that match the demand and supply directly mainly in the lending space. There are innovations happening in P2P currency domains as well.
Rise of the mobile Internet: By 2016 about 2 billion smartphones will be in use worldwide. About 170 billion apps were downloaded in 2014 and this number is growing rapidly. This is transforming the product and service delivery and opening up new possibilities. Revolution in digital payments is giving a huge fillip to mobile commerce and reducing entry barriers.
Personalized Customer Experience: Digital Relationships with use of mobile computing, social network and context based services is helping deliver more personalized interactions and offerings.
Collaboration: Increasing use of seamless collaborative tools into business process will be used similar to usage of social technologies like Facebook and Twitter and video tools like Skype and Google+ Hangouts in personal space. This will enhance productivity and make work processes more engaging and social.
Digitally connected world: Cars, homes and appliances using sensors and Internet of Things (IoT) will start connecting every aspect of our lives. Phones and wearable devices are now part of an expanded computing environment. People and devices will be communicating, transacting and negotiating with each other. The lines between real and digital will start merging.
Smart Machines & Artificial Intelligence: With the rapid pace of technological change we are seeing development of autonomous vehicles, advanced robots, virtual personal assistants and smart advisors. It is expected that Artificial Intelligence will evaluate investment opportunities and launch of new digital business will be conceived by a computer algorithm ushering in a new age of machine helpers.
Use of Data & Advanced Analytics: Data is looked at as the new Asset Class and the world's stock of data is now doubling every 20 months. As the volume of data increases, vast pools of structured and unstructured data inside and outside the enterprise will need to be analyzed. Organizations will need to manage how best to filter huge amounts of data (Big Data) coming from the IoT, social media and wearable devices to draw actionable insights.
At Edelweiss, our top IT priority is to provide valuable partnership to our businesses and deliver innovative IT and process solutions that will help them scale, operate with high efficiency, reduce risk and enhance customer connect and experience. All technology initiatives for next 12 to 18 months are focused on making our IT infrastructure scalable, service delivery efficient and provide automation for straight through processing such that technology becomes a significant vector of growth and scalability for our businesses. We recognize that it is equally important to create digital ready backend in order to leverage the new technologies. We are working on harnessing this to provide business with valuable and actionable insights.
Disclaimer: These are the views of the author in his personal capacity and may not reflect the views of the organization he works for.
Extending the Benefits of Banking with IT
Author : Kalpana Maniar, Chief Information Officer, Edelweiss Financial Services
Tuesday, November 3, 2015
Technology is fast changing the way we live our daily lives. In the personal space we are already experiencing how the advancement in smart phone technology with the social media revolution has transformed the way we communicate.
The convergence of social media, mobile computing, analytics and cloud is also transforming the way businesses operate. Digital technology enabled disruption has the potential to decimate established incumbents.
We have seen iTunes take the music industry head on. New players like Airbnb, LiquidSpace and Trivago have disrupted hospitality and travel business. Amazon and Netflix have disrupted the media and entertainment industries. Uber and Zipcar have transformed transportation. WhatsApp and other over-the-top (OTT) services are now set to disrupt global telecommunications companies. New players in payments space and Peer to Peer (P2P) payments via Facebook or Blockchain will create new paradigm shifts.
It has therefore, become imperative for companies to adopt digital strategy to take advantage of rapidly shifting and emerging business opportunities.
The IT leaders today have a challenging task of finding opportunities in a technology landscape that is moving at a much greater pace than ever before. We are already seeing expectations on CIO roles changing from just an enabler to partnering with business so as to leverage technology for business transformation. Almost every business is a digital business because technology has become fundamental to every aspect of a business, and all senior leaders - not just CIOs - need to embrace and drive value from technology.
What is needed is a deeper understanding of business to use technology for increasing revenues, enhancing business efficiency & productivity, effectively managing risk, enhancing customer experience and creating differentiation to enhance the brand. The mindset and language needs to encompass innovation and business transformation.
Few technologies will impact business enterprises long-term plans, programs and initiatives. Some of the emerging trends with the potential for significant impact on the organizations in few years are as follows:-
Peer to Peer Platforms (P2P): Though at its infancy, we see a few online marketplaces that match the demand and supply directly mainly in the lending space. There are innovations happening in P2P currency domains as well.
Rise of the mobile Internet: By 2016 about 2 billion smartphones will be in use worldwide. About 170 billion apps were downloaded in 2014 and this number is growing rapidly. This is transforming the product and service delivery and opening up new possibilities. Revolution in digital payments is giving a huge fillip to mobile commerce and reducing entry barriers.
Personalized Customer Experience: Digital Relationships with use of mobile computing, social network and context based services is helping deliver more personalized interactions and offerings.
Collaboration: Increasing use of seamless collaborative tools into business process will be used similar to usage of social technologies like Facebook and Twitter and video tools like Skype and Google+ Hangouts in personal space. This will enhance productivity and make work processes more engaging and social.
Digitally connected world: Cars, homes and appliances using sensors and Internet of Things (IoT) will start connecting every aspect of our lives. Phones and wearable devices are now part of an expanded computing environment. People and devices will be communicating, transacting and negotiating with each other. The lines between real and digital will start merging.
Smart Machines & Artificial Intelligence: With the rapid pace of technological change we are seeing development of autonomous vehicles, advanced robots, virtual personal assistants and smart advisors. It is expected that Artificial Intelligence will evaluate investment opportunities and launch of new digital business will be conceived by a computer algorithm ushering in a new age of machine helpers.
Use of Data & Advanced Analytics: Data is looked at as the new Asset Class and the world's stock of data is now doubling every 20 months. As the volume of data increases, vast pools of structured and unstructured data inside and outside the enterprise will need to be analyzed. Organizations will need to manage how best to filter huge amounts of data (Big Data) coming from the IoT, social media and wearable devices to draw actionable insights.
At Edelweiss, our top IT priority is to provide valuable partnership to our businesses and deliver innovative IT and process solutions that will help them scale, operate with high efficiency, reduce risk and enhance customer connect and experience. All technology initiatives for next 12 to 18 months are focused on making our IT infrastructure scalable, service delivery efficient and provide automation for straight through processing such that technology becomes a significant vector of growth and scalability for our businesses. We recognize that it is equally important to create digital ready backend in order to leverage the new technologies. We are working on harnessing this to provide business with valuable and actionable insights.
Disclaimer: These are the views of the author in his personal capacity and may not reflect the views of the organization he works for.
The convergence of social media, mobile computing, analytics and cloud is also transforming the way businesses operate. Digital technology enabled disruption has the potential to decimate established incumbents.
We have seen iTunes take the music industry head on. New players like Airbnb, LiquidSpace and Trivago have disrupted hospitality and travel business. Amazon and Netflix have disrupted the media and entertainment industries. Uber and Zipcar have transformed transportation. WhatsApp and other over-the-top (OTT) services are now set to disrupt global telecommunications companies. New players in payments space and Peer to Peer (P2P) payments via Facebook or Blockchain will create new paradigm shifts.
It has therefore, become imperative for companies to adopt digital strategy to take advantage of rapidly shifting and emerging business opportunities.
The IT leaders today have a challenging task of finding opportunities in a technology landscape that is moving at a much greater pace than ever before. We are already seeing expectations on CIO roles changing from just an enabler to partnering with business so as to leverage technology for business transformation. Almost every business is a digital business because technology has become fundamental to every aspect of a business, and all senior leaders - not just CIOs - need to embrace and drive value from technology.
What is needed is a deeper understanding of business to use technology for increasing revenues, enhancing business efficiency & productivity, effectively managing risk, enhancing customer experience and creating differentiation to enhance the brand. The mindset and language needs to encompass innovation and business transformation.
Few technologies will impact business enterprises long-term plans, programs and initiatives. Some of the emerging trends with the potential for significant impact on the organizations in few years are as follows:-
Peer to Peer Platforms (P2P): Though at its infancy, we see a few online marketplaces that match the demand and supply directly mainly in the lending space. There are innovations happening in P2P currency domains as well.
Rise of the mobile Internet: By 2016 about 2 billion smartphones will be in use worldwide. About 170 billion apps were downloaded in 2014 and this number is growing rapidly. This is transforming the product and service delivery and opening up new possibilities. Revolution in digital payments is giving a huge fillip to mobile commerce and reducing entry barriers.
Personalized Customer Experience: Digital Relationships with use of mobile computing, social network and context based services is helping deliver more personalized interactions and offerings.
Collaboration: Increasing use of seamless collaborative tools into business process will be used similar to usage of social technologies like Facebook and Twitter and video tools like Skype and Google+ Hangouts in personal space. This will enhance productivity and make work processes more engaging and social.
Digitally connected world: Cars, homes and appliances using sensors and Internet of Things (IoT) will start connecting every aspect of our lives. Phones and wearable devices are now part of an expanded computing environment. People and devices will be communicating, transacting and negotiating with each other. The lines between real and digital will start merging.
Smart Machines & Artificial Intelligence: With the rapid pace of technological change we are seeing development of autonomous vehicles, advanced robots, virtual personal assistants and smart advisors. It is expected that Artificial Intelligence will evaluate investment opportunities and launch of new digital business will be conceived by a computer algorithm ushering in a new age of machine helpers.
Use of Data & Advanced Analytics: Data is looked at as the new Asset Class and the world's stock of data is now doubling every 20 months. As the volume of data increases, vast pools of structured and unstructured data inside and outside the enterprise will need to be analyzed. Organizations will need to manage how best to filter huge amounts of data (Big Data) coming from the IoT, social media and wearable devices to draw actionable insights.
At Edelweiss, our top IT priority is to provide valuable partnership to our businesses and deliver innovative IT and process solutions that will help them scale, operate with high efficiency, reduce risk and enhance customer connect and experience. All technology initiatives for next 12 to 18 months are focused on making our IT infrastructure scalable, service delivery efficient and provide automation for straight through processing such that technology becomes a significant vector of growth and scalability for our businesses. We recognize that it is equally important to create digital ready backend in order to leverage the new technologies. We are working on harnessing this to provide business with valuable and actionable insights.
Disclaimer: These are the views of the author in his personal capacity and may not reflect the views of the organization he works for.
