ERP Insights >> Magazine >> October - 2015 issue
Mobile and ERP to Change the Face of Financial Service Marketplaces
Author : Iype Isac, CTO, BankBazar.com
Sunday, November 8, 2015
BankBazaar is an Indian internet-based financial product comparison platform, designed to aid applicants with choosing loans and credit cards online without need of any paper work and offline processing. Headquartered in Chennai, Tamil Nadu, BankBazaar solely focuses to serve the citizens across India.
Innovation and adoption of new technologies are the two important factors driving sustainable growth of enterprises. Technology is fueling innovation to identify opportunities and to provide seamless integration of multiple interfaces, helping organizations maintain a competitive edge according to the changing demands.
Customers today demand higher levels of service, value, and security. Hence, enhancing the customer service and experience is the top priority globally across domains; the financial services industry is no different.
Current challenges facing financials service marketplaces
Across sectors, enterprises are working heads down on cloud, analytics, social platforms, mobility, and security for daily operations. It is the need of the hour to keep an eye on what is on the horizon unless one is willing to take the chance of being left behind, both technologically and business-wise.
Some of the major technological challenges faced by companies today include:
- Improving the operations efficiency at lower cost
- Customer-centric innovations
- Security
- Shift of focus to managing apps
The Trends: Possible IT initiatives for a financial services marketplace
Advanced Analytics: Advanced analytics and real time analytics are buzzwords today. Advanced analytics can be used to shift through massive volumes of data to identify customer patterns and behavior to predict future events more accurately. Enterprises can cull more data for analysis to plan their design, processing, and marketing activities accordingly.
Internet of Things (IoT): The increasing volume of activities flowing through call centers is calling for crowd support. Here, all sorts of devices will be processing transactions and requests independent of users. For example, as online payments increase, systems need to have layered accounts such as No SQL or unstructured databases linked to advanced analytics, to allow fast authentication, audits and data storage.
Need-based ERP purchases: There is a need for ERP solutions in marketplaces to connect with financial institutions and customers on a secure network. Better connectivity with bank's ERP can help fast and automated financial transactions such as loan applications, online insurance, and so on. Both financial institutions and marketplaces should consider a move to need-based ERP purchases, which can be highly cost effective. On-demand solutions consisting of Integration-as-a-Service, on-boarding framework, provisioning, and management & monitoring capabilities with in-built advanced analytics and business intelligence, which will be hosted at the provider's cloud, will find takers.
Hybrid architecture: Cloud-based solutions foster a harmonized integration of various data without additional software or hardware, thereby reducing costs. For example, in a paperless paradigm, the structure of data exchanged between financial institutions and customers are different. So, in order to enable a seamless exchange of data, an advanced mapping of the exchanged documents is required.
More focus security and compliance issues: With the popularity of Enterprise Software Solutions (ERP), companies are well informed about cost-effective resolutions, and have more focus on addressing multi-level security and compliance issues than ever before. Security issues that can happen in different new ways need to be addressed with new protocols and different approaches. The contents of the exchanged messages between various networks also must be protected by digital encryption and signature.
Mobile interface platforms: The trends and challenges
All banks and financial institutions have now jumped on to the mobile band wagon. However, the full potential of this rapidly evolving technology is yet to be captured. Users are still hesitant to use mobile services other than bank apps for financial transactions due to security and privacy concerns. Also, as apps of banks already provide transactional interfaces, financial service marketplaces will have to move beyond just this and offer more engaging real-time services so as to differentiate themselves and to boost brand loyalty.
Customers who are more engaged tend to be more loyal. However, consumers on the mobile space are less trusting and at the same time, more demanding. Companies, too, are competing for attention. So, the first step is to generate awareness of the company's mobile offerings to achieve full utilization of the routine capabilities. The second step is to ensure consistent usage and the third is to achieve a deeper and more meaningful engagement with customers.
Leveraging the current capabilities of mobile devices, companies can fully capitalize on convenience and cost savings using technology and innovation. For example, this can be achieved by providing some services hitherto undelivered, such as voice commands, images, and video calls. These can deliver a personal touch and convenience, which would encourage more frequent interactions and, therefore, better customer satisfaction.
Biometrics can be leveraged to make customer interactions convenient and secure. Mobile sensing data also can be used to drive an analysis of customer behaviors to yield interesting and deeper insights. A customer-driven design is also very important.
Financial service marketplaces need to get ahead of the current challenges and retool themselves to transform themselves for the future. They need to have a clear strategy to address their priorities, including partnerships. Applying lessons from other industries will also help in the current transforming landscape.
Mobile and ERP to Change the Face of Financial Service Marketplaces
Author : Iype Isac, CTO, BankBazar.com
Sunday, November 8, 2015
BankBazaar is an Indian internet-based financial product comparison platform, designed to aid applicants with choosing loans and credit cards online without need of any paper work and offline processing. Headquartered in Chennai, Tamil Nadu, BankBazaar solely focuses to serve the citizens across India.
Innovation and adoption of new technologies are the two important factors driving sustainable growth of enterprises. Technology is fueling innovation to identify opportunities and to provide seamless integration of multiple interfaces, helping organizations maintain a competitive edge according to the changing demands.
Customers today demand higher levels of service, value, and security. Hence, enhancing the customer service and experience is the top priority globally across domains; the financial services industry is no different.
Current challenges facing financials service marketplaces
Across sectors, enterprises are working heads down on cloud, analytics, social platforms, mobility, and security for daily operations. It is the need of the hour to keep an eye on what is on the horizon unless one is willing to take the chance of being left behind, both technologically and business-wise.
Some of the major technological challenges faced by companies today include:
The Trends: Possible IT initiatives for a financial services marketplace
Advanced Analytics: Advanced analytics and real time analytics are buzzwords today. Advanced analytics can be used to shift through massive volumes of data to identify customer patterns and behavior to predict future events more accurately. Enterprises can cull more data for analysis to plan their design, processing, and marketing activities accordingly.
Internet of Things (IoT): The increasing volume of activities flowing through call centers is calling for crowd support. Here, all sorts of devices will be processing transactions and requests independent of users. For example, as online payments increase, systems need to have layered accounts such as No SQL or unstructured databases linked to advanced analytics, to allow fast authentication, audits and data storage.
Need-based ERP purchases: There is a need for ERP solutions in marketplaces to connect with financial institutions and customers on a secure network. Better connectivity with bank's ERP can help fast and automated financial transactions such as loan applications, online insurance, and so on. Both financial institutions and marketplaces should consider a move to need-based ERP purchases, which can be highly cost effective. On-demand solutions consisting of Integration-as-a-Service, on-boarding framework, provisioning, and management & monitoring capabilities with in-built advanced analytics and business intelligence, which will be hosted at the provider's cloud, will find takers.
Hybrid architecture: Cloud-based solutions foster a harmonized integration of various data without additional software or hardware, thereby reducing costs. For example, in a paperless paradigm, the structure of data exchanged between financial institutions and customers are different. So, in order to enable a seamless exchange of data, an advanced mapping of the exchanged documents is required.
More focus security and compliance issues: With the popularity of Enterprise Software Solutions (ERP), companies are well informed about cost-effective resolutions, and have more focus on addressing multi-level security and compliance issues than ever before. Security issues that can happen in different new ways need to be addressed with new protocols and different approaches. The contents of the exchanged messages between various networks also must be protected by digital encryption and signature.
Mobile interface platforms: The trends and challenges
All banks and financial institutions have now jumped on to the mobile band wagon. However, the full potential of this rapidly evolving technology is yet to be captured. Users are still hesitant to use mobile services other than bank apps for financial transactions due to security and privacy concerns. Also, as apps of banks already provide transactional interfaces, financial service marketplaces will have to move beyond just this and offer more engaging real-time services so as to differentiate themselves and to boost brand loyalty.
Customers who are more engaged tend to be more loyal. However, consumers on the mobile space are less trusting and at the same time, more demanding. Companies, too, are competing for attention. So, the first step is to generate awareness of the company's mobile offerings to achieve full utilization of the routine capabilities. The second step is to ensure consistent usage and the third is to achieve a deeper and more meaningful engagement with customers.
Leveraging the current capabilities of mobile devices, companies can fully capitalize on convenience and cost savings using technology and innovation. For example, this can be achieved by providing some services hitherto undelivered, such as voice commands, images, and video calls. These can deliver a personal touch and convenience, which would encourage more frequent interactions and, therefore, better customer satisfaction.
Biometrics can be leveraged to make customer interactions convenient and secure. Mobile sensing data also can be used to drive an analysis of customer behaviors to yield interesting and deeper insights. A customer-driven design is also very important.
Financial service marketplaces need to get ahead of the current challenges and retool themselves to transform themselves for the future. They need to have a clear strategy to address their priorities, including partnerships. Applying lessons from other industries will also help in the current transforming landscape.
Innovation and adoption of new technologies are the two important factors driving sustainable growth of enterprises. Technology is fueling innovation to identify opportunities and to provide seamless integration of multiple interfaces, helping organizations maintain a competitive edge according to the changing demands.
Customers today demand higher levels of service, value, and security. Hence, enhancing the customer service and experience is the top priority globally across domains; the financial services industry is no different.
Current challenges facing financials service marketplaces
Across sectors, enterprises are working heads down on cloud, analytics, social platforms, mobility, and security for daily operations. It is the need of the hour to keep an eye on what is on the horizon unless one is willing to take the chance of being left behind, both technologically and business-wise.
Some of the major technological challenges faced by companies today include:
- Improving the operations efficiency at lower cost
- Customer-centric innovations
- Security
- Shift of focus to managing apps
The Trends: Possible IT initiatives for a financial services marketplace
Advanced Analytics: Advanced analytics and real time analytics are buzzwords today. Advanced analytics can be used to shift through massive volumes of data to identify customer patterns and behavior to predict future events more accurately. Enterprises can cull more data for analysis to plan their design, processing, and marketing activities accordingly.
Internet of Things (IoT): The increasing volume of activities flowing through call centers is calling for crowd support. Here, all sorts of devices will be processing transactions and requests independent of users. For example, as online payments increase, systems need to have layered accounts such as No SQL or unstructured databases linked to advanced analytics, to allow fast authentication, audits and data storage.
Need-based ERP purchases: There is a need for ERP solutions in marketplaces to connect with financial institutions and customers on a secure network. Better connectivity with bank's ERP can help fast and automated financial transactions such as loan applications, online insurance, and so on. Both financial institutions and marketplaces should consider a move to need-based ERP purchases, which can be highly cost effective. On-demand solutions consisting of Integration-as-a-Service, on-boarding framework, provisioning, and management & monitoring capabilities with in-built advanced analytics and business intelligence, which will be hosted at the provider's cloud, will find takers.
Hybrid architecture: Cloud-based solutions foster a harmonized integration of various data without additional software or hardware, thereby reducing costs. For example, in a paperless paradigm, the structure of data exchanged between financial institutions and customers are different. So, in order to enable a seamless exchange of data, an advanced mapping of the exchanged documents is required.
More focus security and compliance issues: With the popularity of Enterprise Software Solutions (ERP), companies are well informed about cost-effective resolutions, and have more focus on addressing multi-level security and compliance issues than ever before. Security issues that can happen in different new ways need to be addressed with new protocols and different approaches. The contents of the exchanged messages between various networks also must be protected by digital encryption and signature.
Mobile interface platforms: The trends and challenges
All banks and financial institutions have now jumped on to the mobile band wagon. However, the full potential of this rapidly evolving technology is yet to be captured. Users are still hesitant to use mobile services other than bank apps for financial transactions due to security and privacy concerns. Also, as apps of banks already provide transactional interfaces, financial service marketplaces will have to move beyond just this and offer more engaging real-time services so as to differentiate themselves and to boost brand loyalty.
Customers who are more engaged tend to be more loyal. However, consumers on the mobile space are less trusting and at the same time, more demanding. Companies, too, are competing for attention. So, the first step is to generate awareness of the company's mobile offerings to achieve full utilization of the routine capabilities. The second step is to ensure consistent usage and the third is to achieve a deeper and more meaningful engagement with customers.
Leveraging the current capabilities of mobile devices, companies can fully capitalize on convenience and cost savings using technology and innovation. For example, this can be achieved by providing some services hitherto undelivered, such as voice commands, images, and video calls. These can deliver a personal touch and convenience, which would encourage more frequent interactions and, therefore, better customer satisfaction.
Biometrics can be leveraged to make customer interactions convenient and secure. Mobile sensing data also can be used to drive an analysis of customer behaviors to yield interesting and deeper insights. A customer-driven design is also very important.
Financial service marketplaces need to get ahead of the current challenges and retool themselves to transform themselves for the future. They need to have a clear strategy to address their priorities, including partnerships. Applying lessons from other industries will also help in the current transforming landscape.
