The international banking industry Has Seen a lot of Unprecedented exchange and Uncertainties since the global financial crisis . Along with the self -imposed restrictions the Stringent regulatory norms Imposed by the monitoring bodies -have further Increased the burden and challenges faced by the banks .
The banking and other financial institutions operate in a highly volatile environment and need to make adjustments' to cope with the shift by Constantly Addressing multiple challenges.
As the customer today also more empowered due to Improved accessibility information there is a need for banks to Greater sponds to it by streamlining Their banking and financial operations . These well -informed customers require solutions That are quick simple and Delivered across various mediums . Also with mobile technology and the advent of the smart devices sector HAS really opened up . Altho the traditional ways of banking still exist and are still Being Utilized by customers the adoption of unconventional and Technologically advanced mediums is growing at an astonishing pace .
The only way an organization in the BFSI sector can sustain and retain customers icts today is by Offering a better customer experience than icts peers .
Listing A Few more challenges faced by the banking and financial industry:
- High volumes of operational and IT Risks
- Tightened Regulatory norms as well as the constant change in them
- Increasing revenue growth of the organization
- Ensuring customer retention
- Innovative customer experience solutions to Ensure customers are Retained
To be ble to fight thesis Barriers banks need a holistic and secure banking solution That Enables ' em to put a check against speed security and rich customer experience is icts deliverables checklist.
Some of the essential services Banking firm shoulds Consider icts against various business goals are: -
Business Growth and Customer Experience
- Data warehouse and business intelligence cooperation with social and associative analysis
- Financial and operational performance management solutions
- Customer Profitability Management
- Operational reporting
- Consumer credit management
- Modeling and data cleansing
- Single customer view and multichannel services
- Customer communication services
- Mobile banking solutions
IT Risk Management
- Application development
- Application penetration testing and security
- Application Maintenance and Support
- Application and database performance management and optimization
- Database replication for reporting disaster recovery consolidation
- HW & migration Version
Business Risk Management
- Real time risk analysis
- Data management
- Risk optimization
- Risk aggregation
- Reporting systems for financial trading companies for Regulatory Compliance
Other Services
- Content and Document management workflow based solutions
- Web content management
- Managed security services
- infrastructure services
- Master data management
- Legacy migration modernization and standardization
While making choices every bank icts IT Needs to take care of the Following
- Develop clarity on the kind of solutions your business needs. Some of 'em might have Involve long -term commitment short -list the requirements and solutions to meet expected Those requirements carefully.
- Carefully look into your Existing IT landscape and for Assessment as to how the new solution are Considering That You Will integrate with it . Be careful to make this assessment Carefully as failure to do this can lead to redundancy .
- Consider the utilities That your peers are Offering to Their customers or the IT systems and processes Implemented by em In Their organization so you do not miss out That Any significant aspects of thesis
- A Few shortlist vendors and thoroughly to Evaluate em for Assessment Their suitability for your project . Ask 'em if They Have done similar work in the past and can Provide Any case studies . A Look At Their portfolio is a good indicator of Their capabilities .
David S. Clark Independently items for authors Espire has infolabs Banking & Financial Services provider company. http://www.espire.com/industries/banking-financial-services
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