Spokesperson Leading BFSI Firm
Banking, financial services, and insurance (BFSI) enterprises today are increasingly realising the need to digitise their operations and become a part of an interconnected ecosystem of cross-industry providers to meet the everyday needs of customers. In doing so, the role of telecom and IT is critical. As such, BFSI enterprises are stepping up investments in IT and telecom infrastructure to enhance operational efficiencies and meet customer demands. Leading enterprises in the BFSI industry discuss their IT strategies, current and emerging technology trends, and plans for upgrading their IT infrastructure..
How has telecom and IT helped banks enhance their business performance?
Over the past three decades, telecom infrastructure has evolved from being largely physical to being digital and wireless. Telecom and IT have played a huge role in improving the performance of the BFSI industry. With better networks and increasing speeds being offered by these networks, new disruptive products such as mobile payments have emerged. In fact, within a few years, mobile payment adoption has seen a rapid rise and cash-based transactions have taken a back seat.
What are the key enterprise services and solutions adopted by the banking sector?
The enterprise-level IT application that the BFSI industry uses is called core banking solution. It allows customers to operate their bank accounts from any branch of the bank, regardless of where they maintain their account. This is the primary application that all banks deploy and is driven primarily by a robust IT and telecom infrastructure.
What is your company’s telecom and IT blueprint? What new IT initiatives has the company taken recently and what were its benefits?
We digitised our operations long back. It is among the pioneers of online trading in the country. We have moved to paperless online trading and telecom and IT have played a big role in establishing this online system. As telecom services keep improving and network speeds increase, the BFSI industry must take advantage of these to offer enhanced services to its customers. Since everything is completely online, a robust IT and telecom set-up is a must. Moreover, moving online has helped us improve the transparency of our operations and gain the confidence of customers as they can see real-time feed. Telecom and IT have helped us move data from physical to digital and make processes simpler.
What are the challenges faced in implementing new technologies?
Initially, the performance speed of telecom networks was a concern and a bottleneck for growth. But as telecom has moved from 2G to 3G and now 4G, we expect that our trading volume will increase. The challenge for us, going forward, will be to take advantage of the emerging technologies and give benefits to our customers.
What are the company’s plans for upgrading its telecom and IT infrastructure?
Te company keeps on upgrading its infrastructure to keep pace with emerging technologies. This year we are expecting a massive roll-out of 4G, which should benefit the BFSI industry by bringing in greater benefits for customers.
What are the emerging IT and telecom trends for BFSI players?
The emergence of payments banks and the focus on mobile wallets are some of the upcoming sector trends. Further, the launch of the Unified Payment Interface by the National Payments Corporation of India is expected to increase mobile wallet adoption. With more and more financial transactions taking the online route, customers stand to benefit immensely.
