Pillers of Transformation in Banking
The following are the pillars of enterprise transformation which helps to drive KPI as well as the business imperatives in Banking:
Cognitive — Cognitive has become an eminent part of banking which looks at dimensions such as less human task, more efficiency, accurate product positioning, better risk etc. The typical business areas are onboarding, risk management, sales & Marketing etc.
Digital — Digital is “the” key to most banking transformation. Due to customer excessive expectation, threat from fintech, increasing regulatory demands the only silver bullet to mitigate these risks. Digital banking is not about digitization. it's about enhanced customer, employee, and partner experiences. Digital transformation encompasses digital products, digital journeys, digital and agile thinking
Cloud — Cloud is a natural catalyst to transformation and acts as the foundation for cognitive and digital. Cloud helps to take the platform complexities away from organization so that organization can concentrate on their core business problems. Cloud brings in operational efficiency, better cost to income ratio and necessary agility required for banking transformation.
