2 Sep, 2022
The future of banking is very different from today. Banks need to embrace a strategic approach, new business models, and emerging technologies to make the life of clients and customers easier & more productive. However, it’s just the early days; banks today need to evolve & transform boldly to prepare for 2030 banking. So, what could be the next big innovation in banking to make it future-ready?
To discuss and share valuable insights, Shalil Gupta, CBO, Mosaic Digital, An HT Media Company had an invigorating discussion with Avinash Raghavendra, Executive VP & Head-IT, Axis Bank, and Marshal Correia, VP and GM, India, South Asia, Red Hat. This exclusive edition of CXO Connect Program: Blueprinting Future Proof Banking, powered by Red Hat in association with TechCircle and Mint, highlights the trends changing the banking landscape and business blueprint for banking.
The interview was a pool of knowledge build-up around how to modernize banks or financial institutes to quickly meet constantly shifting customer demands while reducing costs and risk.
Said Avinash Raghavendra, “Open banking is set to explode in the coming days and is the way forward. Regulatory initiative and Technology are the two primary drivers of open banking. The need for an hour for the bank is to meet the increasing demand for online mobile solutions.” Avinash further elucidated, “Banks need to develop a highly composable and scalable architecture. To truly embrace agile, banks need to invest in technology or technology-related functions.”
Sharing his mantra, Avinash reiterated, “2 KPIs to measure success are: 1. Pivot the entire framework around the customer engagement and experience. 2. Trust the power of resilience and predictability.
Said Marshal Correia, “The unique challenge in India: the number of transactions is huge, and the cost of transactions is low. Open banking is the primary driver helping bank become FinTech and a software factory, and build a delivery supply chain.” He further added, “Architecture is an essential vital. Red Hat OpenShift is an application platform that gives you the flexibility, scalability, and security to run your application anywhere.”
Summarizing the discussion, said Shalil Gupta, “Banks need to decompose themselves and become modular to deliver customer experience. Tomorrow’s bank will be a software house. 3 Key takeaways: 1. Pace to leadership is reality. 2. Banks need to take conscious decisions and evolve themselves. 3. The intersection of technology, process, and industry is essential to thrive.
Watch the entire clip to get complete insights.
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