{"id":14663,"date":"2020-06-11T15:27:52","date_gmt":"2020-06-11T09:57:52","guid":{"rendered":"https:\/\/coforge.site\/cigniti\/blog\/?p=14663"},"modified":"2020-06-11T19:07:43","modified_gmt":"2020-06-11T13:37:43","slug":"next-gen-banking-financial-services-technology","status":"publish","type":"post","link":"https:\/\/coforge.site\/cigniti\/blog\/next-gen-banking-financial-services-technology\/","title":{"rendered":"How are NextGen technologies aiding Quality@Speed in the BFS sector"},"content":{"rendered":"

With a majority of banks shrinking their network of physical branches and establishing a stronger digital presence, with online stock trading and digital wealth management becoming the primary choice of the consumers over personal brokers, the Banking and\u00a0<\/span>Financial Services sector<\/span><\/a>\u00a0is all set to transform<\/span>\u00a0to the core.<\/span>\u00a0<\/span><\/p>\n

With user experience as the central purpose\u00a0<\/span>of<\/span>\u00a0the transformation, the BFS industry is gearing up and accelerating the digitization of their core operational activities. Here, digitization not only means migrating the services from a brick-and-mortar bank branch to a smart phone application. Rather, it goes deeper and wider \u2013 in terms of an evolving perspective on how the sector should offer its services and communicate with its customers, in terms of rationalizing the processes and capabilities to bring in more efficiency,<\/span>\u00a0and<\/span>\u00a0in terms of establishing a continuous dialog between the users and the\u00a0<\/span>banking<\/span><\/a>\u00a0an<\/span>d financial services providers.<\/span>\u00a0<\/span><\/p>\n

As per a\u00a0<\/span>McKinsey<\/span><\/a>\u00a0report,\u00a0<\/span>75 to 80 percent of transactional operations (e.g., general accounting operations, payments processing) and up to 40 percent of more strategic activities (e.g., financial controlling and reporting, financial planning and analysis, treasury) can be automated.<\/span>\u00a0<\/span>The BFS digital transformation is being propelled by the introduction of next-generation technologies including Internet of Things (IoT), Artificial Intelligence (AI), Machine Learning (ML), Big data & Analytics, and Smart contracts.\u00a0<\/span>Although the COVID-19 pandemic has forced the sector to take immediate measures for ensuring that everything is running smoothly, the transformation is still a high priority and is expected to be addressed as soon as the situation normalizes.<\/span>\u00a0<\/span><\/p>\n

The Everest Group<\/span><\/a>, in their recent article about the impact of COVI<\/span>D-19 outbreak on the BFS sector, suggested, \u201c<\/span>As an immediate response to the current situation, designing and executing customer assistance programs should be the top priority for BFS firms. In the medium term, the firms\u2019 focus should gradually shift to modernization of legacy systems that slowed down banks\u2019 agility and ability to respond to this crisis. Post COVID-19, BFS firms will need to reimagine their products, pricing, and channel strategies to fulfill evolved customers\u2019 expectations.<\/span>\u201d<\/span>\u00a0<\/span><\/p>\n

The next-gen technologies coupled with DevTestOps and Quality Engineering practices enable the industry to deliver quality services at speed. Let us talk about the integration of banking and financial services sector with these advanced technologies for leading them on the road of innovation, productivity, and user-centricity.<\/span>\u00a0<\/span><\/p>\n

Building a customer-focused BFS ecosystem<\/span><\/b>\u00a0<\/span><\/p>\n

Customers are at the center of the digital disruption as they seek convenience and speed in the services. Ritesh Jain, COO, CTO, and\u00a0<\/span>Former<\/span>\u00a0Head of<\/span>\u00a0Delivery Digital Tech\u00a0<\/span>at HSBC bank, says,\u00a0<\/span>\u201c<\/span>The future of digital banking lies in how banks can apply Safety, Simplicity, and Agility to shape the financial wellbeing of their customers and how they are willing to integrate and explore beyond possibilities.\u201d<\/span>\u00a0<\/span><\/p>\n

A customer-focused, digital BFS ecosystem is characterized by:<\/span>\u00a0<\/span><\/p>\n