The changing consumer behavior and industry trends are fueling a dramatic shift in the way banks do business. Needing to cater to the evolving needs of “on-the-move” consumers, banks are redefining their operations and processes. Cloud tops the banking CIOs agenda taking cues from enterprises across industries that have invested in cloud have noted significant cost, resources, and operational efficiencies.
A strong IT backbone, which is scalable, agile, and resilient as well as a robust cybersecurity strategy will bring the much-needed change in the BFSI sector. The 4 transformational pillars for a successful modernization are:
Focused Customer Centricity
Enhanced Operational Interoperability
Strengthened Core Competencies
Improved Compliance and Governance