As Indian firms turn towards disruptive technologies to optimise operations, banks too are joining the social media and mobility bandwagon to offer personalised services to customers this year, IT services major Infosys said.

1. New technologies to transform banking business in 2014: Infosys
PTI Jan 27, 2014, 03.00PM IST
NEW DELHI: As Indian firms turn towards disruptive technologies to optimise operations, banks too are joining
the social media and mobility bandwagon to offer personalised services to customers this year, IT services
major Infosys said.
According to Infosys's banking trends for 2014, banks will move towards more simplification of their go-tocustomer models. "Simplify, that's the mantra for banks in 2014. To do so they will refresh their business
models and embrace technologies from mobility and social to cloud and big data," Infosys AVP and Lead
Product Manager Finacle Product Strategy Rajashekhara V Maiya told.
This year banks are most likely to pick up "the pace in their walk-crawl-run to new operational models", he
added. "The reason for this urgency is to find ways to improve profitability and return on equity, meet
customer expectations of personalisation and better service and to digitise to stay alive," Maiya said.
Infosys expects to see reconfigured business models and renewed focus on innovation and customer
experience, and emerging technologies shall play a vital role, he added. In 2014, mobility will continue to
disrupt the status quo in banking, he said adding that mobility changes the game. "Forget statistics proclaiming
smartphone shipments, mobile subscriptions and the rising popularity of mobile banking. These are given.
Mobile/online shopping shows it has the power to play upon the psyche of a changing society," he said.
Research says banks can improve profits by up to 20 per cent by reducing complexity. Customers, regulators
and bankers are demanding simplification in banking, he said.
"Banking couture takes off, Google Glass is set to arrive in 2014. What next? Wearable Windows? New tech,
like wearable, will disrupt consumer banking and engagement. Some day not too far away, banking may be as
simple as ordering (Google) Glass to tell you your bank balance," Maiya said.
Another trend to watch out this year is banking through app stores. "API platforms will usher in an era of the
custom-built apps. Credit Agricole has created such a platform for third party developers to create specific apps
requested by the bank's customers through the CA App Store," Maiya said. Examples include an app to analyse
expenses and another that incorporates gamification. Expect more and more banks and solution vendors to
join the party, he added.
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