Digital transformation and its impact on banking industry
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Digital Transformation is the use of Digital Technologies to radically improve performance or reach of enterprises.
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Digital transformation and its impact on banking industry
- 1. © Raghav Tripathi IMPACT OF DIGITAL TRANSFORMATION ON BANKING INDUSTRY PRESENTED BY: RAGHAV TRIPATHI ITM NAVI MUMBAI
- 2. © Raghav Tripathi© Raghav Tripathi AGENDA What is Digital Transformation ? Digital Transformation Driver Industry wise Report Infographics Mobile Banking Digital Banking Providers Growth Of Mobile Banking Mobile Channels Mobile Banking Platform Changing Dynamics Of Mobile Banking Worldwide Mobile Banking Statistics Disruptive Innovation In Mobile Banking New Mobile Banking Innovation Importance Of Quality Assurance And Testing In Digital Transformation Challenges In Testing Internet Banking & Mobile Banking
- 3. © Raghav Tripathi© Raghav Tripathi WHAT IS DIGITAL TRANSFORMATION ? “Digital Transformation is the use of Digital Technologies to radically improve performance or reach of enterprises. “
- 4. © Raghav Tripathi© Raghav Tripathi Digital wave has not only changed the way enterprises operate but also how employees work, communicates and engage with customer OPERATING MODEL Market place become more dynamic and standard business process is replaced by adaptive processes. Enterprise building agile process help to reduce lead time for new product development and in addressing customer complaints BUSINESS PROCESSES Consumers becomes tech-savvy, socially active and selective in their purchases. They prefer products and services that are personalized, matching their tastes and preferences USER EXPERIENCE 01 02 03 DIGITAL TRANSFORMATION DRIVERS Source: Infosys
- 5. © Raghav Tripathi© Raghav Tripathi INFOGRAPHICS: INDUSTRY WISE REPORT 38% 35% 33% 31% 30% 26% 24% 20% 12% 7% 25% 23% 33% 19% 17% 30% 16% 40% 26% 17% 21% 23% 13% 50% 48% 17% 28% 20% 17% 43% 17% 19% 21% 4% 26% 32% 20% 45% 33% HIGH TECHNOLOGY BANKING INSURANCE TRAVEL & HOSPITALITY TELECOM RETAIL CONSUMER PACKAGED GOODS UTILITIES MANUFACTURING PHARMACEUTICALS Digirati Conservative Fashionista Beginners Source: Capgemini
- 6. © Raghav Tripathi© Raghav Tripathi INFOGRAPHICS: GLOBAL DIGITAL
- 7. © Raghav Tripathi© Raghav Tripathi INTERNET USERS IN INDIA(2015) 0 50 100 150 200 250 300 350 400 JUNE(2012) JUNE(2013) JUNE(2014) OCT(2014) DEC(2014) JUN(2015) 38 59.6 92 101 112 138 99 130 165 177 190 216 RURAL URBAN Source: IAMAI
- 8. © Raghav Tripathi© Raghav Tripathi MOBILE INTERNET USERS IN INDIA 0 50 100 150 200 250 JUNE(2012) JUNE(2013) OCT(2013) JUNE(2014) OCT(2014) DEC(2014) MAR(2015) JUN(2015) 4 21 25 36 40 45 49 5344 70 85 101 119 128 143 160 RURAL URBAN Source: IAMAI
- 9. © Raghav Tripathi© Raghav Tripathi 1.33 $0.38 0 $1.04 PAPER TRANSACTION DIGITAL TRANSACTION TOTAL PAPER VS DIGITAL TRANSACTION IN INDIA(2015) (fig in trillion dollars) #REF! Online payment Source: Dazeinfo.com
- 10. © Raghav Tripathi© Raghav Tripathi Top priority areas for technology investment in the Banking and insurance sector, researched by Econsultancy.
- 11. © Raghav Tripathi© Raghav Tripathi SOCIAL MEDIA USERS IN INDIA 33.2 Million Users 26 Million Users 112 Millio n Users Source: IAMAI 42 75% 43% 88% 25 million users uses twitter from mobile. Twitter 11.18 million users uses LinkedIn from mobile LinkedIn 99 million Users uses Facebook from mobile Facebook 01 02 03
- 12. © Raghav Tripathi© Raghav Tripathi DIGITAL BANKING PROVIDERS
- 13. © Raghav Tripathi© Raghav Tripathi GROWTH OF MOBILE BANKING
- 14. © Raghav Tripathi© Raghav Tripathi MOBILE CHANNELS
- 15. © Raghav Tripathi© Raghav Tripathi MOBILE BANKING PLATFORM
- 16. © Raghav Tripathi© Raghav Tripathi CHANGING DYNAMICS OF MOBILE BANKING Significant mobile capability build-out by banks Changing client preferences Emergence of non-banking players Increasing regulatory pressure Changing demographics of mobile banking
- 17. © Raghav Tripathi© Raghav Tripathi WORLDWIDE MOBILE BANKING STATISTICS
- 18. © Raghav Tripathi© Raghav Tripathi DISRUPTIVE INNOVATION IN MOBILE BANKING
- 19. © Raghav Tripathi© Raghav Tripathi NEW MOBILE BANKING INNOVATION Social Media Banking Image based banking Virtual customer support Use of analytics Biometric apps and security features Integration with next-gen technologies: Cloud, Wearable, Augmented Reality
- 20. © Raghav Tripathi© Raghav Tripathi IMPORTANCE OF QUALITY ASSURANCE AND TESTING IN DIGITAL TRANSFORMATION SQA encompasses various activities, such as: 1) Requirement analysis and definition 2) Design architecture and description 3) Coding and logic analysis 4) Change and configuration management 5) Testing and standard compliance 6) Release management and Release Control IMPORTANCE 1. Automation 2. Usability 3.Performance 4. Security
- 21. © Raghav Tripathi© Raghav Tripathi Different activities of Quality Assurance 1. Maintaining the quality of the project as per the specifications and business requirements. 2. Defect Prevention. And formal methods for other defect prevention techniques. 3. Defect Reduction 4. Inspection, formal and informal reviews: Direct fault detection and removal without executing the project scenario. 5. Testing the project for Failure observation and bug removal. 6. Risk identification. 7. Defect tracking techniques and methods 8. Software fault tolerance. 9. Concluding Remarks and maintaining reports.
- 22. © Raghav Tripathi© Raghav Tripathi CHALLENGES IN TESTING INTERNET BANKING & MOBILE BANKING Variety in internet connections and browsers Usage paths Usability testing Usability testing Performance testing INTERNET BANKING MOBILE BANKING Broad range of devices Configuration and design vulnerabilities Security Testing Time to Market
- 23. © Raghav Tripathi© Raghav Tripathi THANK YOU
Notes de l'éditeur
- As reported by The Economic Times, paper-based transactions cleared through cheques in FY 2015 (April 2014 – March 2015) summed up to INR 85 lakh crore (US$1.33 Trillion) whereas cashless transactions through credit card, debit card, NEFT, and online wallets comprised of INR 92 lakh crore (US$1.43 Trillion). The total transaction amount in India – exclusive of cash transactions – reached $2.76 Trillion in FY15. The main reason behind this spike in cashless transactions is the growth of eCommerce industry in India, which allowed consumers to purchase products at discounted rates at the realm of their homes. Also, the new generation is shifting towards hi-tech gadgets and technology to make funds transfer as it’s easier, hassle-free and instant transaction compared to paying by cash or cheque. With online funds transfer or virtual payment system, people can send or receive payments instantly at the touch of a button rather than visiting banks to withdraw or deposit money.
- Social media banking apps :Banking on social media enhances user experience in retail banking; social media is now an important channel to attract, engage, cross-sell and retain customers. Customers value ease of transactions, especially for small payments and transfers. Social media banking apps allow users to make small money transfers to friends. Users can also split a common bill and maintain payee list for instant fund transfers. Currently, there is a gap between the customer demand and bank offerings over social media —customers value the ability to transact and get account information, while most banks only offer information gathering services such as ATM location and product catalogues. Image based banking:Image based banking services such as Remote Deposit Capture and Photo Bill make optimum use of the camera features in smartphone. ■ Globally, there is a multi-fold rise in the number of banks that are planning to or have already launched these services for the mass market. ■ These services are particularly suitable for the US, where about 2.1 million checks are expected to be migrated to remote deposit capture by 2016, and adoption of photo bill pay is expected to be about 33 percent by 2018. ■ Notably, many regions globally, including the European region, face difficulty in providing the image based banking service, due to the regulatory and security concerns. Virtual customer support:Banking users value the ability to solve problems on real-time basis and keep the personal touch alive while using remote self-service channels such as mobile phones. ■ Over 50 percent of customers want banks to incorporate social and human aspects of service — such as more personalized customer service and tailored advice — into online and mobile banking. ■ Banking apps are increasingly being innovated to include virtual customer support through videos, calls and messaging without having to visit the bank. Use of analytics :Analytics helps in engaging with customers, instead of just providing ‘push’ customer services. Customers greatly value non-transactional services provided by the banks. ■ Personal financial Management (PFM): customers value the ability to budget their expenses, set monthly limits and calculate their instalments. These services can be provided through analysing big data on spending and savings. ■ Marketing: analytics is also increasingly being used to cross-sell by providing shopping updates and offers, location-based deals, mobile advertising and loyalty programs through SMS or mobile applications. These services have helped improve customer satisfaction and retention considerably. ■ Fraud alerts: widespread use of multiple banking channels has increased the security concerns to the peak levels. Many banks are deploying resources to negate the concern with the help of analytics to provide real-time fraud and unusual transaction/suspicious alerts on mobile phones. Biometric apps and security features Rising security concerns have also increased the need to enhance basic banking apps to include biometrics and other such security measures. There have been many incidents of fraud and security breach in mobile banking applications of different banks globally, resulting in slow penetration of mobile banking, especially in developed nations. ■ Voice biometrics, fingerprints, iris scans, and other authentication options are beginning to replace passwords as a means to verify a user's identity and simplify the login process while banking online or via a mobile device. ■ Banks are providing apps that recognise voice command and allow users to make balance inquiries and transfers, locate nearby branches and ATMs. Banks are increasingly integrating upcoming digital technologies and platforms to expand their reach in mobile banking. Some of these include the following: ■ Cloud: The ability to store banking-related documents such as authentication proofs and checks enhances user experience of mobile banking. ■ Wearables: The advent of smart watches and Google glass has created a niche market for mobile banking. ■ Augmented reality/3D: Enhancement and enlargement of the viewing experience of users is likely to be the next big thing, especially with the entrance of wearables.
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