Financial Services doesn’t just outsource more than other industries – it has more companies at the leading edge of sourcing. They have more Enterprise Innovators who partner to innovate, not just cut costs – while bringing in more revenue and gross profit.
And these Financial Services Enterprise Innovators are also more likely to:
Create new business and operating models –> increasing agility
Be better at anticipating market shifts –> improving responsiveness
They are partnering to innovate — not just outsource — in their journey to become a leader in customer experience and service.
Ever since the commercialization of the internet, and the advent of social media, customer-centricity has become a norm across industries. For banks in particular, this extends new customer touch points, implying the opportunity to relook at segmentation, channels and pricing. For example, banks can adopt a needs-based and behavior-based segmentation strategy by keeping a tab on client interactions over its channels. It is easier said than done. Banks will have to first understand how people bank, how often they bank and what products and services they seek when banking. Thanks to the power of analytics, it is no more a challenge for banks. Take the example of Central Bank of India. It recently announced the adoption of analytics solution in order to uncover new sources of customer value. Analytics, according to the bank’s spokesperson provides great levers for it to identify cross-sell and up-sell opportunities and increase customer wallet share.
IBM will donate a powerful version of its Watson computing system, a repeat winner on long-running quiz show Jeopardy! in 2011, to the Rensselaer Polytechnic Institute (RPI) for research and development in big data, analytics and cognitive computing. The supercomputer already has been used in health care, analyzing thousands of pages of the latest medical research, suggesting diagnoses and treatments, etc.; and in financial services.
“Access to the Watson system will enable new research in cognitive computing as it relates to a diverse range of scientific and engineering fields,” said Shirley Ann Jackson, president of RPI. “The experience of working on Watson will give our students an advantage as they compete for the best jobs in Big Data, analytics, and cognitive computing.”
Gartner estimates that the U.S. will create 1.9 million big data jobs by 2015 – which means that experience with a cutting-edge system like Watson may well become a valuable skill in the marketplace. Get the rest of the story (Forbes.com).
IBM has announced that Monet, one of Pakistan’s leading mobile-commerce providers, has selected a customized IBM cloud-based solution that will enable the company to enhance service efficiency and expand its presence across the country.
Launched in 2012, Monet provides banks, mobile network operators and branchless banking agents in Pakistan with a technology platform that offers end users a simple interface through which they can access a wide range of financial services on their mobile phones.
Mobile banking and financial services are expected to grow significantly in Pakistan in the coming years.