The Indian Banking industry is at present worth Rs. 81 trillion (US$ 1.31 trillion) and according to KPMG-CII Report, it is being estimated to be the fifth largest banking industry in the world by 2020 and third largest by 2025.
As the emerging trends suggest, paper money, which has been the dominant form of transaction, may be gradually waning out of market. With the advent of digital, there seems to be a possibility of 30-40 percent substitution of cash in circulation in India.
Complete digitisation (end to end processes) will enable banks in
• engaging customers on digital channels for transactions and sales, and
• collectively working towards eradicating cash
The result will be banks
• achieving up to 30 percent jump in sales productivity
• reducing administrative staff by about 10-15 percent, and
• improving back office staff productivity by 20 percent.
Therefore, the keystone of successful digital banks will be excellence in payments through channels such as internet, POS transaction, ECS and mobile, facilitating physical branches to deal with more specialised purposes and personalised services.
Our consultants have successfully completed projects involving major international banks. A few examples are as follows:-
• A major bank in Hongkong on specific requirement: Implemented autonomy IDOL search for the website (screen print). Key features delivered include autosuggestions, result segregation on products and general, pagination and result count.
• A major bank in America: Implementation and support of Google search appliance. Worked closely with the search center of excellence to define domain specific search scope.
Our team has rich experience of working on HP Autonomy, Exalead, Attivio, Lucid works (Solr) and Concept searching.
Author: Debaleena Debnath
Debaleena is a digital media consultant @ speradigital
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