Unbundling and bundling the bank of the future

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The banking industry is facing a rebirth by necessity, as a new era of business reinvention is dawning. It is becoming embedded – sometimes almost invisibly – in non-banking business processes, thereby merging financial services with offerings from other industries. This has given birth to new ecosystems, powered by dynamic business models, often based around platforms and network economics.

At IBM Services, we’re already partnering with several banks & financial services companies across the world, on their journey to becoming cognitive enterprises:

  • State Bank of India has pushed the digital product envelop with its YONO platform
  • HDFC ERGO is leveraging IBM Garage method that uses data-driven insights to develop end-to-end strategies and solutions for business transformation
  • Bank of Baroda is executing an agri-platform called ‘Baroda Kisan’ in order to provide solutions for all major agricultural requirements
  • Bank of Ayudhya (Thailand) is reinventing its digital banking experience through secure hybrid cloud solutions
  • Bank Mandiri (Indonesia) is on a journey to cyber resilience with our best in class Security Operations Centre capabilities
  • KB Kookmin Bank (Korea) is enhancing customer and employee experiences through business process optimization with AI and automation

From the examples above, it is obvious that forward-thinking financial services companies are transforming into curators of experiences, delivering the same with agility and operational efficiency while keeping risks and compliance under control at all times. They are placing bets on the creation of business platforms to solidify competitive advantage and differentiation for use cases ranging from expansion of expertise to experimenting with proofs of concept for a myriad of technologies. Driving these advances in technology adoption is a rapidly growing digital citizenry in India, that is increasingly demanding financial service providers to leapfrog global practices by developing new, uniquely Indian products, services and business models.

If you are going to be at Gartner Symposium from November 11-14, 2019 in Goa, India, make sure to join Likhit Wagle to discover how IBM has learned from its engagements and get exposed to a range of global use cases about shaping and evolving into a Cognitive Bank.

Visit this webpage to know more about IBM’s presence at Gartner Symposium IT/Xpo 2019 and follow the hashtag #IBMatGartner on Twitter

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