Digital Transformation in the Indian Banking Sector, 2017

Digital Transformation in the Indian Banking Sector, 2017

Banks are Looking beyond Core Banking Systems and Compliance for Better Service and Revenues

RELEASE DATE
26-May-2017
REGION
South Asia, Middle East & North Africa
Research Code: P971-01-00-00-00
SKU: IT03405-SA-MO_20355
$4,950.00
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Description

Frost & Sullivan (F&S) determines digital enterprise transformation as a set of activities that will reform business processes, empower stakeholders and provide new revenue models using digital technologies (such as Social Media, Mobility, Big Data and Analytics, Cloud technologies, IoT & Automation, and Cyber Security) and by embracing new digital avenues. In the National Digital enterprise readiness Index- survey, F&S has extensively covered the adoption of these digital technologies in transforming the business and creating new opportunities for growth.

The 'Digital India' campaign has the potential to transform the Indian banking sector. Highlighting the progress of 'Digital India', more than 12,000 rural post office branches have been linked to payment banking. Historically, banks have used process management solutions to improve and streamline their customers’ experience rather than enhance their security. However, with the advent of mobile technologies, the end-users’ thrust on banks’ security have pushed banks to adopt technologies such as fingerprinting for customer safety and compliance.

Social media had been used by banks predominantly to assess customer experience, market promotions, and improve branding. In the last 3 years, banks have used social media platforms such as Twitter and Facebook as mediums to transact. Enterprise social networks are leveraged to enable formal and informal interactions within and outside an enterprise, thereby ensuring uniform and transparent communication.

Enterprises are embracing BYOD (Bring-Your-Own-Devices, part of enterprise mobility) to enable the use of personal devices and the concept of work anytime-anywhere to improve employee efficiency and effectiveness. In the customer-first world, mobile has been at the center stage and the business models are coined to collect data and give the customer a uniform Omni-channel experience.

Security concerns of cloud computing has restricted the wide-scale adoption of cloud in the banking sector. However, with the transformation to smart banking, the dependence on cloud computing will exponentially increase for enhanced performance and flexibility.

Predictive threat analytics has emerged as a new security intelligence innovation to identify advanced zero day attacks by helping identify the behavior anomalies within the smart banking networks.

Enterprise cloud allows a company to leverage cloud computing for critical as well as non-critical applications, thereby ensuring business agility, collaboration, and long-term cost savings.

Proactive measures are required for securing access, networks, data, applications, and the perimeter. This is the key to achieving the smarter workplaces of the future.

In India, CIOs are adopting digital technologies at various levels based on the immediate need of organizations and revenue goals. There is a lack of holistic approach which is essential for long-term benefits. The study gives a perspective both about the demand and the supply side of the market to identify the maturity of the solutions available and also the levels of DT activities across various industries in the country. The study analyses the challenges and drivers of digital transformation (DT) in India and also analyzes the levels of DT activities in major industries such as healthcare, manufacturing, BFSI, retail, and other sectors.

Table of Contents

Key Findings

Mega Trends Abetting Digital Technologies

Digital Transformation Trends Enabling the Mega Trends

Impact of Trends on Verticals

Digital Transformation Journey

Impact of Digital Technologies

Top Technologies’ Penetration across Verticals

Uptake of Technology across Verticals

Digital Transformation Case Studies

Digital Technologies Penetration across the Globe

Indian Market Snapshot

Indian Digital Economy

Growth Drivers

Restraints

Digital Transformation from an Adoption Standpoint

Opportunity Zones in India

BFSI sector in India

BFSI Market Survey

Indian BFSI Industry Technology Drivers and Restraints

BFSI Investment Areas

Social Media in BFSI

Cloud Technologies in BFSI

Big Data and Analytics in BFSI

Automation in BFSI

Digital Banking

Cyber Security in BFSI

Final Words on Digital Transformation in BFSI

Enterprise Digital Transformation (EDT) Snapshot

Key Takeaways from a Supply-side Standpoint

Role of IT/ITES Companies in BFSI Digital Transformation

Legal Disclaimer

List of Figures
  • 1. Impact of Trends on verticals, India, 2016–2020
  • 2. Impact of Trends on Verticals, India, 2016–2020
  • 3. Digital Transformation: Key Growth Drivers, Global, 2016–2020
  • 4. Digital Transformation: Key Restraints, Global, 2016–2020
  • 5. Zone of Opportunity, DT Market, India, 2016
  • 6. Total Digital Enterprise Transformation Solutions Market: BFSI Case Studies, India, 2016
  • 7. EDT Opportunity, India, 2016–2020
  • 8. Alignment to Digital Initiative, India, 2016–2020
  • 9. Key Technologies/Case Studies Available, India, 2016
  • 10. BFSI EDT Snapshot, India, 2016
List of Charts
  • 1. Total Digital Enterprise Transformation Solutions Market: Percent Share of Digital Technologies on Total Digital Spend of Each Vertical, Global, 2016
  • 2. Uptake of Technology across Verticals, Global, 2016
  • 3. Categorization by Revenue, India, 2016
  • 4. Categorization by Industry, India, 2016
  • 5. Categorization by Designation of Respondents, India, 2016
  • 6. Penetration by City Size, India, 2016
  • 7. Major Drivers in Implementing Digital Technology in the BFSI Sector, India, 2016
  • 8. Major Restraints in Implementing Digital Technology in the BFSI Sector, India, 2016
  • 9. Areas of IT Investment, India, 2016
  • 10. Key Inflection Points, India, 2016
  • 11. Areas of Social Media Presence, India, 2016
  • 12. Usage of Social Media, India, 2016
  • 13. Cloud Deployment by Type, India, 2016
  • 14. Impact on Business due to Cloud Adoption, India, 2016
  • 15. Top 3 Challenges Impacting Cloud Adoption, India, 2016
  • 16. Key Requirements for Analytical Solution Adoption, India, 2016
  • 17. Major Hindrances or Challenges Impeding Analytics Adoption, India, 2016
  • 18. Major Reasons to Adopt Automation Solutions, India, 2016
  • 19. Automation Solutions: Average Adoption and Implementation Cycle, India, 2016
  • 20. Basic Security Solutions Adoption, India, 2016
  • 21. Critical Aspects for Hospitals w.r.t. Security, India, 2016
  • 22. Digital Transformation Scores in BFSI, Global vs. Indian vs. Industry Standards, 2016
  • 23. Region-wise Digital Services Portfolio Focus, Global vs. India, 2016
  • 24. EDT Portfolio: Vertical Offerings, Global, 2016
  • 25. EDT Solutions, Global, 2016
  • 26. Digital Services Portfolio Focus by Vertical, India, 2016
  • 27. Driver of EDT (Vendor standpoint), India, 2016
  • 28. Challenges of EDT (Vendor standpoint), India, 2016
  • 29. Global Suppliers’ Digital Revenue Heat Map, Global, 2016
  • 30. BFSI Adoption Reality Comparison with World and Benchmark Standards, India, 2016
  • 31. Top Technology Recommendation, India, 2016
Related Research
Frost & Sullivan (F&S) determines digital enterprise transformation as a set of activities that will reform business processes, empower stakeholders and provide new revenue models using digital technologies (such as Social Media, Mobility, Big Data and Analytics, Cloud technologies, IoT & Automation, and Cyber Security) and by embracing new digital avenues. In the National Digital enterprise readiness Index- survey, F&S has extensively covered the adoption of these digital technologies in transforming the business and creating new opportunities for growth. The 'Digital India' campaign has the potential to transform the Indian banking sector. Highlighting the progress of 'Digital India', more than 12,000 rural post office branches have been linked to payment banking. Historically, banks have used process management solutions to improve and streamline their customers’ experience rather than enhance their security. However, with the advent of mobile technologies, the end-users’ thrust on banks’ security have pushed banks to adopt technologies such as fingerprinting for customer safety and compliance. Social media had been used by banks predominantly to assess customer experience, market promotions, and improve branding. In the last 3 years, banks have used social media platforms such as Twitter and Facebook as mediums to transact. Enterprise social networks are leveraged to enable formal and informal interactions within and outside an enterprise, thereby ensuring uniform and transparent communication. Enterprises are embracing BYOD (Bring-Your-Own-Devices, part of enterprise mobility) to enable the use of personal devices and the concept of work anytime-anywhere to improve employee efficiency and effectiveness. In the customer-first world, mobile has been at the center stage and the business models are coined to collect data and give the customer a uniform Omni-channel experience. Security concerns of cloud computing has restricted the wide-scale adoption of clou
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Table of Contents | Executive Summary~ || Key Findings~ | The Digital Transformation Journey~ || Mega Trends Abetting Digital Technologies~ || Digital Transformation Trends Enabling the Mega Trends~ || Impact of Trends on Verticals~ || Digital Transformation Journey~ || Impact of Digital Technologies~ || Top Technologies’ Penetration across Verticals~ || Uptake of Technology across Verticals~ || Digital Transformation Case Studies~ || Digital Technologies Penetration across the Globe~ | Digital Transformation—Indian Perspective~ || Indian Market Snapshot~ || Indian Digital Economy~ || Growth Drivers~ || Restraints~ || Digital Transformation from an Adoption Standpoint~ || Opportunity Zones in India~ | Banking, Financial Services and Insurance (BFSI)~ || BFSI sector in India~ || BFSI Market Survey~ || Indian BFSI Industry Technology Drivers and Restraints~ || BFSI Investment Areas~ || Social Media in BFSI~ || Cloud Technologies in BFSI~ || Big Data and Analytics in BFSI~ || Automation in BFSI~ || Digital Banking~ || Cyber Security in BFSI~ || Final Words on Digital Transformation in BFSI~ | The Way Forward for the IT/ITES Sector~ || Enterprise Digital Transformation (EDT) Snapshot~ || Key Takeaways from a Supply-side Standpoint~ || Role of IT/ITES Companies in BFSI Digital Transformation~ || Legal Disclaimer~ | The Frost & Sullivan Story~
List of Charts and Figures 1. Impact of Trends on verticals, India, 2016–2020~ 2. Impact of Trends on Verticals, India, 2016–2020~ 3. Digital Transformation: Key Growth Drivers, Global, 2016–2020~ 4. Digital Transformation: Key Restraints, Global, 2016–2020~ 5. Zone of Opportunity, DT Market, India, 2016~ 6. Total Digital Enterprise Transformation Solutions Market: BFSI Case Studies, India, 2016~ 7. EDT Opportunity, India, 2016–2020~ 8. Alignment to Digital Initiative, India, 2016–2020~ 9. Key Technologies/Case Studies Available, India, 2016~ 10. BFSI EDT Snapshot, India, 2016~| 1. Total Digital Enterprise Transformation Solutions Market: Percent Share of Digital Technologies on Total Digital Spend of Each Vertical, Global, 2016~ 2. Uptake of Technology across Verticals, Global, 2016~ 3. Categorization by Revenue, India, 2016~ 4. Categorization by Industry, India, 2016~ 5. Categorization by Designation of Respondents, India, 2016~ 6. Penetration by City Size, India, 2016~ 7. Major Drivers in Implementing Digital Technology in the BFSI Sector, India, 2016~ 8. Major Restraints in Implementing Digital Technology in the BFSI Sector, India, 2016~ 9. Areas of IT Investment, India, 2016~ 10. Key Inflection Points, India, 2016~ 11. Areas of Social Media Presence, India, 2016~ 12. Usage of Social Media, India, 2016~ 13. Cloud Deployment by Type, India, 2016~ 14. Impact on Business due to Cloud Adoption, India, 2016~ 15. Top 3 Challenges Impacting Cloud Adoption, India, 2016~ 16. Key Requirements for Analytical Solution Adoption, India, 2016~ 17. Major Hindrances or Challenges Impeding Analytics Adoption, India, 2016~ 18. Major Reasons to Adopt Automation Solutions, India, 2016~ 19. Automation Solutions: Average Adoption and Implementation Cycle, India, 2016~ 20. Basic Security Solutions Adoption, India, 2016~ 21. Critical Aspects for Hospitals w.r.t. Security, India, 2016~ 22. Digital Transformation Scores in BFSI, Global vs. Indian vs. Industry Standards, 2016~ 23. Region-wise Digital Services Portfolio Focus, Global vs. India, 2016~ 24. EDT Portfolio: Vertical Offerings, Global, 2016~ 25. EDT Solutions, Global, 2016~ 26. Digital Services Portfolio Focus by Vertical, India, 2016~ 27. Driver of EDT (Vendor standpoint), India, 2016~ 28. Challenges of EDT (Vendor standpoint), India, 2016~ 29. Global Suppliers’ Digital Revenue Heat Map, Global, 2016~ 30. BFSI Adoption Reality Comparison with World and Benchmark Standards, India, 2016~ 31. Top Technology Recommendation, India, 2016~
Author Gowtham B
Industries Information Technology
WIP Number P971-01-00-00-00
Is Prebook No