Digital Transformation in the Indian Banking Sector, 2017

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

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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

1. Executive Summary
Key Findings
2. 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
3. Digital Transformation—Indian Perspective
Indian Market Snapshot
Indian Digital Economy
Growth Drivers
Digital Transformation from an Adoption Standpoint
Opportunity Zones in India
4. 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
5. 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
6. The Frost & Sullivan Story

List of Figures & Charts

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




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