Blog on Digitization
- 1. Cl; IST Job: Blog InfrasoftTech – Leveraging Digitization for an Integrated Service Delivery At an open forum Digitization: Gearing up for a Integrated World, InfrasoftTech CEO Rajesh Mirjankar expanded on how IT is not just an enabler, but a differentiator in the competitive BFSI sector. He views Information Technology as a transformation engine, and how important it is to actively enable the pace of technology in India. Innovation Citing an incident at his son’s birthday party, he said that even today, ten year olds were saying LOL, instead of just Laughing Out Loud! At this rate, Digitization will soon be bringing about a telling transformation of emotions! Just as product innovations typified the golden era of talent in the banking sector, today’s age would be known for IT innovations. MACS As far as adapting SMAC technology, he would rather put it in the order of technology – MACS: Mobility in payments - where you have an outreach, adoption of USSD is prime, because it addresses 80% of the TA, 20 % would be the smart phone users. Thus the core element of product design is the cost of the product. Mobility and electronic payments will bring the cost of the product drastically down. this is where innovation is required. The next phase is the Analytics part. The important part of analytics is that it enables productive marketing. It is not just about dicing and slicing data. For instance, it is very sensible to market a tax savings product in March. Thus analytics extends to pricing of the product as well. The differentiating factor is not the mobile device or how the channels are rented out, it is only the hygiene factor. It is the pricing that is paramount. Thirdly, the 5th ????, Cloud, as the C’’ within the SMAC , ...The rest of this segment not available.
- 2. Securing the networks is a crucial factor. In fact, today hacking is not possible; there is hardly any risk of fraud, what with the right kind of security measures, which are all laid down by authorities like NBCI. Pass(word???) usage is still a concern, when used on devices that are not your own. This is where we need to migrate to technologies that will enable use of a mobile that is is in your hands and control.(I imagined his scenario and situation, by extrapolating from the above) As an aside, a common concern with the adoption of technology, is that there is a risk of a product provider - like an AMC, a bank or an insurance provider - losing brand presence because a customer becomes detached. As a service provider, we ensure that frontier-line technology creates for our clients, a unique, customized service delivery to their customers at every touch point. Strategy for Growth Infrasoft’s strategy for growth stems from the understanding that there are three levels of connectedness of a BFSI with the customer: Branch based model Branch plus multichannel model Digital model The second model is what we focus on. It is key for growth, since our clients have a strong network of branches – that offer core banking solutions, sturdy products like an AML solution, and lastly a complete digital banking suite. This can best be explained with this example of the kind of solution we would ideally like to provide - On his way to work, a customer starts to fill out a form on mobile for a loan application; he then reaches office, completes it on his desktop, and gets a mobile message saying a representative would meet him at home over the weekend to complete the formalities. Looking Ahead When India becomes a super economy, which it will soon, there would have been two superior contributors to this achievement, the RBI and the NBCI. NBCI is looking at mass scale electronic payments being organized. When you look back at the innovations of the company in 2007, that paved the way to cover 1 billion customers in 2015, this is obviously an historic event...getting cards across to a billion
- 3. people! Inspired by this, we as technology providers, have ramped up our contributions to scale up to NBCI's requirements. The scope for growth and sweeping change lies beyond vanilla products. We need to look at how we leverage niche products that are customized for smart phones. The interest, and the market is here. An interesting instance is the recent launch of the in- flight payment by NBCI. InfrasoftTech is committed to be at the frontierline of change, leveraging emerging technology to help build synapses of service deliveries to customers at every conceivable touchpoint. (is this statement ok?) Pls note: 1. The 4 videos were provided in no particular order or sequence, so I have pieced the sound bytes together by mixing and matching the spoken pieces to make sense of of the jigsaw puzzle. 2. In future, kindly provide transcripts that are vetted by the company before we attempt to distil their essence into a blog, not videos.