The banking and financial services industry is in the midst of an evolutionary shift. The pressing realities of agile ‘Fintech’ disruptors, changes in customer behavior and expectations, complex regulatory requirements, and digitization throughout the business model are affecting the banking and financial services industry at every level. To keep up with this change, the industry is working to adopt innovative digitization models to remain on top of costs, increase revenue, and protect themselves against risks all at the same time.
New services enabled by digital technologies can help banking and financial firms to maximize the value they offer to the customers. According to a recent Cisco study, these digital opportunities make financial services the No.2-ranked industry in terms of Digital Value at Stake, with an estimated $3.14 trillion up for grabs over the next decade. However, this will require a convergence of mobility, analytics, and video to create delightful experiences and effortless transactions for the customers. It will also allow the industry to move away from legacy and paper-based approaches thereby enabling improved delivery of services cost-effectively.
In line with its commitment to digitize the financial services sector in India, Cisco developed a Digital Transformation Blueprint for the banking & financial services sector. The blueprint leverages the power of Cisco’s intent-based networking portfolio to integrate connectivity, security, automation, collaboration, and analytics across the business value chain. It will deliver enhanced customer experience, improved workforce productivity, build new business models and protect against risks by bringing in connectivity and visibility into every aspect of the organization.
The National Stock Exchange (NSE) is leveraging Cisco’s world-class, ultra-low-latency trading architecture to deliver high-performance trading experiences, greater control, and visibility to its members. Cisco has also completely automated NSE’s data center, helping it reduce app deployment time from weeks to hours. Optimising NSE’s network with Cisco ACI has allowed it to reduce overall efforts by 15-18%. NSE is also leveraging Cisco’s AppDynamics platform to monitor the performance of core applications and get real-time analytics for business performance to deliver the superior end-user experience.
Adding to this, Sankarson Banerjee, Chief Technology Officer, National Stock Exchange said, “Our vision is to adopt the latest technologies to deliver greater value to our customers and employees as well as build trust and investor confidence. Digital Innovations in technology are going to transform the financial services sector as we know them. Institutions that are quick to embrace innovation and adopt new technologies will have immense opportunities to improve the way they deliver services. We are pleased to be working with Cisco to further modernize our digital capabilities and give our customers the best experience possible. Digital initiatives are core to NSE’s strategy of leveraging technology to deliver “the future” to our clients today”.
Further commenting, Sameer Garde, President, Cisco India and SAARC said, “Today financial institutions experience an unrelenting need to be flexible, secure and scalable across increasingly complex data centers. In addition to gaining performance and operational efficiencies, Cisco ACI has enabled the National Stock Exchange to manage its infrastructure and data repositories, which is critical when handling sensitive customer and financial data. In addition to that, with AppDynamics, NSE will have complete visibility spanning from the infrastructure to application to end user, thereby offering a superior end-user experience. From a trading perspective, speed, efficiency, and data accuracy are critical for investors, and therefore we are delighted that National Stock Exchange has partnered with Cisco to power their digital transformation journey’.
Cisco is leading the disruption in the industry with its technological innovations in systems, silicon, software and security, and unrivaled expertise in mass-scale networking, automation, analytics, video, wireless and mobility. Combining these capabilities with Cisco’s portfolio of go-to-market, security, collaboration, IoT, and professional services capabilities, it is enabling financial services companies across the world to reduce cost and complexity, grow revenue and more importantly to help secure their network and customer data.
Cisco also has collaborated with the HDFC Bank to accelerate the bank’s digital transformation strategy and business growth. HDFC Bank’s focus on digitization keeps in mind the need to provide an experience to customers in line with their expectations by leveraging various digital platforms. HDFC Bank has grown its digital transactions from 63% to over 80% in the last three years.
With the proliferation of mobile devices, the digital era and the growth of social technologies, consumer expectations of digital banking have increased manifold. Customers expect to complete their transactions anytime and anywhere, through different channels. To meet the ever-evolving customer demand, HDFC Bank powered its backend infrastructure with Cisco’s networking solutions.
HDFC Bank’s data center built on Cisco Unified Computing Systems (UCS), leverages the performance of the Cisco Nexus Datacenter switches to reduce cost and complexity through automation, analytics, and energy management. By moving to a virtualized environment, HDFC Bank has significantly improved the speed of application deployments, reduced time for software upgrades as well as lowered its data center footprint. The streamlined and integrated Cisco infrastructure has thus helped enhance efficiency, increase resource availability, security and performance.
Citing on this collaboration with HDFC Bank, Sameer Garde, President, Cisco India and SAARC said, “The retail banking industry today operates in a highly challenging environment. On the one hand, customer satisfaction remains critical while on the other, banks need to optimize operational costs while ensuring security and performance. Cisco Unified Computing System gives HDFC Bank a robust converged platform that delivers increased productivity, scalability and security. Cisco’s Contact Center Solution enables a truly connected experience as well as helps the bank increase its contact center efficiently while delivering a superior customer experience. Our partnership with HDFC Bank is a great example of how technology can help digitally enabled organizations to transform their customer experience and create value. We look forward to building on this partnership and help drive growth and create value for all stakeholders.”
Munish Mittal, Chief Information Officer & Group Head – Information Technology, HDFC Bank also commented, “Technology transformation in the banking industry is increasingly becoming a competitive edge. The pivotal element of our customer centricity strategy is to deliver a seamless, relevant, secure and enhanced personalized banking experience to our customers. The moment of truth lies in a running service, and we are highly focused to ensure that the digital banking services keep running by deploying many of them in Active-Active Configuration across two physically distinct data centers on the strength of Strong Network Solutions & Intelligent Routing. A robust network is amongst the primary prerequisites of digital banking”.
With customer-centricity and customer experience being the top priority for HDFC Bank, the bank is looking beyond core banking to delight its customers. HDFC Bank consistently aims to deliver a consistent experience across all their channels. Tele-Sales are one of the important channels that HDFC Bank uses to maximize on the cross-sell and up-sell opportunities that they have in the market. Within the HDFC Bank’s contact center, Cisco Contact Center Solution delivers intelligent routing and call treatment, network-to-desktop computer telephony integration, and omnichannel contact management. Also, with the help of predictive dialing, agents can now make almost 1.5 X more sales calls every month.
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