Rising customer expectations to drive paradigm shift in banking system: PwC

The report was released today at the eighth Confederation of Indian Industry (CII) Banking Tech Summit

Rising customer expectations owing to emergence of new technology and service channels will drive a paradigm shift in the banking ecosystem, said a joint report titled ‘Connecting the dots’ done by multinational professional services company PricewaterhouseCoopers (PwC) and Confederation of Indian Industry (CII).

The report was released today at the eighth CII Banking Tech Summit held here.

“The role of technology is no longer limited to supporting business albeit it is becoming a major driver for creating a sustainable differential advantage,” the report said.

In its outlook for 2015, PwC sees banks investing more in integrated payment platforms which supplement existing core banking systems and provide a consolidated view across all payment channels. In this space, banks are likely to compete with not just each other but also with payment solution providers along with telecom companies, said the report.

Where usage of big data is getting relevant and important, banks are expected to experiment with big data platforms in 2015 for real-time analytics in order to support targeted offers and fraud and risk assessment.

Leading banks will also witness innovation in mobile platform especially in the area of engagement, the report said. Mobile specifics such as go-location, camera and voice identification for authorization may be witnessed by the banks.

Depending on their size and maturity in adopting technology, banks will drive cloud agenda. Small-to-medium sized banks will look for entire core banking platforms as a service while the more established ones could increase cloud adoption in non-core areas such as HR.