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1. If you are a banker, technical, agent or most importantly a customer in BFSI Segment, I would take it for granted you have to have listened to the new neologism "Digital Financial". In my circle, I did chat with a number of individuals as well as remarkably, no 2 persons seem to view this in same way - well, this is type of exaggeration, yet you understand! This made me take a pause as well as believe what this might suggest to someone like me that is an insider in the market, to answer if a colleague, close friend, or somebody at my box asks me about this. As a true CrossFit professional athlete I follow a minimum of the initial policy - tell everybody you discover regarding CrossFit. The factor I raise CrossFit is not just because of my attraction or, even obsession. CrossFit is a little bit of facility and discouraging to those inexperienced, however to put it merely it is toughness as well as conditioning program, which maximizes physical fitness. CrossFit defines fitness itself in terms of 10 parts - Cardiovascular Stamina, Stamina, Flexibility, Stamina, Power, Speed, Agility, Coordination, Accuracy, Balance. Yet, commonly if you ask any one of your good friends what is fitness, you could obtain numerous reactions. E.g. a jogger will claim capability to run half-marathon, or a weight lifter might claim deadlift of a minimum of 1.5 x body weight, or a guy right into yoga exercise could claim doing 108 Suryanamaskaras. Well, each of them may be right in their own way. Your definition of health and fitness may be doing all of those, or you can simply say I am healthy sufficient if I have the ability to do my 9-to-5 work without taking any type of sick leave in an appraisal cycle. On the exact same lines, financial institutions can translate Digital Financial in their own terms and also in a similar way, people like you and also me will have formed some opinion based on our own exposure. Throughout the years, banks of all shapes and sizes enhanced a great deal by adapting to IT/ ITES (IT Allowed Solutions) and they have actually accomplished varied levels of success. Nonetheless, because of lack of concentrated and also longterm approach, production of disjoined systems, rapidly altering service and also operating scenarios, and so on, the designated goals could not have actually been totally recognized. A few of those "failed" efforts can have been driven by the establishment's impulse to be an early adaptor of a technology or pattern (betting on a wrong steed). However, we might shed a substantial possibility, if we don't acknowledge and bank on a winning horse. So, the trick is banking on the appropriate horse, at a right time - i.e., when the chances are low. Generally, industries utilize what is called a Buzz Cycle to review a new modern technology or fad. If you are interested to comprehend what is a "hype cycle", please see Gartner's technique. I will certainly attempt to string with each other some of the essential sandstone adelaide facets of Digital Financial, as unlike a lot of the buzzwords, it is neither a single service nor a modern technology. Just around the moment (2008-10) I invested regarding a year plus in Brussels, three large banks (Fortis, Dexia as well as KBC) which always found as extremely risk averse lenders from the BeNeLux region, started encountering significant stress and also their value eroded considerably as well as caused heated discussions in the community - that believed their cash is constantly safe with the financial institutions (either as a depositor or share owner). What actually took place there, is really intricate. Secret variables being, big sovereign financial obligation floating in between 84 to 99% of GDP, absence of Federal government for 533 days, etc. These triggered liquidity problems. If you include in this various other upheavals in the banking sector internationally, it is very easy to realize that the " trust fund" within the system was under threat. How would we develop trust? By being clear. Consumers need (not want!) transparency in the whole system. Younger the client base, that require really felt is much more acute. This, when you look from the transforming customer experience as well as assumptions from retail market (Amazon, Flipkart), transport (Uber, Ola), food market (Zomato, FoodPanda, ZaptheQ), you know where the financial sector is. Clients have reset the expectations in regards to worth, experience, and also alternatives. The Secret takeaway for the banker - Individual Experience - rich, uniform, mobile (anywhere), secure, improved worth. Lots of people I have communicated with lately on this subject, said Electronic banking or Mobile Financial as Digital. Yes, this is just the start of what could be Digital Financial. Probably, they cover earlier collection of consumer assumptions. Carrying on, could we see a day quickly, where there is no paper in any of the financial

2. transactions? When I say paper, I am not simply referring to currency! Couple of points which are already in practice in couple of financial institutions and acquiring momentum throughout are - digitizing processes within the bank (like consumer on-boarding, lending application), cheque truncation systems which permits you to take a picture of the cheque on your mobile and also send out to your financial institution, and so on - there by bringing efficiency in decisionmaking, ability to tailor processes to details client needs, save some unnecessary journeys to the branch, etc. This might indicate in other words, implementing file/ image management systems, organization procedure management and also surveillance systems, integrating these elements within the existing IT solutions. The Trick - digitizing interior procedures. Social Media in the last couple of years have actually brought largest effect across borders - be it, Tahrir Square revolution, Ice Bucket Difficulty, which mobile to get, exactly how we order and spend for lunch or determining a fine dining location and also going Dutch while sharing the costs. Social Media is currently bring disturbances in terms of which financial institution to trust, what they can get out of a financial institution in regards to solutions, lend a voice to their dissatisfaction. Which subsequently indicates, financial institutions have to get on the very same Social media site listening to their consumers, selling their solutions and also inevitably, bring in new customers, retaining the clients and more notably, becoming "The Goto Bank" if the consumer has numerous accounts. As an instance, what might not have actually been expected few years back, in Kenya, among our distinguished client's Twitter deal with (@ChaseBankKenya) uses Twitter to connect, launch and also share CSR tasks, and also address consumers' queries and also concerns really efficiently. That is, The Reach aspect. An additional silent thing happening behind the walls in a bank is called Data Analytics or Big Data. These churn out unprecedented insights into customer behavior and preferences, driving extremely focused strategies. These also help customers to understand their spend analysis, plan their budgets, financial goal management etc . Apart from these key components, there are several others which could make the bank more "digital" - chat and video discussion facilities to bring bank closer to the customer when he/she needs it, or educating customers through online tutorials like financial literacy, tax planning, etc, integrating various solutions and systems in the bank to reduce data replication and redundancy and helping the bank make more Straight Through Processing systems there by reducing errors, cost of operations, and increasing efficiency in the entire system. Banks could significantly increase seamless data exchange with others partners like regulatory bodies, clients, government bodies thus making entire process much more transparent and efficient. Finally, the big question is what should be achieved from the big task list to call a bank "Digital Bank"? Just like in fitness, there is no single solution or the right solution. Each bank has to define its own strategy, execution plan to reach the goal of customer delight, operation efficiency, and overall share holders' enhanced value.

3. With our sharp focus on Core Banking Solutions, and wide range of experiences in consulting, implementation, testing, integrating several solutions at various banks across the globe, we at Bfsi consulting will be glad to engage with you or your team to help realize some of these goals.