Page 47 - Banking Finance July 2017

REPORT

Cisco Unveils Digital Transformation Roadmap for Banking

& Financial Industry

A ligned with its country digitization acceleration To help banks digitize, Cisco will focus on digitizing interac-

tions where all interactions will be personalized. This will be
program (CDA), Cisco today inaugurated its first
Digital Experience and Collaboration Centre for
media, devices and geography agnostic. Cisco's digital inter-
the Banking and Financial sector in Mumbai, In-
user experience across multiple scenarios. The second area
dia. As per the Cisco VNI report 2016-2021, the total num- active solution makes technology invisible in creating same
ber of Internet users will double to 829 million, mobile data would be building a mobile first elastic model.
traffic will grow 7-fold and there will be 2 billion networked
devices in India by 2021. This rapid growth in connected It enables bringing policy and analytics in the management
users, devices and data underpinned by the Digital India of core data center infrastructure. Third, Cisco solutions will
initiative, and proliferation of 4G networks, has created a help create a boundary-less security infrastructure with talks
great platform for digital banks in India to address its cus- to each other and checks threat reputation in cloud cogni-
tomers. tive model.

With the average age of India's population estimated to be The digital experience centre was born out of the urgency
29 by 2020, banks and financial institutions are looking to for digital banking solutions well-demonstrated in the Cisco
address their customers' rising digital expectations by at- study Digital Vortex: How Digital Disruption is Redefining
tracting the next generation of customers, transforming Industries, which found that in retail banking four of the top
their banking experience through new, secure omni-chan- 10 incumbents will be displaced by digital disruption in the
nel business models. Aimed at helping banks and financial next three years. With the right technology investments,
institutions redefine the banking experience, the digital retail banks have the potential to realize $ 3.1Trillion in digi-
experience centre offers more than 100 immersive digital tal value between 2015 to 2024 as per a Cisco report.
solutions that use analytics, mobility, video, and security.
Digital disruption means getting business outcomes faster.
During the first phase of the digital experience centre, Cisco through its next generation technologies such as se-
highly-trained Cisco engineers and developers will come up curity, collaboration, cloud and the Internet of Things is
with new ways to combine digital and design expertise to helping its customers transform their businesses and thrive
help customers innovate. Cisco experts will work with indus- in the digital age. Cisco country digitization acceleration
try partners and customers to analyze business challenges (CDA) program is aimed to partner with countries to drive
and develop solutions based on deep customer insights, digi- their digitization agenda, help grow GDP create jobs, ac-
tized interactions, enhanced operational efficiency and celerate local innovation and improve the everyday lives of
mobile elasticity for a secure personalized experience. citizens across the country.

The centre will also offer education, hackathons and cus- With six innovation centres across five states in India, Cisco
tomized workshops for a broad ecosystem of innovators in- is the leading technology provider and business partner in
cluding partners, statups, developers and systems integra- helping its customers across industries such as retail, finan-
tors. The digital experience centre will soon expand its ca- cial services and healthcare in India to build digital busi-
pabilities to serve other verticals such as retail, ecommerce nesses, accelerate innovation and compete in the global
and manufacturing. markets.

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