Page 45 - Banking Finance December 2018

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thin in different a o t their di ita channe s and de i er i e to enefit the c sto ers. he i ha e to e pro ided
capa i ities that are not a ere rep ica of asic an in ith a it prod cts pro pt ser ice and con enient access
transactions t those that pro ide c sto ers a stron to financia ser ices.
hand e on their c rrent and prospecti e f t re financia
hea th a on ith int iti e infor ation disse ination to er threats
a e etter financia decisions e it for transactin sa in
ith the ro in penetration of co p ters and s art
or shoppin thro h the e .
phones and increasin access to the internet the co ntr
is ta in to di ita channe s for their an in needs.
n reasin o petition ercri e is eco in a reater threat as a res t.

echno o co pan disr ptors inc de co panies ran in
fro search to socia edia ha e ade ad ances in the s ndia shifts to a cash ess econo c er threats are at a
pa ents space. n contrast in co ntries i e hina and ne hi h ith the n er of s ch incidents occ rrin in
ndia techno o co panies are startin to ha e a i an in s ste s increasin in the ast fi e ears. he oint
i pact on traditiona financia ser ices i a a nt st d ssocha and said that an M card hac hit
inancia in hina and a t in ndia ein the est the ndian an s in cto er ast ear affectin aro nd .2
e a p es . i ion de it cards.

he introd ction of differentia an s financia ser ices of he c er threat andscape is e o in ith the e er ence
ne pri ate an s pa ent an s and s a an s is of ne ris s and increased sophistication of c er cri ina s.
e pected to enhance co petition. t i ht a so res t in o a financia re ators are r in an s to stren then
inno ations on prod cts and a s of caterin cons ers c er defense ith e phasis on stricter re ations of ar er
hich i ht rin do n the operationa costs. onsiderin an s c er stress testin and increased reportin .
the techno o p radations and inno ations to eep p
ith the co petition o d ha e financia i p ications on Ban s needs to in est in pre enti e soft are and fre ent
e er p a er and a res t in o erin of ar ins. assess the ris s at hand not st for in ho se operations t
a so for the e terna endors that the enders e p o . he
o a oratin instead of co petin ith start ps can need serio s effort in capacit i din and settin p hi h
pro ide fresh tech so tions for an s. hared ser ices and end c er a s that are capa e of critica inspectin e er
no ed e i i pro e prod ct offerin s thro h data co ponent efore these are dep o ed in critica
ana tics too s i e predicti e ana tics offerin deeper
infrastr ct re across ind str sectors.
en a e ents ith c sto ers.
B identif in c er sec rit f a s and iss es the decision
Ban s contin e to in est in inno ation to eep pace ith
a ers i e etter p aced to i p e ent appropriate sec rit
cons er e pectations and in response to the threat of
contro s desi n additiona sec re architect res onitor
ind str disr ption. i ita i ation of an in is o in
tar eted attac s and aintain effecti e c er resi ience.
ic ith an options a ai a e. i ita i ation of the
entire cons er o rne is re ired to c t costs achie e
on sion
efficienc ains and to de i er a etter c sto er e perience.
he ndia an in andscape is chan in rapid as the entr
ith co petition intensif in an s i need to rethin and arriers to the traditiona an in ode s are ein disr pted
reno ate their or in ode operationa distri tion ith ne specia i ed an s and siness ode s hich ha e
ode and e ec tion ode and on those an s hich can rred the ines et een the siness and techno o . he
o d the se es accordin to chan in c sto er s and sector i see npara e ed chan es in the ti es to co e.
en iron ent needs o d s cceed.
ccessf ro th is no on er a o t addin a di ita siness
ith increasin co petition in the core an in ser ices at the ed e of the or ani ation. nstead it s a o t
especia in se i r an and r ra sectors traditiona an s rea i nin a c sto er centric or ani ation hi e ana in
ha e to offer s perior c sto er ser ice and co petiti e the re ator co ercia and ris di ensions ni e to
prod cts to sta ahead. this co petition a on an s is financia ser ices.

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