Answered Essay: Strategic Management & Problem Solving Techniques-GROUP PROJECT ON DIGITAL

Strategic Management & Problem Solving Techniques-GROUP PROJECT ON DIGITAL TRANFORMATION

Background : Digital is one of the biggest transformations in recent times. This is not just about technology, but also includes fundamental shifts in how people communicate, connect, share, learn and engage. Effectively, it is helping make processes more efficient, lowering costs, improving interface at key touchpoints, enhancing customer experience and loyalty, competitiveness, revenue and profitability. Digital Transformation is now a CEO’s mandate and KPI.

The Project : Each group to capture and outline the specific progress of Digital Transformation and the expected developments in the foreseeable future in any one of the Industry Verticals listed below :
(i) Banking,
(ii) Telecom.

Detailed assigement is required on above two industry segment in digital transformation in India.

Expert Answer

Digital transformation has impacted the life of individuals in a past decade or so in such a way, as no other phenomenon has ever had. The digitization has not only changed the way businesses are conducted, but also transformed the way the public at large interacted among themselves, learnt, shopped, travelled and lived. The impact of thsi revolution is felt to a greater extet in countries like India, which are fast catching up with rest of the world. Banking is one of the most important sectors affected by this phenomenon.

Not before long, the banking ecosystem in India was dominated by public sector banks which followed the traditional system of banking. One could see the queues of customers much before the scheduled opening time of the bank. Customers sweated it out to deposit or withdraw the money for hours, haggling with ageing workforce, that was barely able to cater to the needs of hoards of people who came to them.

The ATM were far and few, and at most of the times were out of cash due to many reasons, forcing everyone to rush to the banks. The real disruption came with the advent of smartphones which literally brought the world to the fimgertips of an individual. The convenience, coupled with fast internet brought a revolution that was to disrupt many businesses and banking was no exception. In 2014, the banking was disrupted in many ways. The areas of disruption were

(a) Convenient and safe payment through e commerce.

(b) Available of services on web ( Loan, deposition etc.)

(c) Mobile to mmobile substituting cash

(d) Remote advisory through analytics

Banks leveraged on the technology to provide its services at the customers’ doorstep at very attractive price point that saved the time, inconvenience and money at the same time. Banks used the technology not only to serve their customers better, but also to assess their behaviour, needs and expectations for increasing service levels and retention. The technology helped customers to know the services at fingertips, avail them within a matter of seconds at their place and at their time of convenience.On the other hand it helped the banks to customize the services and products according to the customers’ needs, render services at faster speeds leading to higher efficiency and profitability while exceeding the customers expectations at the same time and winning their loyalty.

Today, with the help of digital banking, the customers can not only pay safely to the desired vendor for a product or service within seconds through the application in his / her smartphone, he /she can also manage host of tasks like opening a savings instrument, applying for a loan, tracking the expenses, receiving money from anywhere in no time, thereby saving on precious time, money and efforts. A grand initiative of demonetization to eradicate the black money from the economy was successfully accomplished by the Indian Government with the help of digital banking only. It was then, the importance of non cash payment methods was felt and accepted by the masses in India. The revolution can be felt in the air by increasing number of citizens coming under umbrella of digital banking through special drive in a nation fast heading towards a cashless economy.

The future will see following changes in the banking environment in India.

1. Introduction of Unified Payment Interface by NPCI ( National Payment Corporation Of India) will lead to open banking in India with multiple service providers.

2.Using cloud technology will enable the banks to be more agile to meet the demand of increasing e transactions.

3.Banks will leverage blockchain to automate inter-organisational processes which will make international remittances and trade financing easier.

4.Artificial Intelligence will lead to auto improvement of banking processes leading to higher levels of customer satisfaction, efficiency and profitability.

5.Banking will be available on different devices,beyond smartphones.

6. Simplification of banking architecture will lead to elimination of silos between different business units, increase their capabilities by implementing Enterprise Class Solutions helping them to provide seamless services to the customers.

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