Information Technology and Digital Transformation
" “Banking is no longer somewhere you go, it’s something you do.” ― Brett King, Bank 3.0"
Information Technology and Digital Transformation
We don’t know about Nostradamus, but Brett King couldn’t have been more accurate in
prophesying tectonic shift in the expectations of the customers from their banks. The
Banking and Financial Services Industry BFSI has undergone a paradigm transformation
globally as well as in India since turn of the century. This transformation has been fuelled by
rising customer expectations on one hand and the rapid developments in technology on the
other. Moreover, the pace of this transformation has hastened even more in the last few
years due to, disintermediation of delivery of BFS, symbiotic relationship between BFSI and
new age Fintech startups, and all pervasive influence of social media. These new
technologies inter alia include cloud computing, Blockchain, advanced analytics, and AI/ML
backed NLP and more recently ChatGPT.
However, on the flip side of the coin, there are several actors in the BFSI who are saddled
with considerable obsolete technology. This deadwood technology - in terms of both the
architecture and the infrastructure - is making them sluggish in adapting to the winds of
change. In order to remain competitive, the BFSI actors are expending significant financial
outlays on several technology transformation projects. These endeavours are to modernise
data centres, carry out major upgrades in tech infrastructure, migrate to cloud, set up of data
lakes, integrate their operations with the advanced data analytical tools etc.
Another front is to adopt digital technology by rearchitecting applications based on micro
services, replacement of legacy applications, enabling delivery by connecting with FinTech
ecosystem through APIs, building enterprise architecture for digital delivery, managing
disparate tech stacks due to mergers and acquisitions, etc.
How Digital Dimensions can help
Many a BFSI actors do not have enough technical depth nor practical knowledge nor the
hands on experience to manage aforementioned large scale projects. Excessive
dependence on vendors and 3 rd party Technology Service Providers without a sharp eye on
execution capabilities may lead to cost and time overruns and less than expected delivery.
Digital Dimensions can help you in not only managing these projects on your behalf but also
helping you meet your vision. We are a team of Sherpas who have collective hands on
experience of over a hundred years in each of the domains discussed above. Our team
comprises of senior IT professionals who have worked in large private and public sector
banks at CXO level and have deep relations within this ecosystem.