EMERGING CHALLENGES:
Technological changes in Indian banking system presents great opportunities and challenges for the banking industry. The primary challenge is to give consistent service to customers irrespective of the kind of customer. Different banks can differentiate their services by offering more technical facilities. Developing or acquiring the appropriate technology for the product, deploying it efficiently and then managing it to the extreme level is important to achieve and consistently providing high service and optimal standards while remaining economical and delivering sustainable return to shareholders. Leveraging technology is therefore, a key challenge that will be faced by the Indian banking sector.
Payment Banks: India
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A number of banks are also targeting the wallet space, hoping to ensure that their transactions businesses (National Electronic Fund Transfer, or NEFT; Real Time Gross Settlement, or RTGS, and cards) are not captured by the m-wallet providers. Retention of customers is going to be another major challenge that is directly proportional to market share of banks. Technology has made it possible to deliver services throughout the branch bank network, providing continuous updates of customers accounts and rapid movement of money from stock transfers. However, this reliance on the network system has brought IT department’s extra burden and challenges in managing, maintaining and optimizing the productivity of retail banking networks. Illustratively, ensuring that all bank products and services are accessible, at all times, and across the entire workplace is essential for present days retails banks to generate profits and remain competitive. Apart from this, there are system management challenges, whereby keeping these tangles, distributed networks and applications operating properly in support of enterprise objectives becomes …show more content…
One another major concern for bank is about counterfeit of their products for example if a bank comes up with an app of its own then many others will try to follow them and the others might have wrong intentions of misusing secure data of the customer. Some of the challenges that the banks are facing today are:
• Managing broadened needs of customer: Needs of customer may diversify according to the service a customer wants from the Bank. A customer may demand the Bank official for POS facility on two mobile number of a single client.
• Diminishing customer switching: Bank must focus on customer attrition rate. It's a sensitive market place and competitors are ready to cope up every opportunity that can lead to their increasing market
Portfolio Kris Corporation has asked IT Consultants to draft a proposal to address a number of the concerns Kris Corporation has with its current network. Kris Corporation is running Server 2008, with a parent domain and a child domain. There is a concern that this current configuration is not the most efficient. Kris Corporation would like one identity to obtain orders in real time. Kris Corporation has five locations, and the manufacturing plants are in two sites.
I will be able to develop the network architecture for various clients and also install, deploy, maintain, troubleshoot product and test services according to their needs. Client requirements may be at local, wide area or an organization level. This will help me to interact with the end user and will help me know their demands. Interaction will be among the users, infrastructure vendors like Internet service providers, software vendors who together make up a communication network and integrate services in them and keep the communication system
For example, a data warehouse can be constructed to extract and consolidate data from various computer systems or a workflow management system can be used to coordinate activities across several offices such as who works on what activity and how long it takes them to complete a task. Another way to shorten the close process is to centralize all accounting operations in one location. This allows the company to concentrate all of its efforts on improving the efficiency of a single
Expanding a business is key to increasing revenues and market penetration. There are two ways a company can grow, organic and inorganic growth. Organic growth occurs when a company increases sales and gains new customers utilizing the existing business (Davis - Growing a company by international acquisition, 2008). Organic growth could happen through increased marketing efforts or promotions. For instance, many businesses use online services, such as Groupon or RetailMeNot, to send targeted to promotions to customers in specific areas to drive new or repeat customers into their business.
We need to administer a substantial number of systems, centralized system management tools such as the Red Hat Network, Canonicals’ Landscape, and Novell’s ZENworks
Additionally, operations are often conducted away from the office, or in austere environments utilizing mobile broadband and laptop computer. Having access to the organizations data in an organized efficient manner is essential. Finally, a centralized knowledge management system allows organizations to share and collaborate much
Bank of America: Mobile Banking This essay is based on the case “Bank of America: Mobile Banking” which is dated on May 2012. We will first present benefits mobile banking provide to consumers and highlight reasons why many consumers haven’t adopted mobile banking yet. Furthermore, we will look into Bank of America motivation to offer mobile banking to its customers and review associated costs and risks of mobile banking implementation. Then understand what lessons can the bank learn from its online banking operations and analyze costs and benefits of having customers migrate to online banking.
After reading the case study of the PCNet Project, we will examine how critical success factors apply to the case study. The first area is setting clear objectives for risk management. With this factor we set strategic, financial, operational, and other objectives during the strategic and annual planning processes and throughout the year for a company. With these objectives we need to ensure that there is the process of identifying risks to our objectives, evaluating the impact of those risks and choosing a response. Some of the actions the company needs to be ready to respond to are avoidance, mitigation, or acceptance.
2. Cisco’s strong tradition of standardization – ERP implementation entails integration of
External environmental issues which impact the financial services organizations, strategic Planning have been vital to make any financial service organization survive for long term. External environment comprises of all the elements which are present outside the boundary of the organization and have the capacity to affect either part or the whole organization. IN order to understand any financial organization we need to analyse its domain which exists in the external sectors of the organization (RamaRao, 2010). The niche of the organization forms the organizational domain and also defines all the externals sectors which with the organization will interact in order to accomplish its goals.
• Reduce Manual Process: Automate the management and rotation of application credentials to reduce the IT operational resources required to secure application passwords and SSH keys. • Meet Audit and Compliance Requirements: Comply with internal and regulatory requirements for regularly changing application
Only when the IT governance is designed around the enterprise’s goals and performance objectives, will it then be active and performant because it is consistent and can be communicated in the enterprise-wide system. Fixing problems one after the other as they occur is a good defensive strategy but which has negative setbacks on the IT strategic performance by limiting its value creation opportunities. Most enterprises failed because they have designed an IT governance system whose mechanisms are uncoordinated and are not in congruence with the organization’s goals which can then leads to excessive IT expenditure or architectural
- IT platform and core applications software support world-class SCM - Advanced decision support capabilities have the greatest impact on business performance - Data are required to manage the core business
I would frame the banking as an industry that is built on trust. Trust that is reaffirmed by the governments, and regulators. Banks have an imperative role in our economic growth, and development. Correspondingly, without the bank industry, there is no industry to replace them as the conduit for social and economic policy. Equally important, there is no industry to replace them as the key performer in creating our economies multiplier effect.
In matters of confidentiality, Banking is risky due to the highly sensitive nature of information which is often exchanged, recorded and retained. The purpose of this article is to discuss the clash of confidentiality and disclosure in the banking sector across the globe. The Black’s Law Dictionary defines confidentiality as secrecy or the state of having the dissemination of certain information restricted. Breach of confidentiality, then, refers, to the violation of this trust that has been placed in another in a fiduciary relationship, in this case bank and their customers.