| 57 | | 56 | Customer, Product, and Technology – The Holy Trinity Powering Banks of 20XX Banks of 20XX will need to operate with a three-tiered structure that is customer-centric, product-driven, and technology-native. Banking will need to fundamentally shift its focus to be customer driven. It must meet customers’ everyday needs and be an advisor. Banking products must be contextual and easily adapted to meet evolving requirements. The product of the future must be highly scalable, adaptable, configurable based on microservices architecture, and designed to be composable and componentized. And to deliver this hyper-personalized experience and agile products, banks of the future will need a scalable, configurable, and composable micro services-based architecture. This is important for the bank to keep pace with the continuous, and accelerated pace of technology evolution. This three-tiered model can help the banks of the future ensure better profitability and move their business beyond just the loan and deposit arbitrage. Ecosystems and platforms that banks own and orchestrate will play a critical role in reshaping the sector, and this three-tiered model can help banks move to such business models easily. Not only is this model sustainable, but it also promises process efficiency. Next generation internet connectivity will deliver a new era of real time and prescriptive banking, doing away with cumbersome processes and paperwork. The history of human civilization has had only one constant – change. The disruption in the once staid and stable banking sector has been a long time coming, but it is essential that banks understand the forces driving the changes in the macro environment and move quickly to address them. We are living in an era of previously unimaginable scientific and technological progress and this momentum will only get stronger in the years to come. Only those banks that focus on delivering a customer centric and value driven experience, with technology as the substrate, will thrive in this new digital era. • customers use daily. This siloed experience will not work for the new generation of banking customers, and banking must move to integrated models. The bank of 20XX will be built on composable applications, and driven by self-integrating applications to be closely aligned with the customers’ lives. Integrated banking applications are already in use. India’s UPI system with 8 billion transactions in March 2023 alone, is an example that connects the mobile phone, biometric identity system of Aadhar, and the payment interface to facilitate seamless payments. BBVA launched an open banking platform that offers APIs to third party developers and businesses to enable a holistic customer experience. Intelligent The bank of 20XX has to be intelligent. It must be built on a smart digital platform that can deliver hyper-personalized, and contextual value exchanges. It must be agile enough to collaborate with other providers to deliver an ecosystem of offerings that deliver a comprehensive banking experience. Nanda Kumar (NK), CEO and Founder of SunTec Business Solutions, is a seasoned technology sector veteran with over three decades of experience. Beginning his career as a Software Engineer, NK later pursued education at the University of Kerala, which coincided with the early days of the internet. Under his leadership, SunTec, known for its customer-centric software solutions in banking and telecom, has become a global leader in revenue management and business assurance. NK, a recognized technology evangelist, has made significant contributions to the industry, holding several patents and sharing insights globally. He has led SunTec through technological disruptions focusing on digital empowerment and adapting to market trends like platformification in banking. NK emphasizes the importance of a strong team and a culture of innovation, maintaining SunTec’s commitment to technology transformation and customer-centricity. The bank of 20XX has to be intelligent. It must be built on a smart digital platform that can deliver hyper-personalized, and contextual value exchanges. AUTHOR’S PROFILE CII PHOTO GALLERY Nigeria India Presidential Roundtable with H.E. Mr. Bola Ahmed Tinubu, President, Federal Republic of Nigeria; Mr R Dinesh, President, CII and Chairman, TVS Supply Chain Solutions Ltd; Mr Sunil Bharti Mittal, Past President CII and Chairman, Bharti Enterprise and Mr Chandrajit Banerjee, Director General, CII among other dignitaries on 6 Sept, 2023 at New Delhi. Inaugural session of the 18th CII EXIM Bank Conclave on India Africa Growth Partnership from 14 – 16 June 2023 at New Delhi. (L-R: Mr S. Kuppuswamy, Co-Chairman, CII Africa Committee and Advisor-Group Finance & Special Projects, Shapoorji Pallonji Group; Mr Chandrajit Banerjee, Director General, CII; Mr Noel Tata, CII Africa Committee and Chairman, TATA International Ltd; H.E. Gen (Retd) Dr. C.G.D.N. Chiwenga, Vice President, Republic of Zimbabwe; Dr S Jaishankar, Minister of External Affairs, Government of India; H.E. Mr. Vital KAMERHE LWA KANYIGINYI, Deputy Prime Minister, Democratic Republic of Congo; Mr R Dinesh, President, CII & Executive Vice Chairman, TVS Logistics & Supply Chain, Solutions Ltd; Ms Harsha Bangari, Managing Director, EXIM Bank) Hand-in-hand for inclusive growth India-Egypt Business Roundtable in honour of H.E. Mr. Abdel Fattah El-Sisi, President of the Arab Republic of Egypt on 25th January 2023 at New Delhi (L-R: Dr. Rajkumar Ranjan Singh, Minister of State for External Affairs, Government of India, Mr. Piyush Goyal, Minister of Commerce & Industry, Consumer Affairs, Food & Public Distribution and Textiles, Government of India, H.E. Mr. Abdel Fattah El-Sisi, President of the Arab Republic of Egypt, H.E. Sameh Hassan Shoukry, Minister of Foreign Affairs, Arab Republic of Egypt.) Session on ‘US-India Trade Partnership: Delivering inclusive Economic Prosperity’ with Amb Katherine Tai, US Trade Representative on the sidelines of the B20 India Summit 2023 on 26 August, 2023 at New Delhi. (L-R: Mr Chandrajit Banerjee, Director General, CII; Amb Katherine Tai, US Trade Representative, Mr R Dinesh, President, CII; Amb Atul Keshap, President, US-India Business Council (USIBC); Mr Brendan Lynch, Assistant USTR for South and Central Asia) By bringing together industry, policymakers, entrepreneurs and innovators, the Confederation of Indian Industry (CII) is creating an environment for sustainable growth
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