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SBI Powering Banking in Digital India Vol. 15 No.10 February 2017 `75 Pages 48 YES Bank digital transformation Less stressed Brazilian banks Gujarat banks’ biz outlook RRBs in Gujarat www.bankingfrontiers.com SBI powering banking in Digital India Mrutyunjay Mahapatra Shiv Kumar Bhasin Editor’s Blog N. Mohan Mobile : 9322895820 Email : [email protected] February 2017 - Vol. 15 No. 10 Group Publisher : Babu Nair Group Editor : Manoj Agrawal Facing the Uber moments Editor : N. Mohan Editor BizTech : Brian Pereira t was Antony Jenkins, former CEO of Barclays, who coined the phrase Uber Editorial moments in 2015 to explain how disruptions would impact financial services and Mehul Dani, Ravi Lalwani, Ibanks would be forced to close down and V. Raghuraman, Surekha Galagoda lay off people. Jenkins then said the disruptions may happen over the next 10 years. Similarly, Research Editors Francisco Gonzalez, who heads Spain’s BBVA, Prof Venugopal Iyengar, V. Babu, said at Davos that many technology start- Ratnakar Deole, W.A. Wijewardena, ups are ‘attacking’ different parts of banks’ Sanchit Gogia, K.C. Shashidhar, businesses and not every lender is equipped L.S. Subramanian, Ajay Kumar to survive. Advisor Alliances Today, we are seeing really significant Ateeq Siddique disruptions already happening and massive investments going into fintechs that are reinventing Marketing virtually the whole of the banking system - Zahid Siddique, Wilhelm Singh, payments, currencies, finance management, Ravi Wadhwa wealth management, funding (like P2P lending), et al. Events & Operations The trend today is that while the traditionalists continue to go to banks and other Gautam Magare, Shirish Joshi, formal financial institutions to meet their needs, the millennials are seen to be opting for non-financial services companies (to be specific to India those providing wallet Stalin Saldhana, Pramod Jadhav, services, P2P lending). These institutions appeal to the millennials with their versatility, Amit Gupta, Bharat Solanki, their dependence on technology and their ability to offer real-time and wholesome Shweta Kadam, Varun Kataria, solutions. They are capable of beating the banks on price in areas such as international Durgesh Nadkarni money transfers and remittances. Design While this is threat, there is a big opportunity too for the banks. They have very basic Somnath Roy Choudhury advantages. One, banks cannot be separated from the society, because people engage with them more often than any other sector. Two, people in general trust them, notably Published By because of the regulatory reforms. Three, they can interact with their customers in a Glocal Strategies & Services more effective and efficient manner basis the reams of data that is at their command D-312, Twin Arcade, Military Road, Marol, and the availability of tools like analytics, artificial intelligence, etc. Andheri (E), Mumbai 400059, India. But, these advantages fade into insignificance when banks fail to offer customized, Tel: +91-22-29250166 / 29255569 personalized experiences to the customer. Fax: +91-22-29207563 To be successful, they have to first integrate banking into a person’s daily life. Secondly, the innovations they come out with have to be customer-centric. Thirdly Printed & Published by Babu Nair on and most importantly, they must adapt regulation as a part of their innovation process. behalf of Glocal Strategies & Services and Otherwise, there could be an Uber situations where the cab service provider had run Printed at Indigo Presss (India) Pvt Ltd., into trouble in various countries. Plot No. 1C/716, Off Dadoji Konddeo Cross Surprisingly, a state-run bank in India is successfully handling this Uber moments. The Road, Between Sussex and Retiwala Indl. State Bank of India is taking up digital initiatives in such a manner that in about a couple Estate, Byculla (E), Mumbai 400027. of years’ time, there could be a visible digital face for the bank. It is understanding the Editor: N. Mohan (Responsible for selection needs of the customer and evolving solutions that meet the needs of this customer. That of news under PRB Act) a government-owned bank could initiate change and manage the change successfully speaks high of the vision of the management and the skillsets of the executives. The bank has indeed understood that the customers would not wait forever. Banking Frontiers February 2017 3 Project Pipeline Andhra Bank to have new CSOC PNB seeks IS Andhra Bank wishes to set up a cyber security operations consultant center along with network and Punjab National Bank is looking for an security tools and it has sought information security consultant who can proposals for undertaking this advise the bank in securing its network, task and future maintenance. communications, systems, application The bank has an existing SOC software, data bases, data and information where security tools like SIEM, and ensure the availability of resources vulnerability scanner, DAM, including the network to authorized users HIPS, antivirus solution, without any disruption or degradation. firewall, NIPS, WAF etc are The enterprise wide network of the bank functional. The contract with is being maintained by the bank’s network the existing system integrator for facility management service with AMC is ending integrator and security measures are already in October 2017. The selected service provider has to ensure the integration of all the enforced at various levels. The consultant existing and new tools to SIEM and suitable correlation rules are created to identify would undertake a comprehensive study any security threat to bank’s assets. The bank wants the service provider to take this as of the IT infrastructure and look for any an end-to-end project and the all the items required for making the tools operational lacuna in the infrastructure. should be considered by the bidder. Bank of India RRBs to have AML solution The 4 regional rural banks sponsored by the Bank of India will implement an anti- Canara Bank wants money laundering solution. Bank of India has sought proposals from service providers consultant to implement the solution at Gramin Bank of Aryavart, Lucknow, Jharkhand Gramin Bank, Ranchi, Narmada Jhabua Gramin Bank, Indore and Vidharbha Konkan Gramin Bank, Nagpur. The bank wants the service provider to be a system integrator who can take up end-to-end implementation of the project and the solution has to be upgradable and should be interfaced with the CBS and other third party solutions used in the banks. The 4 RRBs together have 1568 branches and 29 regional offices. The data center is at Navi Mumbai and the DR site at Bangalore. The total number of transactions the 4 RRBs do is approximately 3.84 lakh per day and the total number of accounts approximately 201.61 lakh. Punjab & Sind Bank to have SOC Punjab and Sind Bank is proposing to set up a security operations center (SOC) and Canara Bank is intending to engage a is looking for a security system integrator to undertake the task. The bank intends to consultant to advise it on launching strengthen its information security setup as per the guidelines of the G. Gopalakrishna digital banking operations. The selected Committee Report and recommendations on information security, electronic banking, consultant would be required to study and technology risk management and Cyber Frauds. The SOC is being set up to identify analyze the current limitations, challenges and prevent information security vulnerabilities and prevent these vulnerabilities envisaged in the area of technology/ through implementation of adequate security solutions. The SOC will also handle security risks and bench marking across reporting and logging of information security incidents using appropriate ticketing the industry - domestic/global - on core tools and continuously improve the operations. The bank wants the solution to be process, technology, products, sales and deployed to be modular, scalable and should be able to address the bank’s current services. The consultant would be required and future requirements. to undertake detailed assessment of current processes, current customer experiences Vijaya Bank to engage QAA for IT systems across key interfaces, channels and Vijaya Bank is on the lookout for a quality assurance agency to assist the bank in services and prioritize key front and back the procurement and installation of new IT infrastructure needed for its ongoing end processes for digital transformation. initiatives. Broadly, the selected agency will assist the bank by identifying a list of In addition, he would be taking up a study suitable hardware manufacturers and suppliers, providing latest / appropriate of the technology development happening specifications of hardware from different standard manufacturers, technical in the market with a view to compare evaluation of offers, offer advice on the suitability or otherwise of the offered competitiveness of strength and weakness hardware and conducting pre-despatch inspection of the hardware. The equipment in the market and suggest suitable path for include PCs, laptops, servers, kiosks, switches, routers, enterprise storage systems the bank and define a strategy for digital and security appliances. transformation of the bank. Banking Frontiers February 2017 5 Tech Enablement YES Bank is on the cusp of a digital transformation Ritesh Pai, senior president and country head, Digital Banking at YES Bank, outlines how the bank is evolving into a digital entity: Brian Pereira: What are the technologies cross-sell and customer servicing for that you invest in heavily? various businesses. Chat ‘Bots’ are being Ritesh Pai: YES Bank has embarked on used for transactions, cross-sell and as the journey to be ‘Finest Large bank in India personal banking assistants. by 2020’ and customer service plays a key role • We have partnered with Lastmile. in determining the success of this journey. mobi and used Qualcomm Snapdragon Core banking and intelligent middleware, processors to launch iris and EMV ready CRM, mobility platform and data analytics payment solutions. The device integrates platform have been identified as four key retail application, card & UPI payments pillars, which will determine our ability to using Aadhaar eKYC.
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