Three Pillars of Organizational Technology

Managing customer  relationships effectively has always  been important. CRM transforms  the customer experience around  interactions that drive more profitable  relationships. It should go beyond  sales, marketing and service to  deliver industry-specific capabilities  that result in improved productivity  and efficiency at a competitive price.

Enterprise Resource Planning  (ERP) services underpin  organizations’ ability to operate in  economies and industries that are  subject to rapid change, creating  opportunities and challenges.  Data is digital’s core currency, so  turning data into a strategic asset is  a business imperative, whether it’s  about organizing the data, creating  governance and strategy, data  warehousing, or applying industry,  mobile or predictive analytics.

Through it all, one needs to  keep the focus firmly on the user  experience. User experience can  make or break a solution. User  expectations soar as the gap widens  between modern technology,  consumer experience and the  applications employees use at  work. Therefore, the interface and  functionality for all services and  tools provided to the employees  should have the user in mind.

The third pillar, information security, deals with the processes and  methodologies which are designed  and implemented to protect a  business from unauthorized access  to, misuse or disruption of data.

We need to invest in stateofthe art infrastructure ranging from  desktops to data centers. All critical  services like internet, email, MPLS  links, networks, firewalls, servers,  databases and storage are configured  in high availability to make sure  the reliability is high and the user  experience is great. There is a need  for a world-class collaboration  suite which enables employees to collaborate via text, voice, video  and web meetings seamlessly from  any device and from any part of the  world. The business applications  need to be customized to the  organization’s requirements since  the business processes are unique  for every business and that it’s not  often that the relevant product is  available in the market. A business  intelligence tool for data analytics  is which integrates with business  applications and provides  the required reports and  management dashboards, improves  the process of decision making.  Information security (IS) should  be the topmost priority because of  the nature of the business.  

Emerging technology trends in BFSI  Mobile:

Mobile: We’re entering a ‘mobile  only’ era, where we see outcomes  that would be impossible without  today’s persistent connectivity.

Social: Businesses are no longer  building technologies just to  enable interaction; they are now  engineering social platforms for  specific contexts.

Analytics: Data needs to be made  personal if it is to foster more  meaningful relationships, and enable  experiential service and products. 

strong>Cyber security: Customers have  learnt to trust their financial  institutions to quickly detect,  isolate, and contain a cyber threat  when it occurs.

There is enough evidence of the  shift taking place as organizations  move beyond a monomaniacal focus  on cost control to a more balanced  approach to profitable growth in this  new technology-enabled world. Any  organization not shifting towards  the above trend will have tough  times ahead and will find it difficult  to survive in the competitive  market.

Founded in 1987 in Mumbai, India, CRISIL is a global analytical company that provides ratings, research, and risk and policy advisory services.