By: Samir Dhir, President, Banking and Financial services, VirtusaPolaris Corporation
Digital transformations shaped this year. Enterprises centred their focus on business needs, capabilities and availability related to digital transformation. Major challenge was to maintain legacy IT services with limited budgets, while also increasing digital transformation within the business. IT leadership took note of the situation on time and we saw implementation of cross-functional partnerships, investments in new technology and fostering of a culture of innovation within IT. IT isn’t the only department experiencing a shift due to a digital transformation. As more third-platform technologies become available, it’s becoming a challenge for businesses to stay competitive.
It’s interesting to note how Banks which earlier took data as their sole property have now opened up to other providers to use (payment services). Digital disruptions have transformed the financial services segment this year. The FinTech ecosystem has witnessed an influx of disruptors and enablers energised by the accelerated expansion in digital connectivity. The rising customer adoption of new technology, the emergence of digital-first and the expectations of a frictionless transaction has led to banks re-think the role of technology and deliver digital services built around the needs of their customer base. What is happening in banks will get replicated to insurance and healthcare over a period of time.
The other interesting concept is of blockchain which is becoming very prevalent. Blockchain is simply around eliminating data reconciliation issues so that one can have a common repository of data interchange for a consumer in a centralized space. That adoption and readiness for is becoming a critical part and that’s across industries. For e.g. can pharma companies adopt blockchain for clinical trials so that people who are participating in clinical trials have a common repository and the interchange with them from all pharma companies is consistent? Big example continues from the banking space, more from the payment side etc. transaction side of the processing of the bank. The world’s largest financial companies, including Canada’s major banks, are going to embrace blockchain technology to retool their post-trading processes for investors over the next decade, allowing them to complete securities trades more quickly and at a lower cost.
API providers will become common theme in the years to come, any platform which is more API economy centric will be prevalent. There will be more focus on web services and SOA architecture.
The Indian IT industry will witness many POCs for Blockchain implementation. The Digital India programme which is a flagship e-governance initiative by the Government of India, launched by Prime Minister Narendra Modi will also see major developments. The vision of Digital India programme is to transform India into a digitally empowered society and knowledge economy. With the government departments like postal services going digital, we will notice a sea change in the way India operates and positions itself on the world map.
2017 will be an exciting year where we will witness great accomplishments on the technology front given that enterprises stay focused.