With consumers demanding anytime, anywhere access to services, banks’ future success will hinge on how well they can integrate digital technology to compete against new startups.
A 2015 report by the BBA and consultancy Ernst & Young showed that Internet banking services in the UK receive nearly 10 million log-ins per day, increasing the pressure on banks to find efficient ways to modernize their operations and provide full-featured online services.
Nitin Rakesh, CEO and President of Syntel, observed: “Today’s customers are tech savvy and ‘always connected,’ demanding anytime access to banking services. The key is for banks to adapt and digitise their services to give consumers the freedom to manage their finances with secure, seamless and scalable technology platforms.”
As more consumers choose to control their finances digitally, many institutions are scrambling to replace siloed legacy technology with integrated online and offline services.
Mr. Rakesh’s, company, global IT and business solutions provider Syntel, offers a suite of services to manage, migrate and modernize banks’ back-end systems to create a more agile and efficient technology infrastructure that can blend legacy business with disruptive digital innovations to compete with start-ups and rivals.
“Digital modernization will enable banks to integrate the front end applications like the user experience layer with their core banking platforms,” said Rakesh. “The result is that consumers can seamlessly access a rich set of services, and institutions will be able to close the gap between the experience they provide and the expectations of Digital Native consumers.”
The challenges of upgrading core banking systems are well documented, and the consequences of an inexpert migration attempt can include system failures and substantial fines.
“Large-scale modernization projects scale can seem daunting, since there is a perceived risk in transforming the delivery model,” said Rakesh. “To enable a smooth transition, banks need a partner with the expertise to help them transform their traditional banking services to a new digital model and deliver improved technology solutions to meet their customers’ needs.”
He continued: “For banks to remain competitive, they cannot rely heavily on aging legacy systems. New players are entering the market with some very smart technology and banks must respond or risk losing their edge.”
“By selecting a technology partner with deep domain knowledge and rich technology skills, banks can manage the process effectively and will be well positioned to take advantage of the synergy between cutting edge technology and their decades of world-class financial experience.”
Syntel (Nasdaq:SYNT) is the global leader in digital modernization services, with a core suite of automation-driven IT and knowledge process services. Syntel helps global enterprises thrive in the Two-Speed World™ by building agile, efficient technology infrastructures that blend legacy business models with disruptive digital innovations. Syntel’s recursive automation platform, SyntBots®, enables clients to manage, migrate, and modernize their business and technology ecosystems. Syntel believes in a “Customer for Life” philosophy to build collaborative partnerships and creates long-term business value for its clients by investing in IP, solutions and industry-focused delivery teams with deep domain knowledge.
To learn more, visit us at www.syntelinc.com.