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March - 2014 - issue > CXO View Point
Addressing the Challenges of Digitalization
Rahul Gupta
Executive Vice President-Fiserv Inc
Tuesday, March 11, 2014
The year 2013 was an eventful one for the mobile banking sector with mobile check deposit and use of smart phones gaining immense popularity. Things are not anticipated to be different in 2014 as well, with digital adoption turning into a necessity in life. Yet, there comes challenges, as today's customers have high expectations from mobile banking channels. Connected devices have brought in massive changes into the banking system, and as a result consumers have high expectations regarding digital banking capabilities on any channel.

The indulgence towards digitalization has brought certain issues to the front. With emergence of digital banking, the incidences of fraud have also raised calling for authentication needs as criminals exploit these channels. Also, there is an inflow of data resulting from these digital interactions which could be mined for better consumer insights.

Challenges to Overcome

Currently, we belong to a highly dynamic business arena with third parties coming up with several innovative strategies, leading to an extremely competitive industry. Given the way things are, the role of an organization in the sector has changed over time. Presently, the industry calls for constant and effective innovative strategies, business models and products to survive the competition and maintain an edge over others. There should be emphasis on coming up with best-in-class products and services in order to assist our bank and corporate clients roll out and market those capabilities to consumers.

In addition, there should be clarity with respect to conveying business strategies and priorities to the customers. A firm has to locate the right workforce with the right attitude. The operation plans and services have to be just perfect and strategic. Anything short of perfection is most likely to face rejection from the industry, therefore, at Fiserv; there is a continuous assessment of performance at all levels.

Product Level Innovation

The business model adapted at Fiserv is oriented towards listening to the clients and incorporating the innovations they demand into our product models. Therefore, several product-level innovations are being carried out to meet with client's expectations. I help drive innovation within our team by communicating how innovation tunes into the overall corporate and payments strategies. Internal achievements in terms of innovation are always recognized and investments have been made on larger innovative projects.

Currently, there is an emerging demand for mobile wallets. And mobile payments as part of integrated personal payments are going to be the future trends. Further enhancement in authenticating consumers with respect to remote interactions and data analytics capabilities to assort the huge amounts of data available is also an area of focus. (As told to Anitha)

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