siliconindia | | August 20198IN MY OPINIONTECHNOLOGY DISRUPTION & ITS IMPACT IN BANKING & FINANCIAL SERVICESBy Sachin Chitlange, Senior Director - Finance Transformation, CapgeminiHaving completed FCA from the Institute of Chartered Accountants of India, Sachin has close to two decades of experience in the BFS industry with specialisation in Finance Transformation, Accounting & Finance, Shared Services Management, Financial Process Management, ERP Implementation, and Audits.et's try to understand this subject with a small story or a situation ­ Peter is a customer of a leading bank with a Mortgage, Checking, Savings and a line of credit. Peter is now remodelling his kitchen and is looking to buy a set of Cutlery. The bank tracks spending patterns and has seen that Peter has made lot of household purchases recently. The bank further analyzes his data in terms of his Income, Savings, Credit, Spend habits, Credit and Risk score. The bank also analyzes and tracks his behavior on social media and finds that, on Google plus, he loves to cook; on LinkedIn, he loves to visit new restaurants; and on Facebook that he loves blogging on dining experiences and is looking to buy a six ring gas stove.The bank now wants to offer him a credit card; but before that, it calculates his predictive spending and offers him a new line of credit worth USD 2500 to buy gas stove at zero percent interest rate. Peter uses this credit to buy gas stove. The bank then offers an insurance product with extended warranty for gas stove.Next day, the bank offers 20 per-cent cashback on lunch to Peter. It also offers additional discount if he shares their offer to five more people. Peter uses the cash back and spends on his credit card. The bank sends him alerts to check fraudulent transaction. Pe-ter then logs into his account where a Robot greets him and takes him to Myoffers page, where Peter gets spe-cial offers on home credit, overdraft and others. A spend manager section is also provided to Peter to analyze his spend habits and change if needed.This is the story that is happening in most of the Financial services and Banking industry since technology is providing cross selling and upselling opportunities for banks to emerge powerful and profitable than beforeLets understand the key technolo-gies that impact the financial services industry, especially Banking:· Blockchain: Can be used in Treasury management, FX transfers, KYC and many others.· Robotics Process Automation: Automate work using robots for recording and reconciliation.· AI & Speech Recognition: Track customer interactions and make L
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