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August - 2016 - issue > CXO Insights

'Digital' In India - A Vital Imperative For The Banking & NBFC Sector

Veetika Deoras, Head - Brand Marketing & Corporate Communication, Tata Capital
Wednesday, August 17, 2016
Veetika Deoras, Head - Brand Marketing & Corporate Communication, Tata Capital
A subsidiary of the Tata Sons Limited, Tata Capital is one-stop financial services provider catering to the diverse financial needs of retail, corporate and institutional customers across businesses.

Industry disruption has always withheld under itself great threats and greater opportunities. And while disruption is not a new concept, digital capabilities and behavior have quickened the pace exponentially in the recent decade. From 'cab hailing' services in the taxi aggregator space to the P2P lending models operating in the financial services space - every company is looking for a share of the proverbial digital pie to gain an edge over its competitors. Technology has now ceased to be the prerogative of the few and has moved to the hands of the many - true consumerism of technology. And to add to it all, data is opening up and exploding.

The induction of Digital in most organizations probably happened as a 'sourcing' and 'servicing' channel. Most companies look towards providing a superior, seamless and personalized customer experience to gain and retain customers, and have realized the potential that digital solutions have in removing the physical barriers that exist in opening up access to wider and deeper customer segments.

However, Digital is no longer just the shiny front-end of the organization. Its potential lies in being integrated into every process, initiative, and department; basically every element of the business model.

And in this context, one of the sectors most deeply impacted is the financial services. The realm of digital opportunities runs across various aspects of financial services, including but not limited to marketing, customer engagement, channels of acquisition, process re-engineering, cost optimization, superior risk management, product development and even completely new business models.

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