Success Lies Under the Umbrella of Security
Date: Friday , January 10, 2014
YES Bank Ltd. (NSE: YESBANK) is India\'s fourth largest private bank and is headquartered in Mumbai. It operates a network of over 500 branches across 350 cities and has a current market cap of $133.60 billion.
A paradigm shift from traditional way of handling things is made possible with the birth of technology. The quartet of technology like Cloud Computing, Social Engagement, Mobile Technology and Big Data are shaping up the industry, especially the banking sector. Cloud computing provided by hosting services are enabling cost reduction, distributing information efficiently, reliable and is swift. These services are typically becoming \'Intelligent\' with analysis from Big Data. We can say goodbye to Structured data, which is not good enough anymore. It is the unstructured data which need to be tapped by mining the information present in blogs, social networks, wikis, documents, emails, voice and video loggers and tying it up with context aware and location aware services. These intelligent services are no longer being consumed using the traditional channels, but by a consumer base which is mostly \'On the Go\' on their mobile devices (smart phones, tablets, even wearable computing) or through unconventional channels such as social engagements.
Missing the Security Explosion in consumption of volumes of data is giving rise to serious security concerns, as current solution landscape did not provide satisfactory security. To deal with this, industry leaders are accentuating employees to Bring Your Own Device (BYOD), which include personal laptop, tablet and smartphone. Using these devices, employees will be accessing, downloading and consuming corporate data via emails. In many of these cases, the downloaded data is being backed up and replicated in cloud storage through auto sync application thus compounding to what is already a very significant problem. An integrated mature offering which provides governance and control abilities to monitor and manage data is strikingly missing.
Wearing Multiple Hats CIOs are operating in a more complex environment with major challenges faced by them are yet to be resolved. These challenges are interlinked to each other and are determining businesses’ end results. As a CIO, my main concern is cost optimization, security, enabling innovation aligning to business\' objective. Cost can be tremendously minimized when operational cost and hiring cost is handled in more appropriate way. To hire quality staff is a foremost challenge.
Replacing any employee is expensive in overall sense. So, it is better to channelize our focus on hiring proficient employees, who are both functionally and technically sound, thus saving the company from avoidable losses. For operational cost, we are optimizing processes, leveraging cloud computing and leading a host of other initiatives as they are critical to reduce overall capital.
A proactive approach is needed to handle fraudsters who are coming up with new and innovative ways to commit frauds and as a technology head, we need to be always one step ahead of them.
Big Data, Cloud, Social and Mobility need to be effectively adopted in ways which are aligned to business goals. For example, we have undertaken an innovative project for Sales Force automation, which provides various tools on their mobile to engage better with customers, and hence meeting the objective of increasing Liability and sustained Revenue Growth.
In the competitive market, CIOs are obliged to flip the 80/20 IT maintenance/innovation ratio into a 50/50 ratio, which will require a long term strategy and the ability to create quantifiable business value from IT activities. A big portion of budget should be spent on automation, innovation, consumerization and identification of business growth. To deliver more than expected to customers with creative solutions using latest technologies is also a challenge which needs to be addressed.
Observation is the Key for Brilliant Innovation For innovative ideas to emerge, we need an observing mind. A disruptive idea springs when we are observant to what is happening, what are the problems, how can they be eradicated, which then becomes a torch bearer for simplifying the current complex practice. We encourage our team members to observe, and provide them the necessary support and resources for the striking ideas to be executed, thereby ensuring that the idea actually fructifies. Our various path breaking technological solutions out of this practice are Kaleidoscope, Yes Money, RFID enabled chip cards, Insights 2 Engage, and Analytical Alerts.
These four technologies need to be implemented under an umbrella of security and governance which will play a decisive role in shaping their consumption.
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