Technology-based differentiation is a must-have in the new Indian banking context and it is very essential to ‘wow’ customers with digital products and value propositions, said Mr Chandra Gnanasambandan of McKinsey and Company at the Bancon 2011 held here on Saturday.

According to him, the eight technological trends that are driving the next-generation banking model include cloud computing, big data and analytics, social media, mobility and online, mobile commerce, Internet of things, collaboration and co-creation.

Speaking on the next ‘S’ curve in banking technology, he said that the next-generation digital banking model would see six to eight banking products being made available to every customer, and one account for all needs that is linked to all products.

Ms Gowri Mukherjee, Managing Director and Head – Digital Business, CITI Bank, said that banks should ensure that they are present where people are around.

With more people, especially the younger customers, being active on the Net, “it is place for banks to engage with customers,” she said.

At CITI Bank, 50-60 per cent of all customer engagements are done through the remote channels.

The advantage of starting late in terms of technology adoption for PSU banks is that they are already on the next curve, pointed out Mr Sanjay Sharma, CTO-IDBI Bank, and Managing Director-IDBI Intech Ltd.

“We are able to roll out products and services much faster now, thanks to CBS,” he said.

Mr H. Srikrishnan, Co-founder and Director, Vayasa Enterprises, said that integration is key. Transactional banking has moved from branch channel to the ATM channel to the Internet channel and now to the mobile channel. It is very essential to integrate banks to the supply chain through the cloud.

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