Spurring innovation and managing IT investments in a time of uncertainty
Despite shrinking or frozen budgets, CIOs are seeking new ways and revisiting old strategies to improve efficiency. November 22, 2011 | Aldo JosonThree years after the financial crisis, CIOs are again put in a bind as their capital for IT investments seem to slip away in the midst of today's environment of gloom and uncertainty. Yet the demand for efficiency and innovation, not to mention addressing a rapidly evolving customer demographic is undeniable as it is unending. Faced with these challenges, how are CIOs re-strategising and leveraging on their existing IT infrastructure? Most banks in Asia Pacific are in the midst of upgrading their core banking systems (CBS) or further customising them to meet evolving business needs. CIOs are tasked to meet even sooner deadlines with shorter lead-in times for project implementations. Business heads are demanding for new products to be interfaced with the CBS in a matter of weeks and not the usual six to eight month periods as before. Regulatory changes in emerging markets such as China, India, Indonesia and the Philippines are forcing banks to be more swift and precise with their reporting capabilities, something which a streamlined and integrated CBS can do. Customer data which were once “merely” populated through the various know-your-customer forms have exponentially surged in volume given the availability of alternative channels and the phenomenon of social media. The array of available channels has made the task of integrating customer information profiles even more pressing as customers expect real-time consistency and integration across all of them. Banks are also scrambling to update their customer behaviour models, risk analytics parameters and client segmentation modules. Traditional behaviour models are mostly unusable and former methods of reaching out to customers are seen as ineffective. Effectively capturing and managing customer information data involves implementing a robust data governance framework. This involves investing in infrastructure to translate data into meaningful and action-able insights, something beyond t... Please login to read the complete article. If you already have an account, you can login now or subscribe/register.
Categories: Asia Pacific, Cloud computing, Core Banking, Customer Relationship Management, Data & Analytics, Risk & Performance, Technology & Operationsasia pac,cloud computing,Core Banking,Customer Relationship Management,Data & Analytics,Risk & Performance,technology, Asia Pacific,Cloud computing,Core Banking,Customer Relationship Management,Data & Analytics,Risk & Performance,Technology & Operations, Keywords:CIO, CBS, Customer Data, Alternative Channels, Social Media, IT Infrastructure, Mobile-based Services, Google Wallet CIO, CBS, Customer Data, Alternative Channels, Social Media, IT Infrastructure, Mobile-based Services, Google Wallet
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