9:58 pm - Monday December 18, 2017

Do you want tomorrow’s technology today?

Before we delve into this question let us try to analyze why we need tomorrow’s technology today.

In any industry, more so in BFSI industry, we need to know customers’ requirements beforehand so that we could equip ourselves to serve and deliver the best.

Well. As a banker in my earlier avatar, I would like to caution myself that it would be very difficult to predict customers’ needs; they depend on so many external factors starting from economic situation, performance and forecast to individual customers’ needs and mood changes.

If the bankers lag behind in ascertaining their customers’ needs, they will also behind in their performance too.

Definitely technology is a great tool in the hands of banks and bankers to accurately predict and position themselves to meet the changing and challenging customer requirements.

Now let us try to unravel the topic question. Who can deliver tomorrow’s technology today?

In my view, the banks and bankers should focus only on their business of banking. Technology is not their forte.

They could source their technology requirements from a capable technology vendor. Only then they would be able to demand and obtain precisely what they need from a business perspective.

Of course there is a distinct claim by a different clan – techno functional group that they can deliver both business and technology requirements together. But I have a different opinion. They are neither here nor there. I will share my experience and thoughts separately on this group.

Ok. Let me come back to the track. Who can be a capable technology vendor that can deliver tomorrow’s technology today?

Since we are dealing with BFSI industry, only a full-fledged financial technology vendor can deliver our requirements.

Of course, there are many claimants in the market place to corner this coveted title – financial technology player.

How to identify men from boys?

There are some basic acid tests

– Whether such financial technology vendors deal exclusively in BFSI vertical or BFSI is also one of the verticals they ‘specialize’ in?

– Whether the so called financial technology vendors employ successful bankers, financial services and insurance specialists in their business?

– Whether such financial technology vendors make efforts to create reusable assets and facilitators and extensively use them in the deliverables so as to reduce overall cost for their BFSI customers?

– Whether such financial technology vendors provide ‘thought leadership’ by actively participating in leading industry events like SIBOS, Technology Conferences, Industry Clubs like Financial Services Club, etc and openly share their experiences and what they can offer

– Whether such financial technology vendors make specific learning (educational) endeavors and investments on a continuous basis to obtain, share and disseminate knowledge?

– Whether such financial technology vendors work on functional models and business process facilitators and openly share them with their BFSI customers to pursue their ‘common’ beliefs and interests – build, operate and deliver – state of art technology infrastructures to facilitate BFSI business?

– Whether such financial technology vendors’ mission includes provision of competitive advantage to their BFSI customers?

Well. The list can further be expanded. I have tried to list out only some key pointers.

It would be easy for one now to zero in on the financial technology player.

Only this breed of financial technology players can deliver tomorrow’s technology requirements today.

You may agree!

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