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The Future Business Models in the Financial Services Industry



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Traditional business models are becoming ousted and made irrelevant with the radical evolution of technology, fresh thinking and innovation. The tenure of the companies are falling at a rapid pace and playing safe is no longer an option. To stay alive, the focus on operational efficiencies will have to make way to 'true' innovation. Organizations will need to experiment with and adopt new business models to survive. To enable these shifts, companies will have to develop skills around - Differentiated execution, BPaaS procurement and IT Skill Retribution.

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The Future Business Models in the Financial Services Industry

  1. 1. Copyright © 2014 HCL Technologies Limited | The Future of Business Models in Financial Services Industry
  2. 2. Copyright © 2014 HCL Technologies Limited | www.hcltech.com2 WHY CONSERVATIVE FINANCIAL INSTITUTIONS ARE AT RISK Safe players are more vulnerable to market conditions than experimental organizations; innovation is the key to survival Rapid evolution of technology is pushing aside traditional business models to pave way for innovative and disruptive business models Average age of a firm has reduced from 61 years in 1958 to 18 years in present age, a report by Innosight reveals
  3. 3. Copyright © 2014 HCL Technologies Limited | www.hcltech.com3 THE ACHILLES HEEL Customers want greater control over their transactions through open source technologies Proprietary platforms that drive most businesses are rapidly becoming obsolete
  4. 4. Copyright © 2014 HCL Technologies Limited | www.hcltech.com4 COMPANY REGULATED PLATFORMS CUSTOMER DRIVEN PLATFORMS VS Non-intrusive interactions Start-up rush 30+ Start-ups in Personal Finance 10+ in Mobile Banking 13+ Payments
  5. 5. Copyright © 2014 HCL Technologies Limited | www.hcltech.com5 GROWTH DRIVERS TRANSACTING AT THE POINT OF REFERENCE VS Being available where the customer needs you TRANSACTING AT THE POINT OF TRUTH Complete control over their finances through mobile apps with customers themselves acting as their own financial advisors Be available at Point of Truth Analytics driven integrated solutions that enables financial institutions to get better insights of customer spends Enables financial institutions to develop small-fee based services Be future ready as customers evolve
  6. 6. Copyright © 2014 HCL Technologies Limited | www.hcltech.com6 THE ROAD AHEAD VS API-led Developer factory ENTERPRISE APP STORE PERSONALIZED APP STORE Create fee-based income and instruments Allow customers to customize Open Source APIs so that it suits their personal and business needs Give access to market trends, data and spend habits to customers for developing their own dashboards
  7. 7. Copyright © 2014 HCL Technologies Limited | www.hcltech.com7 QUESTIONS How innovations in mobile banking and payment space are affecting traditional banking and financial services institutions? Where the safe players in this space lack? How customers perceive banking and financial institutions who fail to innovate technologically? How BFSI institutions can stay ahead in the race? Click Here to read the complete whitepaper
  8. 8. Copyright © 2014 HCL Technologies Limited | www.hcltech.com8 $6.5 BILLION | 96,000 EMPLOYEES | 31 COUNTRIES