Value you can bank on
Banking is in the middle of a digital revolution and ValueLabs is proving the digital provider of choice for many regional financial institutions
Far from disrupting industries, the ongoing digital revolution is sure to lead to destruction for organizations that fail to embrace the shift.
Speaking on the sidelines of ValueLab's CXO IT Summit 2015 in Dubai, Arjun Rao, CEO at ValueLabs says the company has however the solutions to enable these organizations transform. "We enable our customers first spot the initial wave of disruption, which, for some of them, might turn out to be destruction. We enable them make their own strategies around how to take the digital versions of their businesses to their customers, as business focus shifts firmly to the customer," says Rao.
ValueLabs has found its niche particularly in the banking segment as power shifts to consumers. Rao observes that through mobiles and the analytics that can be run off of mobile, banking needs to transform in order to be able to ride this new wave of customer experience. "That's a big focus area for us, and we've worked a lot in building domain and technology capabilities," Rao adds.
The transformation process for banks entails understanding what the institution requires, which in itself involves getting to the core of the problem, understanding the bank's requirements and what the bank's problem statement is, according to Srinivasan Arunachalam, EVP, banking and financial services at ValueLabs.
"This understanding comes through a business process reengineering (BPR) study. We are then in a position to understand the assess process that the bank is currently using, then logically understand the pursuit that the bank really wants to get into. The final step is deciding which components should come into play and then help take it to the end-stage the customer requires," says Arunachalam.
Financial Technology or FinTech as a technology is getting a lot of traction around the world and with ValueLab's own FinTech capabilities, Rao believes the company possesses the next generation technology banks require for their transformation.
Rao foresees a future where the physical bank branch does not exist with the entire banking process undertaken through mobile devices. "This mobile-only is the future for the region as well. Initially, you start working with existing banking processes with the intention of taking banking to the customer, not the customer going to the bank," Rao explains.
Rao says the future lies in organizations' ability to marry domain capabilities along with solid technology to build better propositions that can help our customers transform.
ValueLabs is adopting to the changes itself and is such in a better position to help customers pave way for their own transformation. "As a company, we are adapting to the changes and the challenges and playing the role of the adopter," says Srinivasan.
"We are also taking the role of an enabler of technology to our clients. In fact at this conference, we are discussing the challenge and the changes around the digital world, and how we as a company are adopting it and how we are enabling our customers go digitise their own processes," Srinivasan adds.