Digital Health Care – A millennial convergence

Lately, we’re buzzing about how millennials will adapt to the future of the health care delivery system. Many millennials have implemented new age health habits, such as eating locally sourced food and adopting trendy workout routines. Although millennials are a health-conscious generation, their fellow generational groups are still paying the doctor a visit every time they have an issue with their health. It is important to look at how this will impact millennials’ adaptation to the inevitable changes that are coming to the health care delivery system thanks to the changing provider and insurance landscape.

There are three key principal drivers of the healthcare industry: cost, accessibility and quality. Driving costs down is a focus for all competitive players in the industry. The money spent on healthcare is 17.6% of GDP. Because of this strong share of the economic output at play here, there is a strong need to drive down the cost of healthcare, and thus, an opening for breakthrough innovations in this market. Continue reading


Is Apple Pay good or bad for banks?

The pace of disruption in banking continues on a near weekly basis, creating challenges for banks to retain front of mindshare, and preserve and retain their customer base. Consumer banks are threatened in nearly every traditional product area from upstarts and more nimble competitors, to non-bank players that are disrupting the traditional interaction model between the bank and the customer. Take a look at the Apple Pay announcement. Most reports had banks breathing a sigh of relief because Apple chose not to change the core transaction model involving the card companies and the banks. Instead, Apple essentially layered a new front end on top, and it will use the existing rails of credit card processing, thereby preserving the precious fees card companies and banks make. Announcements touted first-mover banks that were participating (JPMC, Bank of America, Wells Fargo, Capital One, and Citi etc.) and indicated roughly 500 others that were rushing to join the fold. Continue reading


Calling all CIOs: IoT Will Change Everything in 2015 and Beyond

The Internet of Things (IoT) introduces difficult questions: How can someone manage all of his or her devices? A unified user interface? Are different companies and industries ready to standardize? What is the potential commercial value for IoT? How will we manage security and safety? Software compatibility?

Most industry forecasters agree that the Internet of Things will be huge. Gartner expects that the number of IoT devices will grow to 26 billion units by 2020, 30 times more than that of 2009. Others have bolder estimates, John Gantz of IDC puts that number at 15 billion in 2015, and Intel estimates 200 billion objects by 2020. Another company, On World, estimates that there will be more than 100 million Internet-connected light bulbs in 2020, a 50-fold increase from last year’s forecast. Continue reading


How 2015 Could Be a Watershed Year for Digital Banking

According to the 2014 World Retail Banking Report from Capgemini and Efma, less than 40% (a decrease from 41.6% in 2013 to 39.5% in 2014) of customers globally reported having positive customer experiences with their bank. The main reason for this dissatisfaction is the bank’s failure to develop a comprehensive digital and brick-and-mortar strategy around servicing channels.

The use of Apple Pay and the addition of wearables with increased social-media integration are major trends that global retail banks will adopt in the coming year. These trends have had preliminary success in 2014, and the further banks can expand on these initiatives in 2015, the more successful they will be at increasing customer satisfaction. Continue reading


Security measures to be undertaken when providing smart banking solutions

The deployment of Alternate or Omni Channel Solutions in Banking, Financial Services and Insurance (BFSI) is not intended just for selling services or products, but also for elevating the customer experience. Often a customer may want to buy or subscribe to a certain product that may not be aligned with his or her needs. It is up to the bank or the financial services company to ask pertinent questions about why the customer wants what they want. Selling is incidental to addressing the customers’ needs in the Alternate Channel system. This is particularly true for banks, as they are built inside out instead of outside in. Herein, lies the true test of the solution as a customer is likely to have different perspectives of a product depending on the channel. Typically, when a customer executes one transaction in a particular channel, they are then not able to track in other channels. Therefore, a bank’s relationship management system, dealer portal, internet banking, and IVR system need to be completely integrated and act as a single source of truth. The objective is to provide the same experience across channels and make the related and relevant products available to the client across channels. Continue reading


Data Visualization – The Next Big Thing in Analytics

The increased use of data analytics and business intelligence is one of the most popular paradigm shifts we have seen in the industry recently. The problem is, as data gets spread across disparate forms and platforms, about 80% of the BI effort goes into integrating and extracting data, and only 20% into analysis and presentation. This heavy dependency on IT leaves business users in a reactive status quo, not upbeat for smart and sound decisions. This has caused business users to rapidly move away from basic reporting tools and relying on disruptive technologies, such as data virtualization and visualization, to aid decision making. So how do we change?  Continue reading


Offshore connect – New mantra for complex IT delivery

For more than three decades, IT outsourcing vendors have been helping their clients across the globe. Through this journey, both clients and their vendor partners have evolved, as has the evolution of delivery and  the engagement model. Both big and niche IT players have had to adapt according to their business strategy and market forces. Cost arbitrage is not sustainable; thus it has been replaced by value-adds. Execution methodology has traversed the road of big-bang waterfall to iterative to agile with different degrees of success in each. The engagement model has also changed over time. Recently, outsourcing service providers use offshore centers more because they are the most important component of the delivery engine in program specific work. In addition to routine-work, offshore centers share additional value-adds like technical excellence, industry experience and various good practices from knowledge repository and past implementations. This gives providers better margins because of high-end capability at relatively low-cost while clients get both value-adds and cost benefit. Irrespective of the execution or engagement model used in such offshore-heavy delivery, communication is the critical success factor. As programs increase in complexity, the importance of communication increases exponentially. Technical excellence, process maturity, domain knowledge or management efficacy are also important for complex IT programs, but without effective communication, primarily communication from offshore delivery teams, delivery would not only face a bumpy journey, but also could derail. Also without effective communication from offshore, no delivery model would gain maturity for complex programs on a consistent basis. So the offshore team, having maximum presence in delivery, must actively and directly partake in client communication. Continue reading


2015 forecast: The sun is out for cloud computing

The cloud space continues to evolve at an astounding pace. As recently as 12 months ago, we were still educating many clients about what they could achieve with cloud computing.

We tirelessly explained the differences and benefits of options such as Infrastructure-as-a-Service (IaaS), Platform-as-a-Service (PaaS) and Software-as-a-Service (SaaS). We also debated the suitability of various architectural alternatives, like private, public or hybrid cloud.

While there continues to be some mystique around the use of the cloud, it’s safe to say that many enterprises have successfully adopted it. Continue reading


The Cost of Compliance – Time for Introspection

The last few years have seen significant new regulation in the banking space. It has not been an easy period for financial institutions, with many industry personnel and observers questioning the rationale or efficacy of new rulings. Interpreting and implementing regulations based on guidelines (not precise rules) has made the task all the more challenging. Given the spate of fines for not observing regulations, larger banks are being especially diligent about meeting regulatory requirements and are allocating big budgets to do so.  Continue reading


Gamification, big data and social business – The way forward for cutting edge enterprises

Gamification, big data and social business have been trending topics in how to build a typical millennial enterprise. But as of now, many organizations have operated them in silos and it remains to be seen how exactly we can truly integrate them. This article explains how big data and social business can be used together with gamification, to drive more value to the enterprise and drive competitive advantage for it’s products and services. Continue reading