Migrating to EMV standard: A boon in disguise

History has shown that financial industry is fraught with stories of fraudulent transactions that have resulted in billions of dollars of losses. According to the Nilson’s November 2011 Report, in 2010 the U.S. credit card and debit card losses totaled roughly $3.56 billion – 47% of the worldwide payment card fraud losses globally that year. Nilson’s August 2013 report claims Global Card Fraud in 2012 to be at $11.27 billion. If I were to wear a statistician’s hat and do the math – 40% of $11.27 billion, then the U.S. credit card and debit card losses would total to roughly $ 4.5 billion in 2012. An alarming increase of 26.4% over a period of 1 year! If even 50% of this growth continues then the U.S. credit and debit card losses will be in double digits (billions) in 2016. Continue reading

Re-inventing banking: Geospatial adoption drives “New World” business models

The pride and joy of every business is a loyal customer; one who believes in you, and trusts that he/she will get the best possible value every time he/she uses your services. “Trust” is a very strong and intangible emotion, which eventually translates into long term “Loyalty”; therefore every business has a responsibility to proactively care for and continuously improve to help build and maintain trust. In terms of business metrics – selling to a loyal and existing customer also means lower costs than acquiring a new one. Continue reading

10 key considerations for an Enterprise Gamification initiative

Enterprises today face a new kind of challenge. A disengaged workforce and a transactional customer base has resulted in productivity loss as well as higher customer churn. Not surprisingly, the Gallup Survey 2013 found that 70% of the workforces is not engaged, which leads to the loss of between $450 and $550 billion per year.

The ‘Millennial generation’ is the single largest contributor to this, as they are more transactional in nature than compared to the loyal ‘Gen X’ or ‘Baby Boomers’. Millennials (~25% of US workforce today) are impacted the most from the ‘Sunday-Monday disconnect,’ i.e. switching between a highly inter-connected, real-time, device dependent and collaborative social world to a monotonous enterprise landscape. They have a harder time disconnecting, and expect work to be an extension of their normal routine.

Turning transactional millennials into loyal customers isn’t a onetime effort, but rather is achieved over a period of time. Tapping into ‘motivators’ and identifying fundamental employee ‘motivators’ enables stronger engagement and true loyalty! Continue reading

Quality really did rock and even rolled at Starwest

One of the most fascinating aspects about attending Starwest this year was seeing people from all over the world coming together to discuss quality, not just ‘testing’. I have witnessed this momentum building while interacting with many of the organizations that I work with and was not surprised to see the interest that people have in emerging QA technologies, mobile QA and new tools, etc.

Some of my key takeaways include Continue reading

Virtusa acquires OSB Consulting: Delivering greater value to insurance and financial services clients

Virtusa extends its current strength in finance transformation (FT) with the acquisition of OSB Consulting LLC, which closed on November 1, 2013. OSB is a New Jersey-based consulting firm specializing in the financial services and insurance domains, including SAP finance capabilities. OSB is focused on helping clients automate their finance & accounting (F&A) processes, reporting capabilities and regulatory compliance. Continue reading

Operational risk is a Data issue

The Basel II framework  defined “Operational Risk” as “the risk of loss resulting from inadequate or failed internal processes, people and systems or from external events.” It introduced a capital charge related to this risk. The specific definition of what constitutes that risk differs from institution to institution but is based on potential losses stemming from factors such as fraud, system failures, terrorism and employee claims. The benefit of the Basel II framework was the acknowledgement of the importance of Operational Risk for banks and the impact that these risks pose on the profitability and viability of financial institutions. However, where it fails is the lack of standardization and specific methodology acknowledging both the difficulty that many banks have in trying identify risks and also in capturing the data necessary to track losses associated with operational risk. Additionally, it lacks the ability to tie the risk to an individual business unit or transaction.

One solution that could potentially solve the challenge is business intelligence. BI can be utilized to provide information for better decision making. Continue reading

Flipping a secure portal: Getting the most user experience for the buck

Envision that you and your team have been tasked with creating, upgrading or migrating a website where your customers can login with their credentials and have a world class user experience. You’re ready to go, but then in your first meeting everyone has a different opinion on what to do and how to get there. What should you do? Try and direct the conversation to core areas where you can get the most user experience return for your investment. If we were flipping houses I’d be pointing you to kitchens and bathrooms, but since it is a website that we’re flipping, I’ll point you towards the following ideas Continue reading

A hybrid approach to outsourcing: the role of close-proximity development centers

Offshoring and outsourcing service models are continuously evolving as service providers and clients mature.

The inclusion of development centers that are in close proximity to client locations as part of the service model is becoming increasingly attractive as service providers adapt to the need to improve their collaboration with client stakeholders, while remaining cost-competitive through a target onsite/offshore ratio. Having resources at close proximity is a win-win for both clients as well as service providers Continue reading

ICD-10 testing phase – 5 key points to consider

Given that there is one more year to go, the majority of the healthcare organizations should be prepared and ready to accept ICD-10 codes. Payers face a major challenge in working with providers and various clearinghouses to make sure they can accept the codes and have done adequate testing well in advance to avoid any last minute glitches. Most payer organizations need to prepare for the testing phase of ICD-10 which is rather cumbersome and painful considering the sheer number of partners involved.

In this blog, I will address the five key areas of testing that are often neglected and are very critical at this stage of the ICD-10 migration. Continue reading

The era of the new digital CIO

Attention all CIOs: If your job description hasn’t already changed, it’s about to. Welcome to the era of the new digital CIO; legacy business models are no longer driving the top line revenue that shareholders expect and in the words of Greg Fuller, VP of marketing, operations and technology at Pearson: “The things that made us really successful in the past will not make us successful in the future.  Scalable, direct relationships with customers can only happen digitally”.  Companies are losing market share, their customer base is shrinking, and compliance and other market factors are increasing the cost of doing business.  Household brands like Borders and Blockbuster disappeared when they failed to adapt, to innovate, and to listen to their customers. This is the reason Customer Experience Management (CEM) is now a top three priority for Fortune 2000 organisations. Continue reading