Digitalisation in the Indian financial sector began in the early 90s when Automated Teller Machines (ATM) and Electronic Fund Transfers (EFT) were introduced. Soon after, internet banking was permitted, followed by the NEFT, IMPS, RTGS, etc. In the last few years, the National Payments Corporation of India (NPCI) has launched several successful initiatives like UPI, IMPS and Bharat Bill Pay with the intention to make India’s banking and financial services sector truly digital.
Growing internet and mobile penetration and availability of low-cost data plans also gave a boost to the adoption of digital technologies. So when the pandemic struck, the country was already on a digital-first path.
Building innovative models for banking
Business growth in the BFSI sector is driven by superior digital customer experience – where they have complete access to finance from any device, anytime and anywhere – ability to prioritise customer data security and privacy, set up automatic payments, make deposits any time, get automated financial advice, personalised real-time assistance, etc.
According to a recent report by Allied Market Research, the global digital transformation in the BFSI industry generated $52.44 billion in 2019 and is estimated to garner $164.08 billion by 2027, registering a CAGR of 15.4 percent from 2020 to 2027. So, ‘digital transformation’ is no longer a buzzword for the BFSI sector, but a criticality for business growth.
Making significant progress in this direction are Indian fintechs and digital payments companies that offer a wide range of integrated and user-friendly solutions by leveraging advanced technologies and deploying innovative business models.
While the crisis continues, what is key is change. “Banks and financial services companies now need to move away from branch banking and focus on developing and adopting cutting-edge technologies like AI and ML, Robotic Process Automation (RPA), cybersecurity and cloud technologies to establish a digital infrastructure across all their channels,” says Vishal Rally, SVP & Head – Product, Marketing and Commercial, Tata Teleservices.
He adds, “They need to redefine customer experiences, take a mobile-first view, develop a personalised strategy and partner with the right technology platforms.”
Tata Tele Business Services is enabling the move to digital
The BFSI sector needs professionals who know how to work with disruptive technologies and enable the move to digital without any hiccups along the way.
Tata Tele Business Services (TTBS), India’s leading enabler of connectivity and communication solutions for businesses is uniquely positioned to meet this need with its cost-effective and high-performing personalised solutions for the banking and financial services industry. The company’s objective is to make business transactions quick and efficient and collaborate with all stakeholders.
TTBS has now joined hands with Zoom to offer an intuitive, scalable, and secure communications solution to enterprises of all sizes. Through this partnership, TTBS will offer enterprises a seamless and superior unified video communications experience on its state-of-the-art, high-capacity digital connectivity network.
As finance companies move to the cloud, TTBS’s Cloud and SaaS solutions offer a plethora of cloud communication solutions, cyber security solutions, collaboration solutions as well as SDWAN iFLX. SD-WAN iFLX solution aims to empower SMEs with intelligent, flexible and secure networking capabilities to accelerate their digital transformation.
“Our business has grown tremendously and with an entire gamut of financial products and services, it was challenging to provide seamless connectivity at all locations to all customers. Thanks to TTBS Smart Connectivity Solutions and solutions like secure MPLS network, multiple PRI lines and high-speed internet leased line connectivity, all our bank branches are linked securely. We now have an edge in the industry with greater customer satisfaction, accurate operational efficiency and increased customer base,” says Sudheendra R, Deputy Director – IT, Rupeek Capital Private Limited.
TTBS has a portfolio of Data Services which enable seamless, scalable, reliable and integrated connectivity. These include Internet Leased Line (ILL) for sustained performance and seamless connectivity; SmartOffice, an affordable and easy-to-deploy single box solution serving data, voice and application needs of customers; Hub Connect, a point to multipoint data connectivity which allows scalable and secure connectivity with multiple offices as well cloud service providers; L2 Multicast Services to deliver video content optimally; Ultra-Lola for ultra-low latency needs and more.
TTBS provides cybersecurity solutions that ensure your organisation is protected from unauthorised access, data breaches and other cyber threats. The services offered are endpoint security which includes antivirus, web filtering, email filtering and firewall service. It also provides multifactor authentication, a customisable virtual firewall, email security solution, among others. TTBS also helps secure digital connections for stockbrokers and traders with its exclusive Ultra LOLA, which helps execute trading transactions at unmatchable speed.
The road ahead for the BFSI sector
With over 700 million internet users and 240 million smartphones, India is on the road to becoming one of the world’s biggest digital economies. The evolving BFSI landscape has disrupted customer behaviour, preferences and experiences. Banks and financial services need to embrace digital and imbibe the essence of all these cutting-edge technologies to outshine the competition. And it’s not just about digitising but revisiting the entire value chain for both customers and merchants.
With advanced technologies, years of business experience and industry-first offerings, Tata Tele Business Services’ solutions are a game changer, enabling India’s BFSI sector to head towards a bright future. Know more about TTBS solutions.
