Three stages of evolution for digital banks

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Three stages of evolution for digital banks

Asia-Pacific Banking & Finance (AB+F)

Asia-Pacific Banking & Finance Magazine (AB+F) a flagship Australian banking and financial publication highlights TCS Chief Technology Officer Ananth Krishnan’s views on banks’ evolutionary process towards optimized customer experience.

According to AB+F, the speculation that banks will be marginalised by disrupters completely misses a point that traditional lenders are constantly evolving and adapting. Ananth told AB+F that only when a whole industry, or companies within an industry, completely miss a customer requirement they become irrelevant.

According to Ananth, there are three evolutionary stages for banks - establishing a ‘digital spine’ which allows them to morph into intelligence-driven and ultimately experience-driven enterprises.

“This final stage represents a very fundamental difference in the way we have thought about technology in the past and the way we will think about it in the future," said Ananth. “The experience-driven bank is nirvana. Even leading-edge banks are not there yet there, although the mental model is at least in place.”

K. Ananth told AB+F that he strongly believes in the role of cryptocurrencies that use blockchain to underwrite transactions. “Without blockchain, it’s expensive, it locks up capital, it takes time and, crucially, sometimes it fails since messaging is not sufficient to establish that trust," said Ananth.

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