16 May IBM helps optimize financial processes for Indian bank
In a rapidly changing business world, relying on outdated solutions and methods to manage internal processes can leave an organization struggling to retain its customers. While they may not be selling a product, this is certainly true for banks, which need to leverage emerging technologies to prove to customers that they are the right choice. From boosting security to streamlining management processes, finance IT can help take one of these establishments into the modern age.
IBM recently announced that the Central Bank of India chose the leading technology firm to improve its operations. According to IBM, the bank dealt with a number of important challenges that similar institutions worldwide face, including coping with constantly changing regulatory environments and attempting to harness the power of customer data. Additionally, the organization wanted to improve its productivity.
With the help of IBM's banking solutions, the Central Bank of India was able to make a few critical improvements. For example, the company had previously done much of its recordkeeping with the help of spreadsheets, which left it little room to analyze the information it gathered. Using a more advanced system, the bank can now utilize customer data and other indicators to drive improvements.
"With the rapid explosion of big data, collecting, sourcing and analyzing real-time data from multiple sources is a growing challenge for banks," said Jeby Cherian, vice president and managing partner of global business services for IBM India/South Asia. "IBM's solution will help convert data into insights that will enable better decision-making and risk management to maximize profits while enhancing customer loyalty."
Additionally, the financial institution boosted its efficiency by using IBM's solution for corporate performance management, including tools that reduce the time it takes to manage budgets. By cutting manual processes out of the equation, the organization is able to save time that would otherwise be spent crunching numbers by hand. Overall, the array of more advanced solutions means that when problems and challenges arise, leaders will be able to make quick, accurate and compliant decisions.
There are many important reasons for today's businesses to include IT solutions in their budgets, and IBM noted that one of those is reputation. The technology firm explained that when entire communities, including customers, stakeholders and investors, perceive a company as trustworthy, the business is likely to see that faith boost its overall success. But managing this public image has become more complicated, IBM noted, as tools such as social media provide more visibility into organizations' operations. For this reason, it is more important than ever for C-suite leaders to recognize the key role IT solutions play in helping a business sink or swim – while careless use of technology can hurt it, smart use will do the opposite.
Organizations that have taken the time to recognize the IT risks in their particular situations, and have implemented solutions to reduce the chance that disasters will happen, experience enhanced reputations. IBM noted that in a global survey of 427 senior executives, 83 percent of those who rated their company's reputation as "excellent" had integrated IT into the risk management process. And especially when a firm is in the business of managing customers' money, building trust is an absolute essential.