To keep up with this change, the industry is working to adopt innovative digitization models to remain on top of costs, increase revenue, and protect themselves against risks all at the same time.
The banking and financial services industry is in the midst of an evolutionary shift. The pressing realities of agile ‘fintech’ disruptors, changes in customer behavior and expectations, complex regulatory requirements, and digitization throughout the business model are affecting the banking and financial services industry at every level. To keep up with this change, the industry is working to adopt innovative digitization models to remain on top of costs, increase revenue, and protect themselves against risks all at the same time.
New services enabled by digital technologies can help banking and financial firms to maximize the value they offer to the customers. According to a recent Cisco study, these digital opportunities make financial services the No.2-ranked industry in terms of Digital Value at Stake, with an estimated $3.14 trillion up for grabs over the next decade. However, this will require a convergence of mobility, analytics, and video to create delightful experiences and effortless transactions for the customers. It will also allow the industry to move away from legacy and paper-based approaches thereby enabling improved delivery of services cost-effectively.
In line with its commitment to digitize the financial services sector in India, Cisco developed a Digital Transformation Blueprint for the banking & financial services sector. The blueprint leverages the power of Cisco’s intent-based networking portfolio to integrate connectivity, security, automation, collaboration, and analytics across the business value chain. It will deliver enhanced customer experience, improved workforce productivity, build new business models and protect against risks by bringing in connectivity and visibility into every aspect of the organization.
The National Stock Exchange (NSE), India’s largest stock exchange and the world’s fourth largest in terms of daily turnover and number of trades, is leveraging Cisco’s world-class, ultra-low-latency trading architecture to deliver high-performance trading experiences, greater control, and visibility to its members. Cisco has also completely automated NSE’s data center, helping it reduce app deployment time from weeks to hours. Optimising NSE’s network with Cisco ACI has allowed it to reduce overall efforts by 15-18%. NSE is also leveraging Cisco’s AppDynamics platform to monitor the performance of core applications and get real-time analytics for business performance to deliver superior end-user experience.
Cisco is leading the disruption in the industry with its technological innovations in systems, silicon, software and security, and unrivaled expertise in mass-scale networking, automation, analytics, video, wireless and mobility. Combining these capabilities with Cisco’s portfolio of go-to-market, security, collaboration, IoT, and professional services capabilities, it is enabling financial services companies across the world to reduce cost and complexity, grow revenue and more importantly to help secure their network and customer data.
Sankarson Banerjee, Chief Technology Officer, National Stock Exchange said, “Our vision is to adopt the latest technologies to deliver greater value to our customers and employees as well as build trust and investor confidence. Digital Innovations in technology are going to transform the financial services sector as we know them. Institutions that are quick to embrace innovation and adopt new technologies will have immense opportunities to improve the way they deliver services. We are pleased to be working with Cisco to further modernize our digital capabilities and give our customers the best experience possible. Digital initiatives are core to NSE’s strategy of leveraging technology to deliver "the future" to our clients today.”
Sameer Garde, President, Cisco India and SAARC said, “Today financial institutions experience an unrelenting need to be flexible, secure and scalable across increasingly complex data centers. In addition to gaining performance and operational efficiencies, Cisco ACI has enabled the National Stock Exchange to manage it’s infrastructure and data repositories, which is critical when handling sensitive customer and financial data. In addition to that, with AppDynamics, NSE will have complete visibility spanning from the infrastructure to application to end user, thereby offering a superior end-user experience. From a trading perspective, speed, efficiency, and data accuracy are critical for investors, and therefore we are delighted that National Stock Exchange has partnered with Cisco to power their digital transformation journey.”