The changes in the digital world have a profound impact on financial institutions. The customers want to use digital channels as their primary means of interaction with financial institutions and expect continuous customer engagement from them, which has forced BFSI service providers to look at alternate operating models. The regulatory changes of the financial sector have diminished profit margins and the rising competition from various non-banking players such as Google, PayPal, retailers and telecom providers have also added to the pressure.
The 3 mega trends that would drive the banking industry will be:
- Open Banking
- Non-bank lending
These ever changing trends create tremendous challenges for Banks to retain their market position and customer base.
To address these trends and be future-ready, we are making investments in Integrated Customer Experience by leveraging capabilities of Bio Agency & Mahindra Comviva, our subsidiaries in digital experience and mobility solutions. We have also invested in the Target Group to offer our banking customers Platform-As-A-Service.
On the core banking front, our solutions include Software Transformation driven by Sofgen, our banking consulting subsidiary. As a part of our TechMNxt charter, we are betting on next-gen technologies like Blockchain & AI to create Networks of Future for our banking customers.
With over two decades of experience in offering innovative solutions for Retail Banking, Lending and Leasing, Cards, Asset and Wealth Management, Investment Banks, Stock Exchanges and Life / Non-Life Insurances, Tech Mahindra understands the wind of these changes and is ready to offer better products, services and a superior customer experience.
The banking vertical is delivering future-ready digital solutions to 50+ customers across the globe. We are working closely with SBI – one of the largest public sector banks in India, as their transformation partner to develop solutions around Internet Banking, Mobile Banking and Supply Chain finance. Some of these solutions have handled over 5000+ transactions per second to 10M+ transactions in a day.
We have also worked with other leading banks like Doha Bank, Bank of the West, Citi, Bank of Nova Scotia, Bank Montreal, National Australia Bank, MasterCard, to name a few. We also have strong partnerships across the value chain services which includes Temenos, Oracle Flexcube, Avaloq on Core Banking and Suntec, Fundtech, Finastra on cards & payment side.