Forrester Finds Digital Disruptions in China’s Banking, Financial Services & Insurance Industry Inspiring Innovation
Two new reports from Forrester Research’s
Charlie recommends that CIOs and enterprise architects of commercial banks systematically embrace architectural innovation by leveraging emerging technologies like cloud, big data, and enterprise mobility, so that they can effectively support their strategic business transformation in the age of the customer.
Key takeaways from the research include:
Innovation Should Focus On Products, Operations, And Organizations
Product innovation involves Internet finance, personal financial management, supply chain finance, and small-business lending. Operational innovation involves mobile banks, process banks, and community banks. Organizational innovation connects the two. Technology decision makers must strike the right balance among these dimensions to achieve customer satisfaction.
Product Innovation Is Critical For Continued Business Growth
Internet finance will help Chinese banks reach a vast new pool of customers; supply chain finance and lending to small and medium-size businesses will expand the banking ecosystem. High-availability applications enabled by big data will be the key to differentiating personal financial management offerings.
Operational Innovation Will Drive Customer-Oriented Business
A comprehensive mobile banking strategy will help Chinese banks engage customers and improve loyalty. Process banks will improve efficiency and agility by using a unified data platform as part of the corporate foundation.
Organizational Innovation Is
The Foundation for Greater Innovation
Innovating products and operations relies heavily on Enterprise Architecture (EA) professionals. Old organizational structures may no longer apply in this new, innovative EA practice. Aligning innovative EA teams (and related IT groups) with business strategy is key to achieving high performance
For a copy of the full report, please contact:
Public Relations, Asia Pacific
+65 9731 7754