- Enterprise Gamification – Though at a nascent stage, but the idea of gamification for the customers and enterprise workforce is being adopted by large banks and financial institutions. PNC bank has introduced a “punch” the piggy bank account to transfer funds from spend to growth account. A large NA insurance organization gives a game to its customers to choose and plan insurance coverage during their lifetime.
- Social Media – Increasingly a large number of banks are adopting banking through social media. Multiple Indian banks are now providing hash tag banking and some enterprises have gone a step ahead to provide e-learning, lead management and CRM through social media. Facebook & Twitter are currently the most widely used platforms for social banking.
- Wearables and Other devices - Though financial services is investing only 13% on sensors amongst the top industry vertical (ref:Digital IQ Survey by PWC) but this is set to change as more insurance and banking corporations recognize the importance of iOT in their Customer facing offerings and employee facing offerings. Contactless payment and Banking through smartwatch are the early innovations by banks in wearable industry. Some of the security solutions that include finger printing and signing of PDFs are being used by banks and insurance companies alike for document management related innovations
- Payments – Apple pay, HCE (host card emulation) and block chain algorithm (beyond bitcoins) have changed the manner in which the world does contactless payments. Some of the recent innovations in this space has been - integrating with social media tools like we-chat, payment providers like Alipay providing offline payments and Mastercard providing international payments through master pass
- Digital Experience – Though mentioned last in the order, but it is the most important and the most happening area as far as innovations is concerned. The banks are increasingly trying to become more than ATMs by providing enhanced user experience for money management, event reminders, enabling peer-to-peer payments through contact lists. The latest innovations lead to better customer service through geo-fencing and peer sharing concepts using social groups and social media.
This provides a Unique Opportunity to the business and IT service providers to move beyond BAU and leverage their technology edge and learning over the years to deliver a faster and better innovation framework as a service to the financial institutions. Though the framework should be forward looking but should be primarily focused around providing an end-to-end framework for ideation, rapid prototyping and delivery with a focus on delivering small innovations in a time-bound manner
I can be reached at below mentioned contact detail for details on Capgemini Innovation as-a-service framework