ABSTRACT
Over the last few years, banking technology priorities have been shifting towards social, mobile, analytics, and cloud (SMAC)-based projects. In 2015, enterprise fraud-detection and risk management–leveraging analytics, innovative customer engagement, and digital transformation initiatives through social media and mobile apps with the aid of customer analytics were among the top ten priorities. Studies by leading industry analysts indicate that the banks and financial service enterprises investing big on the appropriate digital transformation initiatives are likely to see double-digit increases in revenues and high single-digit increases in productivity. SMAC technologies, coupled with artificial intelligence and machine learning, form the pillars of any digital transformation initiative. Cloud provides the technical infrastructure needed for any voluminous data analysis exercises for digital transformation needs. At the risk of repetition, SMAC technologies have facilitated the reduction of entry barriers for the financial services sector.
