Gear-up for Major Threats: The Journey towards Future

By : |November 26, 2018 0

Day-by-day the risk of cybercrime and other attacks are on the rise. The threat can come from any source as well as it could affect any industry. We discussed with Virender Jeet, Senior Vice President, Sales & Marketing / Products, Newgen Software, to understand the challenges…

Key challenges to Safe Banking

The dynamic nature of the financial industry presents significant challenges for banks and financial institutions. Recent scams that have surfaced reveal how vulnerable banks can be to fraudulent activities despite having well-defined systems in place. Almost all the banks in India have either geared up or are preparing themselves to mitigate some of the major threats which arise from cybercrimes, identity thefts or bad loans. While they are at it, they face multiple challenges while trying to make banking safe, for instance, disjointed banking processes and an opaque system to name a few. Although there has been a shift from traditional to newer ways of reporting and risk monitoring systems in current times, yet it needs a greater push to control financial risks.

Virender Jeet, Senior Vice President, Sales & Marketing Products, Newgen Software

Virender Jeet, Senior Vice President, Sales & Marketing Products, Newgen Software

In such a scenario, digital platforms such as BPM can be of great help to the banking sector. BPM enables banks and financial institutions to centralize and initiate all transactions from basic accounting to auditing and reporting. With BPM, all the systems, processes, people and things get connected. Another key benefit of BPM is its ability to integrate legacy applications in banks and embrace new-age technologies of mobility, digital sensing and robotic process automation to enhance customer experience and make banking safe.

Robotics process automation, the core benefits

                                 

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We believe that RPA automates manual processes that cannot be traditionally programmed. For instance, a call centre agent is copying data from one screen to another. However, the call centre needs a supervisor who coordinates all activities on the floor. Similarly, for RPA to be truly effective organizations would need a BPM platform to manage all the RPA bots in the organization. Here, BPM plays the role of supervisor and provides guidance, coordination and intelligence.

Robotics process automation: Affect on jobs

RPA as a technology will certainly affect jobs but in a good way. It will help enterprises in augmenting human-driven processes across industries, putting the digital workforce to productive tasks and leaving the mundane work to the bots. They could work with humans side-by-side, allowing the latter to serve customers more efficiently.

Key Reasons for rise in Hybrid cloud adoption

As Cloud Computing gains momentum, there is much traction in the way it is altering the paradigm of ECM and BPM deployment and usage. We are making continuous investments to develop Cloud and SaaS delivery models and scale it by increasing penetration and strengthening the platforms to meet all compliance and regulatory requirements. Hybrid cloud can present banks with a viable alternative to other cloud services, allowing them for cost optimization and much-needed flexibility.

Security: The prime concern

The integrity of enterprise data is critical as any loss can result in significant financial damage and loss of brand credibility. Effective data storage and security are imperative to win customers’ and partners’ trust. We are committed to the cause of “Quality & Security First”. Newgen strives to help customers in making processes safe, secure and compliant.

The digital transformation journey

With customer expectations of getting real-time updates, anytime-anywhere information access and around-the-clock services, enterprises need better communication, collaboration and strong service commitment. Simply put, businesses need an enterprise architecture to leverage all the IT capabilities such as AI, Analytics, Cloud or Security for current and future organizational requirements. While there is no denying that these technologies are imperative for digital transformation, we believe that platforms like BPM, ECM and CCM are the core foundation elements of an enterprise architecture. These offer businesses the capability to co-exist and leverage existing IT investments and legacy applications.

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