March | 2014
The economic melt-down has resulted in the transformation of the global banking industry. Mighty giants in the developed markets have come crashing down into bankruptcy, while their counterparts in the emerging markets have raced ahead. It is estimated that over the next ten years, 60% of the growth in global banking revenues will come from emerging markets.
While the growth potential is enviable, it is not always a bed of roses for banks in emerging markets. Faced with mutually interdependent forces of competition, regulation, technology upgrades and changing expectations of customers, banks are set for a range of challenges
Consumer technology advancements have raised customer expectations from banks. It’s easy to switch accounts, get information on new products and services and get peer reviews of banking services. While this has made banking easier, an adverse impact has been the decline in consumer loyalty. To increase customer stickiness, banks are trying to personalize banking at a granular level and offer innovative customized solutions. At the same time they also need to meet local regulations and deliver higher service levels – that are efficient, cost effective, and error free.
To survive in these turbulent times, banks in emerging markets must follow six business and operational imperatives:
Implementing these processes can benefit banks in multiple ways if they are able to align IT and business strategies and deliver not only cost-effective solutions but also reduce time to market.
It is here that an integrated implementation framework of banking technology solutions plays a vital role. Banks that adopt this framework can rapidly deploy solutions to help them incorporate best banking practices, processes, and standards, providing them with the ultimate speed-to-market, flexibility and reliability.
Exploring,Inculcating,Reliability,Service Oriented
Soumitro Ghosh is the Chief Executive for Wipro Infotech.
Soumitro took over as the head of Wipro Infotech (WI) in 2013. WI offers a comprehensive suite of solutions and services to customers in India & Middle East and is a strategic division of Wipro?s IT Business.
In his previous role Soumitro Ghosh was the Senior Vice President and Global Head of the Financial Services business unit at Wipro. He had been leading this unit since 2008 and had grown it into a 1.6B$ business. He was one of the founding members of this unit in 2000.
Over the last decade he has successfully built three verticals as a part of this business unit covering the global markets of Insurance, Retail Banking and Securities & Capital Markets. Under his leadership the unit has won over 75 customers globally and transformed five of them into 100M$ plus relationships. These marquee accounts also count among Wipro's top 10 clients. The rich portfolio of customers includes the Top 10 in their respective industry segments. He has also invested in building a strong team of over 1000 industry consultants who provide industry advisory & domain consulting services and build business centric solutions. He strongly believes that innovation that is relevant to business will always have demand be it downturn or times of growth.
In over 25 years of his stint with Wipro he has played several key roles including Global Head of Marketing, Global Head of the Ecommerce Division and Head of the Sun Microsystems Products business in the Indian domestic market. Prior to Wipro he worked for three years each in Hewlett Packard and Guest Keen Williams.
He has also been instrumental in three acquisitions in Wipro and successfully integrated and grown them. He believes in building strong teams that stay together and share the same sense of passion and vision. He is one of the key leaders who have mentored many leaders at Wipro with his people centric leadership style.
He is passionate about sports specially cricket and likes reading in his spare time. He has been a thought leader in the industry and is a much sought after speaker in industry forums.
He is Bachelor of Engineering (Mechanical) and an MBA from Birla Institute of Technology (BITS), Pilani and graduated in 1982.
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© 2021 Wipro Limited |
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