Over the past decades, risk management has been transformed in the banking sector after the emergence of global financial crisis. Still we can’t draw a blue print about the risk function. Since customers' experience has become more and more important, banks need to offer real time response to customers and their problems. Similarly, after evolution in technology, it has become important to look upon new risk management techniques. By 2025, manual interventions will be minimizing, hence, there is need to digitalize core processes. Also, more automation and digitalization leads more experimentation with machine learning and advanced analytics.

Better risk reporting requires to adjust with market development and broaden regulations. Different regulatory ratios require to collaborate with balance sheet optimization. With this, high performance data is the urge for high risk performing function. Build a right mix of talent and embed a right culture. To read more, click on the following link: http://www.mckinsey.com/business-functions/risk/our-insights/the-future-of-bank-risk-management

Organizations need databases which are needed to store data safely. Through databases one can solve problems from NoSQL and RDBMS framework to in-memory databases. This help banks to give quicker reaction times and viable examination, prompting better client experience and maintenance. Utilizing a center layer on top of various databases, banks can rapidly assemble information. For more read the article written by Nanda Kumar(CEO, SunTec Business Solution) : https://www.finextra.com/blogposting/12478/making-data-work-for-banks

In the years, succeeding the financial crisis, the banking sector was restructured ranging from changes in regulations to customer service. The major problems that banks are facing include customer dissatisfaction, fraud, increased competition and regulations and all these issues can be solved using Big Data analytics. By leveraging transactional, behavioral and social data, banks can provide a hyper-personalized customer service. Risk management is another area where analytics can be of help. Big Data analytics can detect cybercrimes and predict the location of attack. It can also identify deviation in customer behavior which is indicative of fraud. Big Data technologies can be used to integrate external watch list screening system and unstructured emerging data sources. There is a huge scope for newcomers in Fintech sector to exploit Big Data as they are built keeping analytics in mind. The big banks should adopt new technologies to leverage the wealth of data they possess and maintain a competitive edge. Read more at:https://channels.theinnovationenterprise.com/articles/analytics-in-banking

The sale of insurance and other similar products through a bank to help it customers at situations is known as Bancassurance. Development of Bancassurance in India began to improve the channels of insurance policy so as to reach the hands of the common, to widen the area of working of banking sector, to improve the services of insurance. The Reserve Bank of India and the insurance development and regulatory authority have a set of guidelines for companies to form Bancassurance. It basically encourages people to buy insurance policies increasing the number of providers. It also has demerits such as interest conflict of bank and insurance policies, compromising on data security, etc. Read more about this article at: http://tips.thinkrupee.com/articles/bancassurance-in-india.php

Why we people do not get proper consumer service is the biggest question now. Apart from fast food joints the worst consumer treatment is acquired from the people who work for doctors, when ironically we should have got the best treatment there. In cases of emergencies where e require immediate attention we are told to fill forms moreover calls irritate you on confirming whether you would be able to clear the bills even if the insurance doesn’t. Apart from banks, medical customer service frustrates people with long calls and often hang them up. The only difference is that you speak with a live person instead. Then there are these unfriendly tools on the websites which assures you about the non occurrence of the problem again but if we had spend time searching every inch of the website this wouldn’t have happened in the first place. read more at:http://managementhelp.org/blogs/training-and-development/2012/03/07/poorest-customer-service-in-the-land-where-it-really-counts/ 

There are significant opportunities to make use of big data techniques. Unlike technology and consumer retail sectors in which advanced analytics has been implemented, it can also be used in other industries like insurance, health care, banking and public sector. In insurance, data can be aggregated from public sources and specialist data providers, allowing companies to better target customers and frame policies accordingly. Banks are increasingly using big data to generate a much deeper view of their customers, combining the information collected from all of customer's interactions with bank with selective third-party data like paying patterns for mobile phone bills, tracking trends on social media platforms such as Twitter. Read more about this aspect in Dominic Barton (global managing director at McKinsey & Co.)'s article link:http://blogs.wsj.com/experts/2014/03/28/sectors-where-big-data-could-make-an-impact/?KEYWORDS=analytics 

It will take several years for banks to implement the necessary changes to become customer-centric. They need to assess their operations, identify what needs to change, and then implement the changes and the systems to support them. After the 2008 crisis, customers have eschewed “too big to fail” institutions in favor of local banks. Customers realize they have multiple banking options, often selecting different institutions for different services. A customer with a credit card from a multinational may keep savings and checking accounts locally. Attracted by competitive interest rates, the same customer may apply for a loan or mortgage with a regional bank – or even an online institution.To increase their share of wallet with customers, banks must address three fundamental areas: organization, processes and technology. However, once they crack the code on how to deliver a better experience to customers, they will position themselves to seize phenomenal opportunities to engage with customers. Ultimately, that translates to higher revenues. To know more on why banks should embrace a customer-centric model go to:

http://www.banktech.com/business-intelligence/banks-must-embrace-a-customer-centric-mo/240166955 .

The international banking and financial sector had gone through a major turmoil in terms of mergers and acquisitions. Deregulation has been the main driver, through three major routes - breakage of interest rate controls, removal of barriers between banks and other financial institutions and lowering of entry barriers. The article by Srinivasan R., an associate professor in the Corporate Strategy and Policy Area at IIM Bangalore, speaks about the benefits and disadvantages of post 2000 mergers and acquisitions in India.

For more information, please go through: http://tejas.iimb.ac.in/articles/01.php