Enterprises today are either migrating their IT systems and processes to the cloud or adopting hybrid cloud-driven infrastructure. Tech-led disruption is enabling a major transformation in the way key products and services are delivered to end-users in the BFSI sector, says Simon Kirby, Director, Industry Solutions – Financial Services, Qlik, in conversation with Anupama Mehra of Elets News Network (ENN).
- How technology is changing the face of the BFSI sector?
The Banking, Financial services, and Insurance (BFSI) sector has embraced technology to keep up with a fast-changing world. From risk, governance, and security to creating apps that enable banking on the go, the convergence of business processes and new-age technologies have unleashed widespread transformation in the way they operate.
As a matter of fact, the sector has been at the forefront of technological innovation and has readily embraced new tools and solutions to deliver better service and gain a competitive advantage.
Take the use of data analytics, for instance. There has been an exponential increase in the use of data to optimise BFSI operations, from improving end-user decision-making to automating key processes and reducing turnaround times through Artificial Intelligence and Machine Learning.
We are also witnessing a significant uptick in the adoption of cloud-based infrastructure and services offered by domain-leading players such as Amazon, Google, and Microsoft. More and more enterprises are either migrating their IT systems and processes to the cloud or adopting hybrid cloud-driven infrastructure.
Cutting-edge services such as Salesforce, Workday and Qlik are capitalising on this shift to the information cloud by offering customers with business solutions that are flexible and scalable.
This tech-led disruption is what is enabling a major transformation in the way key products and services are delivered to end-users in the BFSI sector.
Mobile devices and online portals are becoming the preferred channels for service consumption, as traditional reliance on branch offices and face-to-face interactions decreases. Customers can easily open a new bank account online and can even get in-depth insights into their spending habits through convenient tools.
This, in turn, is enabling enterprises in the BFSI sector to optimise their operations, minimise cost overheads, and enhance end-customer service delivery.
- Give us an overview of your products and services.
Qlik offers a range of tools that are designed to make it easy for businesses to connect to, analyse, and gain insights from data. Historically, we were known as Qlikview and were known for our BI dashboards. Today, we are doing much more than this.
We group our products into two main categories: Data Management and Analytics & Insights. Our Data Management products provide customers with powerful capabilities such as real-time data ETL (Extraction, Transformation, and Loading), data cataloging, and data modeling. Our Analytics & Insights tools allow users to conveniently build beautiful, interactive dashboards equipped with rich self-service capabilities that help them find contextual answers to their data queries.
Our analytics is powered by our patented Associative Engine which combining several unique, patented, in-memory innovations – including compressed binary indexing, logical inference, and dynamic calculation.
All of this analysis can be accessed through any device and is also available on our recently launched chatbot, the Qlik Insight Bot. Qlik supports its software products with a comprehensive ecosystem comprising dedicated training and support, community site, implementation consultants, and a world-leading data literacy program.
We also give our time, people, and software to several charities and social causes around the world to drive change for good. For example, we have supported the relief efforts of MedAir in providing aid to war refugees in Lebanon and have helped Team Rubicon to use data better for rebuilding communities after hurricane damage in the US.
- What are the areas of opportunities for data literacy in India?
The growth of the data analytics industry in India over the past 20 years has been a great success story and has been one of the key reasons behind India’s high ranking in the recent Global Data Literacy Index. The study, which was commissioned by Qlik and conducted by Wharton School and IHS Markit, underlined the correlation between the Corporate Data Literacy (CDL) levels within an organisation and its business performance.
Higher CDLs can drive a host of benefits, from something as simple as reducing the time taken to produce management reports to complex tasks such as knowing which products and people are performing well and areas that need more investment to drive improvement. Data literate businesses typically generate more revenue and are more profitable than less data literate companies. On a personal level, employees can also access better career opportunities and achieve greater job satisfaction by becoming data literate.
When it comes to India, data literacy holds the key to driving a large-scale socio-economic transformation. According to a recent report by McKinsey and the Ministry of Electronics and Information Technology, India’s digital economy represents a USD 1 trillion opportunity. Realising this opportunity will require professionals who are comfortable interacting with, questioning, and utilising the data available to them.
- Qlik’s vision for the future in Data, Integration, and Analytics?
Our CEO, Mike Capone, does the best job of answering this question: “Our vision is for a data-literate world where people, businesses, organisations, and governments tackle their most complex challenges with data. That’s what excites us here at Qlik.”
This means that we will continue to produce world-leading technology that makes it easier for organisations to use data to improve their businesses. We are investing heavily in making our technology work seamlessly on any platform, whether on-premise, in the cloud, or on a local PC/smartphone. We are working closely with our customers and partners to ensure that our products continue to be best-in-class and enable enterprise users to leverage data and analytics to drive powerful business transformations across the board.