Digital transformation leveraging SMAC technologies is one of the most happening areas in the banking and financial services industry However, the buzzwords and noise surrounding digital often clutter the minds of those implementing digital transformation initiatives with misconceptions Balaji Raghunathan and Rajashekar Maiya have ensured that they go beyond buzzwords in this book They have not only demystified social, mobile, analytics, and cloud technologies for business owners, analysts, and product managers, but also provided a guide for implementing digital transformation initiatives As a leader of a digital practice providing solutions to financial industry customers for their digital needs, I can see that this book resonates well with the challenges faced by this industry and outlines a strategy for addressing these challenges If you are one of the many who is in one way or the other involved in digital banking initiatives, this is the book you would have been waiting for Gaurav Mathur Senior Director and Head–Financial Services Digital, India Capgemini Technology Services India We are at the cusp of a mega technology revolution that is changing every aspect of each industry Banking is no exception Social, mobility, analytics, and cloud as technology options provide every industry, including banking, a great deal of level playing field for all players SMAC has democratized the technology and increased access, reduced the entry barriers, and made it affordable across the globe As a leading banking group in the Middle East region, EmiratesNBD has always taken the industry-leading position when it comes to leveraging the technology, whether it is social, artificial intelligence, blockchain, robotics, mobile, or Internet banking, EmiratesNBD has been at the forefront The book SMACing the Bank is timely and provides a comprehensive view of what’s happening and how to leverage the technology to transform It contains years of research, study, and firsthand experience coming together as a tool for bankers and technology specialists to start using immediately The in-depth understanding of the subject by Maiya and Balaji is well articulated in the content and brought out in a very simplified manner It clears many terminology misunderstandings, and this book will be a good reference point for many bankers Srinivasan Sampath Sr Vice President–Special Projects, Emirates NBD The authors have done an excellent job demystifying the top trends that are transforming the digital banking and financial services industry today I recommend this insightful book to anyone interested or involved in this space Amit Kabra Experienced Digital Banking Professional SMACing the Bank   How to Use Social Media, Mobility, Analytics, and Cloud Technologies to Transform the Business Processes of Banks and the Banking Experience  By Balaji Raghunathan and Rajashekara V Maiya MATLAB® and Simulink® are trademarks of the MathWorks, Inc and are used with permission The MathWorks does not warrant the accuracy of the text or exercises in this book This book’s use or discussion of MATLAB® and Simulink® software or related products does not constitute endorsement or sponsorship by the MathWorks of a particular pedagogical approach or particular use of the MATLAB® and Simulink® software CRC Press Taylor & Francis Group 6000 Broken Sound Parkway NW, Suite 300 Boca Raton, FL 33487-2742 ©  2018 by Taylor & Francis Group, LLC CRC Press is an imprint of Taylor & Francis Group, an Informa business No claim to original U.S Government works Printed on acid-free paper International Standard Book Number-13: 978-1-4987-1193-7 (Hardback) This book contains information obtained from authentic and highly regarded sources Reasonable efforts have been made to publish reliable data and information, but the author and publisher cannot assume responsibility for the validity of all materials or the consequences of their use The authors and publishers have attempted to trace the copyright holders of all material reproduced in this publication and apologize to copyright holders if permission to publish in this form has not been obtained If any copyright material has not been acknowledged please write and let us know so we may rectify in any future reprint Except as permitted under U.S Copyright Law, no part of this book may be reprinted, reproduced, transmitted, or utilized in any form by any electronic, mechanical, or other means, now known or hereafter invented, including photocopying, microfilming, and recording, or in any information storage or retrieval system, without written permission from the publishers For permission to photocopy or use material electronically from this work, please access www.copyright com (http://www.copyright.com/) or contact the Copyright Clearance Center, Inc (CCC), 222 Rosewood Drive, Danvers, MA 01923, 978-750-8400 CCC is a not-for-profit organization that provides licenses and registration for a variety of users For organizations that have been granted a photocopy license by the CCC, a separate system of payment has been arranged Trademark Notice:  Product or corporate names may be trademarks or registered trademarks, and are used only for identification and explanation without intent to infringe Library of Congress Cataloging‑ in‑ P ublication Data  DataNames: Raghunathan, Balaji, author Title: SMACing the bank : how to use social media, mobility, analytics and cloud technologies to transform the business processes of banks and the banking experience / Balaji Raghunathan Description: Boca Raton, FL : CRC Press, 2017 Identifiers: LCCN 2017022727 | ISBN 9781498711937 (hb : alk paper) Subjects: LCSH: Internet banking | Banks and banking Technological innovations | Banks and banking Information technology Classification: LCC HG1708.7 R34 2017 | DDC 332.10285 dc23 LC record available at https://lccn.loc.gov/2017022727 Visit the Taylor & Francis Web site at  http://www.taylorandfrancis.com  and the CRC Press Web site at  http://www.crcpress.com  Contents F o r e w o r d xi A c k n o w l e d g m e n t s xv About the A u t h o r s xix I n t r o d u c t i o n xxi C h a p t e r 1 D i g i ta l Tr a n s f o r m at i o n o f B a n k i n g : A 3 0,0 0 - F o o t V i e w   1 Shift of IT Investments in the Banking and Financial Services Sector Drivers behind the Increased Adoption of SMAC Technologies by Banks and Financial Institutions Singularity and the Rise of Smart Digital Assistants Consumerization of IT Democratization of IT Reduced Cost of Computing Digital Natives and Their Entry into the Workforce Rise of the Digital Consumer, and Prosumer Race between Enterprization of the Consumer and Consumerization of the Enterprise Rise of Open Source Technologies API Economy Banking the Unbanked Benefits of SMAC Adoption Foundation for Digital Transformation Productivity Gains, Operational Efficiency, and Automation Customer Intimacy and Entry to New Markets 5 7 10 12 12 14 16 18 18 18 19 v vi C o n t en t s Challenges and Impact of SMAC Technologies on the Financial Sector 20 The Rise of Fintechs 20 Disintermediation of Financial Services 20 Aggregators 21 Culture and Mindset Change 21 New Competitors 22 Shift in Business Model 22 Financial Technology Evolution 23 Conclusion 23 References 25 C h a p t e r 2 SMAC P r i m e r 29 SMAC Era: the “Coming of Age” of Web 2.0 30 Social Primer 30 Power of Social Networks 30 Socially Mature Enterprises 32 Social Media Management 35 Integration of Social Media with Enterprise Systems 39 User-Generated Content and Collaborative Tagging 43 How are Banks and Financial Services Organizations Leveraging Social Media? 45 Social Shopping and Social Sharing 48 Social Technology Ecosystem for the Enterprise 48 Social Network Analysis 56 Reference Architecture (for Leveraging Social Media for Enterprise Benefits) 60 Mobility Primer 62 Mobility Challenges 63 Mobility Strategy 65 Mobile Payments and Wallets 90 Mobility Reference Architecture 92 Analytics Primer 94 Challenges Faced by Chief Data Officers 104 Developing an Enterprise-Wide Integrated Analytics Strategy 105 Reference Architecture for Analytical Applications 109 Cloud Primer 112 Ignoring Cloud Computing, the Prescription for Shadow IT 112 Engaging Cloud Computing Infrastructure Providers 113 Consuming Cloud Computing 115 Underneath the Cloud 116 Server Virtualization 117 Desktop Virtualization 117 Application Virtualization 118 Storage Virtualization 118 C o n t en t s vii Containerization 118 Cloud Strategy 119 Cloud Reference Architecture 121 Applicability of SMAC across Various Banking Businesses 122 Conclusion 127 References 127 Additional Resources 131 f o r E m p l oy e e s 133 The Degree of Relevancy of SMAC Technologies for Today’s Financial Enterprise 133 Drivers behind the Use of SMAC Technologies in Today’s Financial Enterprise 136 Catering to the Demands of the Digital Workforce 136 Anytime, Anywhere, Any Device Access to Enterprise Information 137 Real-Time Collaboration and On-Demand Access to Experts 139 Faster Decision Making 140 Gamification 141 SMAC and Digital 141 Digital Characteristics 141 Prerequisites for Digital Enablement of Employees 142 Security Infrastructure 143 Process Automation 150 Virtualization 152 Digital Workplace 154 Conclusion 156 References  157 C h a p t e r 3 D i g i ta l I n n o vat i o n s C h a p t e r 4 N e w Pa r t n e r s h i p M o d e l s : D i g i ta l P l at f o r m s a n d API s 159 Rise of the New Market Segments 160 Long Tail Economy 160 Digital Consumer Economy 160 Sharing Economy 161 Serving the New Market Segments 161 Partnering with the Ecosystem 162 Partnership Models 162 Business Platform Model 162 Business API Model 167 API Management 170 Business Platforms versus Business APIs 176 Addressing Needs of the Digital Consumer Economy 176 Navigating the Digital Ecosystem 177 Conclusion 178 References 178 viii C o n t en t s f o r t h e C o n s u m e r 181 Identifying “Moments of Truth” 182 Influencing “Moments of Truth” 186 Influencing ZMOT 187 Influencing FMOT 192 Online Tactics 192 In-Branch Tactics 192 Influencing SMOT 194 Operational Engagement Tactics 194 Service and Support Tactics 196 After-Sales Advertising Tactics 200 Influencing TMOT 203 Designing the Customer Journey Right 204 Measuring Customer Experience 206 Customer Experience Transformation Strategy 208 The “Engagement” Step 208 The “Enable Customer Productivity” Step 209 The “Enable Self-Service” Step 209 The “Enable Personalization” Step 209 Climbing the Digital Customer Experience (DCX) Success Ladder 210 Enabling Transformation of Digital Customer Experience 211 Customer Relationship Management (CRM) 212 Marketing Automation Platform 214 Customer Experience Management Platforms 215 Analytics and Customer Insights 217 Other Enablers 219 Security and Privacy 221 The Coming of Age of Marketing Technology 221 Reconfiguration of Marketing, Sales, and IT Organization within the Financial Enterprise 222 Desirable Habits for a Financial Enterprise for Enhancing Customer Experience 223 It’s All about Listening to the Customer 223 It’s Not Just Customers, but Even Leads (and Prospective Customers) Who Need to Be Understood 225 It’s All about Customer Centricity 225 It’s All about MOTs 226 It’s All about Seamless Collaboration within the Enterprise 226 Conclusion 226 Abbreviations Expanded 227 References  228 Additional Resources 229 C h a p t e r 5 D i g i ta l I n n o vat i o n s C o n t en t s ix C h a p t e r 6 D i g i ta l Tr a n s f o r m at i o n a n d I m pa c t o f SMAC Te c h n o l o g i e s o n C u lt u r e , Th i n k i n g , IT P r a c t i c e s , O r g a n i z at i o n a l S t r u c t u r e s , a n d G o v e r n a n c e 233 Critical Success Factors for Digital Transformation Initiatives 234 Short Release Cycles, Continuous Evolution, and a Minimum Value Product Approach 234 Fail Fast Approach 235 Partnering with the Ecosystem Players 235 Opening up Hitherto Closed Systems to External Players through APIs 236 Open Innovation 236 Why Aren’t Established Financial Enterprises as Nimble as the Fintechs? 236 Inheritance of Legacy Systems 237 Layers of Handshakes from Development to Deployment 237 Stove-Pipe Architecture 238 Partial Agile Adoption 238 Coming out of “Too-Big-to-Change” Syndrome 239 Changes to Software Development Methodology 239 Tools and Automation: Vital Ingredients for the Agile Development Recipe 246 Scaling Agile  246 Integrating DevOps into Software Development Lifecycle 247 Integrating Human-Centric Design Process into Software Development Lifecycle 251 UX Design  252 Service Design 253 Design Thinking 254 Changes to Architecture 255 Two-Speed Architecture 257 Shift toward Light weight, Decentralized Microservice Architecture 258 API Management 258 Instrumentation 259 Being Cloud-Ready 259 Changes to Teams and Organizational Structure 259 The Rise of the CDiO 259 Addressing Organizational Needs for Supporting Two-Speed Architecture 261 Cultural and Mindset Changes Needed 262 Conclusion 262 References  265 Enterprise mobility management Workflow and approval apps ExecuƟves and management Figure  A.3   UAC framework for mobile technology Mobile applicaƟon development plaƞorm/ mobile backend-as-a-service Mobile dashboards Secondary usage TransacƟon “on-the-go” (B2C) Primary usage Peer-to-peer transacƟons (C2C) CapabiliƟes Mobile analyƟcs ApplicaƟons RESTful/service oriented architecture Augmented reality guidance Enterprise system access on-the-go Employee producƟvity (B2E) CollaboraƟon (B2C, B2E, E2E, C2C) Service Enterprise single sign— on/mobile VPN Field force automaƟon, guidance, and collaboraƟon Sales and markeƟng CRM access on mobile, customer visit planning, customer 360, guided sales, sales collaboraƟon Engagement through contextualized “locaƟon-specific” offers (B2C) Payment (B2C) Generate locaƟon—based offers for customers Value Leverage context and locaƟon to provide targeted content and informaƟon, anywhere, anyƟme to the user, on any device 308 A pp en d i x A pp en d i x 309 value of mobile technology lies in the contextual information it provides, based on which the customers can be serviced with targeted recommendations From a business‑to‑consumer (B2C) perspective, mobile technology enables the enterprise to serve the transactional and engagement needs of the consumer From a business‑to‑business/partners (B2B) and business‑to‑employee (B2E) perspective, mobile technology helps enterprises in increasing the productivity of employees and partners as well as fostering collaboration between employees and partners Sales and marketing and servicing department personnel are the primary beneficiaries of mobile technology The ability of mobile apps to address the demands of sales force and field force automation (especially for wealth managers and investment advisors) have enabled better targeting of customers, better sales, reduced time to service, and better productivity for the financial enterprises Senior managers and executives can provide their approvals on the go through mobile apps To leverage the benefits of mobile technologies, the financial enterprise must have capabilities related to mobility infrastructure (like mobile application development platforms or mobile ­backend‑as‑a‑service, enterprise mobility management, mobile analytics, and enterprise security infrastructure like single sign– on), apart from an enterprise integration infrastructure References  Sunil Saxena 2013 Key Characteristics of Social Media Easymedia  Aug 11 http://www.easymedia.in/7-key-characteristics-of-social-media/ Fusionfarm  (This URL has been archived.)  http://blog.fusionfarm com/what-is-social-media-engagement-and-why-it-matters-for-yourbusiness Charlie Harper, Kimberley Thelwell, Patti Neumann 2016 What Exactly Is Social Media Engagement? Why Do I Need It? Social Media Fuze  Jan http://socialmediafuze.com/social-media-engagement/ Avinash Kaushik Best Social Media Metrics : Conversation, Amplification, Applause, Economic Value Kaushik (blog) http://www.kaushik.net/­ avinash/best-social-media-metrics-conversation-amplification-applauseeconomic-value/ 310 A pp en d i x Jasmine Jaume 2013 What IS Social Media Monitoring? Answers to Common Questions and Misconceptions Brandwatch Feb 20 https:// www.brandwatch.com/2013/02/what-is-social-media-monitoringanswers-to-common-questions-and-misconceptions/ Jeffry Pilcher 2012 Top 10 Best Banking Blogs –  Readers Choice 2012 Winners The Financial Brand  Nov http://thefinancialbrand com/26152/best-banking-blogs-readers-choice-2012/ Jeffry Pilcher 2014 Top 100 Hottest Bank & Credit Union YouTube Channels The Financial Brand  Oct http://thefinancialbrand com/42904/power-100-2014-q3-youtube-banking/ See Kit Tang 2015 How Social Media Is Reshaping Global Money Transfer CNBC  Nov 12 http://www.cnbc.com/2015/11/12/startup-fastacashs-xopo-app-lets-users-transfer-money-through-socialmedia.html Sysomos Different Types of Social Media Channels SlideShare  http://www.slideshare.net/sysomos/different-types-of-social-mediachannels-sysomos 10 Curtis Foreman 2017 10 Types of Social Media and How Each Can Benefit Your Business Hootsuite Blogs  Jun 20 http://blog.hootsuite com/types-of-social-media/ 11 Mary Wisniewski 2015 Pinterest Is Paying Off for These Big Banks —  Here' s Why American Banker  Aug http://www.americanbanker.com/news/bank-technolog y/pinterest-is-paying-off-forthese-big-banks-heres-why-1075878-1.html 12 Wikipedia .  Social Currency.  https://en.wikipedia.org/wiki/Social_currency 13 Incite group admin 2013 What Is Your Social Currency? INCITE GROUP  Jul 16.  www.incite-group.com/customer-engagement/ what-your-social-currency 14 HRzone    What Is Social Currency? http://www.hrzone.com/ hr-glossary/what-is-social-currency 15 Kurt Badenhausen 2013 Subway, Google and Target Are Top Brands for Social Currency Forbes  Mar 12 http://www.forbes.com/sites/kurtbadenhausen/2013/03/12/subway-google-and-target-are-top-brandsfor-social-currency/ 16 Samuel Hum 2015 Example of Social Currency Used in Marketing Referral Candy Feb http://www.referralcandy.com/ blog/15-examples-of-social-currency-used-in-marketing/ 17 Patrick Chanezon 2008 How Do We Socialize Object Online without Having to Create Yet Another Social Network? SlideShare  Mar http://www.slideshare.net/chanezon/open-social-presentation-gspwest-2008/15-Integrating_Community_Feedback 18 Wikipedia .  Activity Streams (Format).  https://en.wikipedia.org/wiki/ Activity_Streams_(format) 19 Wikipedia .  Activity Stream.  https://en.wikipedia.org/wiki/Activity_stream A pp en d i x Additional Resources 311 BrainyQuote .  Tim Berners-Lee Quotes.  http://www.brainyquote.com/ quotes/quotes/t/timberners444503.html Chris Howard, Daryl C Plummer, Yvonne Genovese, Jeffrey Mann, David A Willis, David Mitchell Smith 2012 The Nexus of Forces: Social, Mobile, Cloud and Information Gartner  (currently archived) Jun 14 https://www.gartner.com/doc/2049315/ nexus-forces-social-mobile-cloud TechTarget (SearchCIO) .  Nexus of Forces (Definition) http://searchcio techtarget.com/definition/nexus-of-forces Commander 2013 What Is the Third Platform? Oct 30 http://blog commander.com/platform/ O’Reilly    What Is Web 2.0?  http://www.oreilly.com/pub/a/web2/ archive/what-is-web-20.html?page=5 Sprinklr  2011 ( The Getsatisfaction blog URL has been archived and redirects to Sprinklr blog site.) http://blog.getsatisfaction.com/2011/05/25/ network-effect/?view=socialstudies Pascal-Emmanuel Gobry 2011 How Strong Are Network Effects Online, REALLY? Business Insider  (Tech Insider) May 19 http:// www.businessinsider.com/network-effects-2011-5?IR=T Jasmine Jaume 2013 What IS Social Media Monitoring? Answers to Common Questions and Misconceptions Brandwatch Feb 20 https:// www.brandwatch.com/2013/02/what-is-social-media-monitoringanswers-to-common-questions-and-misconceptions/ Giselle Abramovich 2013 Inside Mastercard’ s Social Command Center DigiDay . May 9. http://digiday.com/brands/inside-mastercards-socialcommand-center/ 10 Crowdsourcing  http://www.crowdsourcing.org 11 Microsoft    2015.  Align Enterprise Social Tools with Business Needs.  https://www.microsoft.com/itshowcase/Article/Content/506/ Align-Enterprise-Social-Tools-with-Business-Needs 12 Wikipedia .  Gamification.  https://en.wikipedia.org/wiki/Gamification 13 Ryan Dube Characteristics of Social Networks LoveToKnow  http://socialnetworking.lovetoknow.com/Characteristics_of_Social_ Networks 14 Sprinklr  2011 (  The Getsatisfaction blog URL has been archived and redirects to Sprinklr blog site.)  http://blog.getsatisfaction com/2011/05/25/network-effect/?view=socialstudies 15 Sunil Saxena 2013 Key Characteristics of Social Media Easymedia  Aug 11 http://www.easymedia.in/7-key-characteristics-of-social-media/ 16 Chris Howard, Daryl C Plummer, Yvonne Genovese, Jeffrey Mann, David A Willis, David Mitchell Smith 2012 The Nexus of Forces: Social, Mobile, Cloud and Information Gartner  (currently archived) Jun 14 https://www.gartner.com/doc/2049315/ nexus-forces-social-mobile-cloud 312 A pp en d i x 17 Ryan Dube Characteristics of Social Networks LoveToKnow  http://socialnetworking.lovetoknow.com/Characteristics_of_Social_ Networks 18 Sprinklr  2011 (  The Getsatisfaction blog URL has been archived and redirects to Sprinklr blog site.) http://blog.getsatisfaction com/2011/05/25/network-effect/?view=socialstudies 19 Patrick Chanezon 2008 How Do We Socialize Object Online without Having to Create Yet Another Social Network? SlideShare  Mar http://www.slideshare.net/chanezon/open-social-presentation-gsp-west2008/15-Integrating_Community_Feedback 20 David Nattriss 2010 Facebook Platform SlideShare  May 11 http:// www.slideshare.net/davenatts/facebook-platform 21 Karl Flinders 2014 CaixaBank Facebook App Unites Social Media with Banking Computer Weekly  May http://www.computerweekly com/news/2240220234/CaixaBank-Facebook-app-a-further-blurringbetween-social-media-and-banking Index Activity streams, 55– 56 Aggregators, 21 AI see  Artificial intelligence (AI) Analytics, and customer insights, 217– 219 Analytics primer big data analytics, 96– 104 capabilities required, 108– 109 and chief data officers, 104– 105 description, 94– 96 enterprise-wide integrated analytics strategy, 105– 106 goals of, 107 operational capabilities needed, 109 overview, 29 reference architecture for, 109– 112 scope of, 107– 108 source of, 108 type of users/consumers, 108 and Web 2.0, 30 “ A nywhere, anytime, any device”  banking, 272– 273 API see  Application programming interface (API) App and device delivery strategy, 71– 72 App containerization versus  app wrapping, 83– 84 App development strategy, mobility primer, 75– 79 Application management (MAM), 83– 84 Application programming interface (API) and digital transformation, 236 economy, 14– 16 management, 170– 175 and “ too-big-to-change”  syndrome, 258– 259 overview, 167– 168 regulations and standards, 168– 170 return on investment (ROI) from, 175– 176 Application virtualization, 118 App security strategy, mobility primer, 83– 85 313 314 In d e x Artificial intelligence (AI), 100 Autonomous banking, 277– 283 Backlog grooming meeting, 246 Banking, digital transformation of aggregators, 21 API economy, 14– 16 automation, 18– 19 consumerization of IT, culture and mindset change, 21 customer intimacy, 19– 20 democratization of IT, 7– 8 digital consumer and prosumer, 10– 11 digital natives, 9– 10 disintermediation of financial services, 20– 21 enterprization of consumer and consumerization of enterprise, 12 financial technology evolution, 23 and fintech startups, 20 foundation for, 18 IT investments in, 3– 5 new competitors, 22 and new markets, 19– 20 open source technologies, 12– 14 operational efficiency, 18– 19 overview, 1– 3 productivity gains, 18– 19 reduced cost of computing, 8– 9 shift in business model, 22 singularity and smart digital assistants, 5– 6 Banking trends, in 2020 financial industry “ anywhere, anytime, any device”  banking to “ everywhere, everytime, every device”  banking, 272– 273 borderless banking and decentralized distribution of trust, 274– 277 business clouds, 287– 288 from business process automation to robotic process automation, 273– 274 challenger branches, 272 from “ digital”  to “ phygital”  banking, 269– 271 government regulators, 285– 286 from omnichannel experience to optimum channel experience, 286– 287 real-time digital, 288 short-term, part-time employee, 283– 285 smart, intelligent, and autonomous banking, 277– 283 smart branches, 271– 272 overview, 267– 269 Big data analytics, 96– 104 four Vs of, 97 Borderless banking, 274– 277 Bring your own device (BYOD), 71 Business clouds, 287– 288 Business platforms versus  business APIs, 176 Business process automation, 273– 274 Business process mobile-enablement strategy, 73– 75 BYOD see  Bring your own device (BYOD) Challenger branches, 272 Chief data officers, and analytics primer, 104– 105 Cloud-platform vendor selection, 121 Cloud primer application virtualization, 118 cloud strategy, 119– 121 In d e x containerization, 118– 119 description, 112 desktop virtualization, 117– 118 hybrid cloud, 114 infrastructure-as-a-service (IaaS), 115 overview, 29 platform-as-a-service (PaaS), 115 prescription for shadow IT, 112– 113 private cloud, 113– 114 public cloud, 114 reference architecture, 121– 122 server virtualization, 117 software-as-a-service (SaaS), 115– 116 storage virtualization, 118 and Web 2.0, 30 Cloud strategy, 119– 121 Cognitive computing, 101 Consumerization, of IT, Containerization, 118– 119 app containerization versus  app wrapping, 83– 84 Content security strategy, 85– 88 Continuous evolution, and digital transformation, 234– 235 Corporate banking, 124 CRM see  Customer relationship management (CRM) Customer experience desirable habits for financial enterprise for, 223– 226 “ enable customer productivity”  step, 209 “ enable personalization”  step, 209– 210 “ enable self-service”  step, 209 “ engagement”  step, 208– 209 measuring, 206– 208 Customer insights, and analytics, 217– 219 Customer intimacy, 19– 20 315 Customer journey, designing, 204– 206 Customer relationship management (CRM), 212– 213 Daily scrum meetings/stand-up meetings, 246 DCX see  Digital customer experience (DCX) Decentralized distribution of trust, 274– 277 Decentralized microservice architecture, 258 Decision making, of digital workforce, 140– 141 Deep learning, 101 Democratization, of IT, 7– 8 Designing customer journey, 204– 206 Design thinking, 254– 255 Desktop virtualization, 117– 118 Device and app delivery strategy, 71– 72 DevOps, 247– 251 Digital business partnership models application programming interface (API) management, 170– 175 overview, 167– 168 regulations and standards, 168– 170 return on investment (ROI) from, 175– 176 business platforms versus  business APIs, 176 characteristics of, 165– 166 digital consumer economy, 176– 177 and digital ecosystem, 177 and ecosystems business platform model, 162– 165 partnership models, 162 316 In d e x new market segments digital consumer economy, 160– 161 long tail economy, 160 serving, 161– 162 sharing economy, 161 overview, 159– 160 technology enabling, 166– 167 Digital consumer, and prosumer, 10– 11 Digital consumer economy, 176– 177 new market segments in, 160– 161 Digital customer experience (DCX) analytics and customer insights, 217– 219 and customer relationship management (CRM), 212– 213 management platforms, 215– 217 and marketing automation platform, 214– 215 other enablers, 219– 221 security and privacy, 221 success ladder, 210– 211 Digital ecosystem, 177 Digital innovations customer experience desirable habits for financial enterprise for, 223– 226 “ enable customer productivity”  step, 209 “ enable personalization”  step, 209– 210 “ enable self-service”  step, 209 “ engagement”  step, 208– 209 measuring, 206– 208 designing customer journey, 204– 206 digital customer experience (DCX) analytics and customer insights, 217– 219 and customer relationship management (CRM), 212– 213 management platforms, 215– 217 and marketing automation platform, 214– 215 other enablers, 219– 221 security and privacy, 221 success ladder, 210– 211 and marketing technology, 221– 223 “ moment of truth”  (MOT) FMOT, 192– 194 identifying, 182– 186 influencing, 186– 204 SMOT, 194– 203 TMOT, 203– 204 ZMOT, 187– 192 overview, 181– 182 Digital innovations, for employees digital workforce, 136– 141 decision making, 140– 141 enterprise information access, 137– 139 gamification, 141 overview, 136– 137 process automation, 150– 152 real-time collaboration and on-demand access to experts, 139– 140 security infrastructure, 143– 150 virtualization, 152– 154 and digital workplace, 154– 156 overview, 133 SMAC technologies degree of relevancy of, 133– 135 digital characteristics, 141– 142 drivers behind use of, 136 Digital natives, 9– 10 In d e x Digital reference architecture, 255– 257 “ Digital”  to “ phygital”  banking, 269– 271 Digital transformation of banking aggregators, 21 API economy, 14– 16 automation, 18– 19 consumerization of IT, culture and mindset change, 21 customer intimacy, 19– 20 democratization of IT, 7– 8 digital consumer and prosumer, 10– 11 digital natives, 9– 10 disintermediation of financial services, 20– 21 enterprization of consumer and consumerization of enterprise, 12 financial technology evolution, 23 and fintech startups, 20 foundation for, 18 IT investments in, 3– 5 new competitors, 22 and new markets, 19– 20 open source technologies, 12– 14 operational efficiency, 18– 19 overview, 1– 3 productivity gains, 18– 19 reduced cost of computing, 8– 9 shift in business model, 22 singularity and smart digital assistants, 5– 6 critical success factors for and APIs, 236 continuous evolution, 234– 235 and ecosystem players, 235 317 fail fast approach, 235 innovative ideas, 236 minimum value product approach, 234– 235 short release cycles, 234– 235 and legacy systems, 237 overview, 233– 234 and partial agile adoption, 238– 239 and regulatory compliance controls, 237– 238 and stove-pipe architecture, 238 and “ too-big-to-change”  syndrome API management, 258– 259 being cloud-ready, 259 cultural and mindset changes, 262 decentralized microservice architecture, 258 design thinking, 254– 255 DevOps and software development lifecycle, 247– 251 digital reference architecture, 255– 257 human-centric design process and software development lifecycle, 251– 252 instrumentation, 259 organizational needs for supporting two-speed architecture, 261– 262 scaling agile, 246– 247 service design, 253– 254 software development methodology, 239– 246 teams and organizational structure, 259– 261 tools and automation, 246 two-speed architecture, 257– 258 UX design process, 252– 253 318 In d e x Digital workforce, 136– 141 decision making, 140– 141 enterprise information access, 137– 139 gamification, 141 overview, 136– 137 process automation, 150– 152 real-time collaboration and on-demand access to experts, 139– 140 security infrastructure, 143– 150 virtualization, 152– 154 Digital workplace, 154– 156 Discussion forums, 300– 301 Disintermediation, of financial services, 20– 21 Ecosystem players, and digital transformation, 235 Ecosystems business platform model, 162– 165 partnership models, 162 “ Enable customer productivity”  step, 209 “ Enable personalization”  step, 209– 210 “ Enable self-service”  step, 209 “ Engagement”  step, 208– 209 Enterprise device strategy, 81– 83 Enterprise information access, 137– 139 Enterprise integration strategy, 72– 73 Enterprise-wide integrated analytics strategy, 105– 106 ETL see  Extract transform load (ETL) “ Everywhere, everytime, every device”  banking, 272– 273 Extract transform load (ETL), 107 Fail fast approach, 235 Financial industry, in 2020 “ anywhere, anytime, any device”  banking to “ everywhere, everytime, every device”  banking, 272– 273 borderless banking and decentralized distribution of trust, 274– 277 business clouds, 287– 288 from business process automation to robotic process automation, 273– 274 challenger branches, 272 from “ digital”  to “ phygital”  banking, 269– 271 government regulators, 285– 286 from omnichannel experience to optimum channel experience, 286– 287 real-time digital, 288 short-term, part-time employee, 283– 285 smart, intelligent, and autonomous banking, 277– 283 smart branches, 271– 272 Financial technology evolution, 23 Fintech startups, 20 “ First moment of truth”  (FMOT), 192– 194 FMOT see  “ First moment of truth”  (FMOT) Gamification, 141 Government regulators, and financial industry, 285– 286 Hadoop ecosystem, 98 Human-centric design process, 251– 252 Hybrid cloud, 114 IaaS see  Infrastructure-as-a-service (IaaS) Infrastructure-as-a-service (IaaS), 115 In d e x Innovative ideas, for digital transformation, 236 Instrumentation, and “ too-big-tochange”  syndrome, 259 Intelligent, smart, and autonomous banking, 277– 283 IT investments, in Banking, 3– 5 Key performance indicators (KPIs), 94 “ K lout Score,”  38 KPIs see  Key performance indicators (KPIs) Learning deep, 101 machine, 101 supervised, 101– 102 unsupervised, 102 Legacy systems, and digital transformation, 237 Live streaming social platforms, 298– 299 Long tail economy, 160 Machine learning, 101 “ Machine learning as a service”  (MLaaS), 104 MADP see  Mobile application development platform (MADP) MAM see  Application management (MAM) Marketing automation platform, and DCX, 214– 215 Marketing technology, and digital innovations, 221– 223 MBaaS see  Mobile backend as a service (MBaaS) Micro-blogging platforms, 297 Microfinancing, 122– 123 Microservice architecture, 258 Minimum value product approach, 234– 235 319 MLaaS see  “ Machine learning as a service”  (MLaaS) Mobile application development platform (MADP), 94 Mobile backend as a service (MBaaS), 94 Mobile payments and wallets, 90– 92 Mobility infrastructure strategy, 88– 90 Mobility primer app development strategy, 75– 79 app security strategy, 83– 85 business process mobileenablement strategy, 73– 75 challenges, 63– 65 content security strategy, 85– 88 description, 62– 63 device and app delivery strategy, 71– 72 enterprise device strategy, 81– 83 enterprise integration strategy, 72– 73 mobile payments and wallets, 90– 92 mobility infrastructure strategy, 88– 90 overview, 29 reference architecture, 92– 94 security strategy, 81 tools strategy, 80– 81 usage application capability (UAC) for, 307– 309 user experience (UX) strategy, 67– 71 and Web 2.0, 30 “ Moment of truth”  (MOT) FMOT, 192– 194 identifying, 182– 186 influencing, 186– 204 SMOT, 194– 203 TMOT, 203– 204 ZMOT, 187– 192 320 In d e x Natural language processing (NLP), 96 New market segments, in digital business digital consumer economy, 160– 161 long tail economy, 160 serving, 161– 162 sharing economy, 161 NLP see  Natural language processing (NLP) Omnichannel experience, 286– 287 On-demand access, and digital workforce, 139– 140 Online-review platforms, 300 OpenSocial container, 304– 307 Open source technologies, 12– 14 Open Web application security project (OWASP), 85 Operational capabilities, for analytics primer, 109 Operational efficiency, 18– 19 Optimum channel experience, 286– 287 O’ Reilly, Tim, 30 OWASP see  Open Web application security project (OWASP) PaaS see  Platform-as-a-service (PaaS) Partial agile adoption, 238– 239 Part-time employee, 283– 285 Photo-sharing platforms, 299 Platform-as-a-service (PaaS), 115 PPDM see  Privacy preserving data mining (PPDM) Privacy, and DCX, 221 Privacy preserving data mining (PPDM), 221 Private banking, 123 Private cloud, 113– 114 Process automation, 150– 152 Productivity gains, 18– 19 Prosumer, and digital consumer, 10– 11 Public cloud, 114 Real-time collaboration, and digital workforce, 139– 140 Real-time digital, 288 Reference architecture for analytics primer, 109– 112 for cloud primer, 121– 122 for mobility primer, 92– 94 for social primer, 60– 62 Regulatory compliance controls, 237– 238 Release burnup charts, 246 Retail banking, 123 Return on investment (ROI), 175– 176 Robotic process automation, 273– 274 ROI see  Return on investment (ROI) SaaS see  Software-as-a-service (SaaS) Scaling agile, 246– 247 “ Second moment of truth”  (SMOT), 194– 203 Security, and DCX, 221 Security infrastructure, of digital workforce, 143– 150 Security strategy, and mobility primer, 81 Server virtualization, 117 Service design, 253– 254 Short release cycles, and digital transformation, 234– 235 Short-term employee, 283– 285 SMAC technologies see also  Banking, digital transformation of applications of, 122– 126 In d e x degree of relevancy of, 133– 135 digital characteristics, 141– 142 drivers behind use of, 136 Small and medium enterprises (SMEs), 123– 124 Smart, intelligent, and autonomous banking, 277– 283 Smart branches, 271– 272 Smart digital assistants, 5– 6 SMEs see  Small and medium enterprises (SMEs); Socially mature enterprises (SMEs) SMOT see  “ Second moment of truth”  (SMOT) SNA see  Social network analysis (SNA) Social analytics, 38 Social app review process, 304 Social apps, and developer platforms, 52– 55 Social bookmarking sites, 301 Social currency, 302– 303 Social data providers, 303 Social listening, 37– 38 Socially mature enterprises (SMEs), 32– 35 Social media engagement, 293– 296 Social media management, 35– 39 acting on posts, 38– 39 best practices for, 305– 307 social analytics, 38 social listening, 37– 38 social publishing, 35– 37 Social media reputation management, 302– 303 Social media response management, 302 Social messaging platforms, 299– 300 Social network analysis (SNA), 56– 60 Social networks 21 and channels leveraged by enterprises, 296– 297 and discussion forums, 300– 301 and live streaming social platforms, 298– 299 and micro-blogging platforms, 297 and online-review platforms, 300 and OpenSocial container, 304– 307 and photo-sharing platforms, 299 and social app review process, 304 and social bookmarking sites, 301 and social data providers, 303 and social media reputation management, 302– 303 and social messaging platforms, 299– 300 and social primer, 30– 32 and video sharing platforms, 298 and weblogs (or blogs), 297– 298 Social primer activity streams, 55– 56 integration of social media with enterprise systems, 39– 4 leveraging of banks and financial services, 45– 47 overview, 29 power of social networks, 30– 32 reference architecture, 60– 62 social apps and developer platforms, 52– 55 socially mature enterprises (SMEs), 32– 35 social media management, 35– 39 acting on posts, 38– 39 social analytics, 38 social listening, 37– 38 social publishing, 35– 37 social network analysis (SNA), 56– 60 social shopping and social sharing, 48 322 In d e x and social technology ecosystem, 48– 52 URL shortening services, 56 and Web 2.0, 30 Social publishing, 35– 37 Social sharing, 48 Social shopping, 48 Social technology ecosystem, and social primer, 48– 52 Software-as-a-service (SaaS), 115– 116 Software development lifecycle and DevOps, 247– 251 human-centric design process and, 251– 252 Software development methodology, 239– 246 Sprint burndown charts, 246 Sprint planning, 246 Sprint retrospective meetings, 246 Sprint review meetings, 246 Stand-up meetings/daily scrum meetings, 246 Storage virtualization, 118 Stove-pipe architecture, 238 Supervised learning, 101– 102 “ Third moment of truth”  (TMOT), 203– 204 TMOT see  “ Third moment of truth”  (TMOT) “ Too-big-to-change”  syndrome API management, 258– 259 being cloud-ready, 259 cultural and mindset changes, 262 decentralized microservice architecture, 258 design thinking, 254– 255 digital reference architecture, 255– 257 instrumentation, 259 scaling agile, 246– 247 service design, 253– 254 software development lifecycle and DevOps, 247– 251 human-centric design process and, 251– 252 software development methodology, 239– 246 teams and organizational structure, 259– 261 tools and automation, 246 two-speed architecture, 257– 258 organizational needs for, 261– 262 UX design process, 252– 253 Tools strategy, and mobility primer, 80– 81 Two-speed architecture, 257– 258 organizational needs for, 261– 262 UAC see  Usage, applications, and capabilities (UAC) Unsupervised learning, 102 URL shortening services, 56 Usage, applications, and capabilities (UAC), 305 mobility primer for, 307– 309 Usage application capability (UAC), 60 User experience (UX) strategy, 67– 71 UX see  User experience (UX) strategy UX design process, 252– 253 Video sharing platforms, 298 Virtualization, 152– 154 Web 2.0, 30 Weblogs (or blogs), 297– 298 “ Zero moment of truth”  (ZMOT), 187– 192 ZMOT see  “ Zero moment of truth”  (ZMOT) ... Digital Banking Professional SMACing the Bank   How to Use Social Media, Mobility, Analytics, and Cloud Technologies to Transform the Business Processes of Banks and the Banking Experience  By Balaji... social media, mobility, analytics and cloud technologies to transform the business processes of banks and the banking experience / Balaji Raghunathan Description: Boca Raton, FL : CRC Press, 2017... “ bi-directional”  and revolve around the needs of the targeted end‑user stakeholders The objective of these applications is to “ engage”  the end user by capturing the contextual parameters of the end user and