NextGen Digital leader: Prasanna Lohar: DCB Bank

Can you give an overview of emerging technologies you have deployed?

We have deployed below Emerging Technologies:

• Artificial Intelligence System – For Fraud Risk, Cross Sale Business Models
• Big Data – For Organization level Data Reporting
• Robotic Process Automation – For Operational Process Excellence
• Chatbot Based Applications – For Internal HR & IT Support Process
• Biometrics – Multi-Factor Authentication for Mobile Banking Authentication
• Blockchain – Pilots / POCs e.g. Cross Border, Record Keeping, Invoice Discounting, Reconciliation, Insurance Processes
• Internet of Things ( Inprogress ) – Branch Transformation
• AR / VR / MR (Inprogress ) – For better Customer experiences / paperless Awareness to Customer

Which are the functions/departments in your organization that is starting first with the emerging technologies?

Digital Transformation is a must need for every organization. As part of Digital Transformation, we look at 3 Areas to Transform –

• Front Offices – Mobility and Tab Applications
• Mid-Offices – API Banking & Automation
• Back Offices – AI, BIGData and Blockchain Adoption

We drive each area with the latest Infrastructure and required People and Process

• Retail Banking
• Human Resource
• Information Technology Department
• Reporting & MIS Department
• Branch Banking Department
• Trade Finance Department

How will emerging technologies like AI, Machine Learning, IOT, Big Data, Augmented Reality, and Analytics etc will change the fabric of IT organizations

Changes/benefits Post Adoption of Emerging Technologies

1. Involvement of Cross Units e.g. IT, Business, Operations. It helps in creating Digital Culture among Teams.

2. The dedicated Governance structure is being created to handle RPA and relevant Automation at Enterprise Level.

3. Operational Excellence and it has helped to meet internal Customer Experience. Fewer Errors, Cost Effective, Accurate, Time Saving Operations

4. Digital Culture Success of such Initiative is helping other Units to come forward and understand other well-known emerging technologies e.g. AI, Blockchain etc. This is helping the overall Bank to build the digital ready culture

5. Customer Satisfaction – Overall Automation is helping improved Customer Satisfaction

BIG DATA 

DCB Bank has implemented a scalable and robust framework to handle the four Vs of BIGData —Volume, Variety, Velocity, and Veracity. We have introduced machine learning and deep learning across various business units, in the areas of predictive analytics, prescriptive analytics, and clustering. We are in process of creating an artificial intelligence based engine. It will help to get 360 customer view & derive insights to offer them better-personalized experience & services. Our Risk Monitoring Systems uses BIGData analytics for better Risk management.

AI & RPA

At DCB Bank, we have successfully implemented the Robotic Process Automation (RPAs) for several processes. We have automated various repetitive operational processes. We have worked on enhancing such operations in more than 30 applications. We have also created specifically designed RPA software with a view on Artificial Intelligence (AI) capabilities in the future to handle high volumes and repetitive tasks that previously required long man hours. This has enabled us to reduce our costs, lessen errors and improve cycle time.

BLOCKCHAIN

DCB Bank is the Knowledge Partner of the BankChain community with Assocham, FICCI, and IAMAI. We are mentoring over 15 FinTech companies in implementing Blockchain in India.

We are working with various Forums and State Governments under various areas like Education & Skillset creation, Use Case identification, Technology Enhancement, Governance & Policy Standardization. We are working closely with academia (e.g. NITIE, IEEE) for Blockchain adoption. We have conducted more than 20 workshops for various industries on Blockchain awareness. We are working with IDRBT for the creation of Blockchain Platform for Indian Banks.

We have participated in various Blockchain Hackathon in the country e.g. World Blockchain Summit in AP, NIPP Blockchain Hackathon in Bengaluru.

We are evaluating various Use cases like Trade Finance; Invoice discounting, Secure Document Management, Purchase order management, Cross Border remittance. We are implementing 3 Blockchain based Solutions for Insurance, Cross Border Payment and Record-Keeping Areas.

DCB Bank has also implemented a revolutionary service ‘DCB Remit’ that allows online fund transfer from India, to over 20 countries, including USA, Canada, Australia, the UK, the UAE, and Germany. The transactions can be tracked on a smartphone or online. The Bank has signed an agreement with Instagram India for outbound money transfers to individuals from India.

Emerging tech adoption best practices and deployment strategies

Adoption of emerging technology with the below areas:

• Strategy creation around Digital Transformation
• Digital Culture with People.
• Technology & Infrastructure readiness
• Open Innovation culture promotion
• Process Re-engineering e.g. Operations, Development Re-Engineering
• Collaboration with Fintech / Startup / Institutions
• New Business Model creation

Various categories / phases / best practices:

• Technology Readiness – Right Architecture and Right APIs
• Technology Disruption - Eye & Experimentation on new technologies e.g. . . . Blockchain, Artificial Intelligence, Internet of things, Process Automation, BigData, Cloud Computing, Biometrics
• People Ramp-up – Get Fresher teams and bring on Internal development strength
• Fintech Partnerships - Get Partnering with Fintech to enable the solution of our problem statement
• Hackathon – Weekly Hackathon thru development team to bring on internally developed products
• Idea Express - Open innovation thru internal employs
• Summit, Community & Digital Feedback - Keep engaged with Fintech Communities
• Process Re-Engineering - Operation – Robotic Process Automation for cost optimization
• Process Re-Engineering - Development – DevOps & best practices
• Business Incubator Model - Align with Fintech, Collage to bring a new business model. Investments for better ideas from Fintech, Collage

Typical adoption cycle for emerging technologies:

Organization Readiness: Create Awareness of Emerging Technology e.g. Blockchain, RPA etc at bank level and Build CoE and Governance. Build Capability, Skillset

Identify For Use cases: Identify all manual areas in operations, processing, data center, branch operations and identify service providers and tools

Proof Of Concept: Perform / experiment with half identified Use Cases and

execute / document the ROIs.

Execution:     Estimate all use cases and prioritize the Identified Use cases c.   Create Project Plan and Execute with help of IT Governance & Stakeholders d.   Execute, Test & Deploy

Review: Review performance and RoI.