I have just published a report that builds on Forrester's research on CMOs' technology spending plans, focusing on India's banking industry. The Indian banking industry emerged unscathed from the 2008 and 2009 global financial crises, but it will not be immune to the age of the customer. My report outlines how technology will play an increasingly crucial role in implementing differentiated revenue models, a superior customer experience, and an optimized cost structure for banks. The key findings from the report include:
Digitally enabled customers are demanding customer obsession from their banks. Indian banking CMOs' top three business priorities are addressing the rising expectations of customers, improving margins, and acquiring and retaining customers — priorities that are similar to those of their peers in other industries. The experience that other industries offer — such as the compelling content, interactions, and features that consumer product companies provide — are shaping customer expectations, and customers want similar experiences from their banks. And the entry of new players and the tough economic situation are driving CMOs to increase their focus on winning, serving, and retaining customers.
The new Indian government announced its maiden 2014-2015 budget yesterday. Forrester views the latest budget as progressive, pragmatic, and a step toward building a “new” India. We expect the aggressive push on infrastructure and manufacturing as well as the focus on reforms to help lift India out of its economic doldrums. Here, in no particular order, are Forrester’s top five takeaways from the budget from an ICT spending perspective:
A thrust toward clean energy will drive technology investments. The Indian government realizes that it will be difficult for the energy sector to meet rising demand without new power generation capacity. We expect the increased focus on clean energy to drive demand for smart grid technologies and industry specific solutions. Clean generation companies are also likely to look for innovative business models from their service providers.