70% of customers use digital access to research banking products, while 66% of banking transactions will happen through mobile devices or the internet by 2021. Not only should the banks be equipped to dynamically introduce innovative business products and services, they should offer flexibility to their customers to gain access to these services on the fly. Financial institutions should converge channels in order to meet the demand for a seamless 'one Bank, one Product, one Experience' for their customers. With customers using a wide array of devices, newer ones being introduced every day, the need for distributing services uniformly across all the available channels have seen multi-fold increase.
Canvas Technology, a transformative distribution technology for channel solution design, development and deployment, is an 'ahead-of-trends' product that enables the financial institutions to offer a unique omnichannel platform for end customers as well as internal users, thereby future-proofing existing investments. Banks can set up a flexible and high performance environment for accelerated configuration of services while retaining complete control over user experience and change management.
CIOs can now focus on creating value added services without having to worry about multiple point solutions for various channels. This is because the solution’s Configure Once Run Anywhere (CORA) design takes care of delivering the content to multiple devices. As demands for access of enterprise systems by different role players across multiple channels increase, the power of canvas technology will significantly enhance the bank's change management capability.
Canvas provides for a rich common services tier that offers services like entitlements, alerts, audit, logging and security. Centralised implementation of these services allows all channels enabled via Canvas to utilise these services. At the heart of Canvas Technology are ‘Apps’ which offer reusable self-contained business functionality. The technology responds to international banking challenges by providing uniqueness to a bank, to a customer's sector, to a specific customer or even to a customer's subsidiary by apps which exist in the overall Canvas framework resulting in an incredibly low learning curve for both the mature user as well as the generation X users. It also enables the financial institutions to design customised apps, which can be configured easily for access by entitled users for faster time-to-market and the rapid launch of new products. This concept of apps brilliantly caters to the flexibility by offering right-sized solution granularity - for faster turn around, lesser interdependency, lower testing cost, version management and higher flexibility in pricing.
These apps help empower end user - be it a corporate treasurer, an impatient customer or a front office teller - with information and analytics that drive real-time decision making and transaction execution, across devices, in a consistent manner. It enables seamless handling of distribution and consumption of existing, as well as banking services added in future, in a manageable, sustainable and profitable manner.