Fig : 1.

0 S Curves The dynamic models mentioned above state that the evolution of an innovation ends with the arrival of a technological discontinuity. However, it is difficult to predict when this discontinuity will arrive. As argued by Foster (1986), the rate of advance of a technology is a function of the amount of effort put into the technology and follows the S curve shown in Figure 1. For a given technology, the evolution is as follows: Initial efforts result in little advancement until the technology becomes successful. This success point, at the lower knee of the curve, is where the technology has finally demonstrated its utility and superiority over the previous technology. After this point significant progress and improvements are made as several embodiments are produced and the technology becomes widely established. Eventually, however, the physical limits of the technology are reached, and continued effort results in little additional advancement. To go beyond the limits of the top of a predecessors S-Curve, a new alternative must be created.

The S-Curve Framework In the innovation management field the S-Curve illustrates the introduction, growth and maturation of innovations as well as the technological cycles that most industries experience. In the early stages large amounts of money, effort and other resources are expended on the new technology but small performance improvements are observed. Then, as the knowledge about the technology accumulates, progress becomes more rapid. As soon as major technical obstacles are overcome and the innovation reaches a certain adoption level an exponential growth will take place. During this phase relatively small increments of effort and resources will result in large performance gains. Finally, as the technology starts to approach its physical limit, further pushing the performance becomes increasingly difficult, as the figure below shows.

Consider the banking industry, where the traditional branch functions were replaced by ebanking. Firstly, branches were very expensive to set up and maintain due to the large
overheads associated with them. Secondly, e-banking products/services like ATM and electronic funds transfer were a source of differentiation for banks that utilized them. Being in a fiercely competitive industry, the ability of banks to differentiate themselves on the basis of price is limited. Technology has introduced new ways of delivering banking to the customer, such as ATMs and Internet Banking. Hence, banks have found themselves at the forefront of technology adoption for the past three decades. It is imperative for banks to align their strategies in response to changing customers needs and developments in technology.

In the early stages of this banking technology a huge capital was spent on the E banking and it took several years to get the customer acquainted with the e banking and as the technology reached a certain level of development, the know-how and expertise of E banking started to spread, boosting dramatically the speed at which trend evolved. Later on as technology is moving forward by leaps and bounds, the banking industry has pressed the right buttons to take advantage of the new emerging technologies like Web 3.0, Cloud Computing, Big Data and Internet of Things. The banks are taking the right moves to make the innovations in these emerging technologies to stay ahead of their market competitors. This innovation of new technologies created a new S-curve, shifted to the right of the original one for better and reliable performance compared to the older versions of the innovations that happened in the banking industry.

Introduction to the Web 3.0

Web 1.0 could be considered as one way messaging whereas with Web 2.0 in the banking world, two-way communication is established and users are empowered to communicate with their bank as well as between peers. An excellent Web 2.0 example in the banking industry is www.kiva.org, a socially responsible peer to peer micro finance provider to the poor. Web 2.0 : Changing from product centric to customer centric and truly engaging with and empowering customers. Web 2.0 is clearly of strategic importance for the banking industry. Moreover most of young customers are using social networking sites, 80% between 1821 according to Forrester Research and an average of 30% of adults. If your customers are more and more using the web and social networking sites to find answers for their questions and share their experiences, should our bank not be out there? Beyond Web 2.0 When will we meet the true virtual banker ? With Web 3.0, a virtual banker is added as the third participant in the communication chain. Rather than the Web 2.0 enabling information sharing and communication, with Web 3.0 the virtual banker (or intelligent agent) is actually participating based on artificial intelligence. This machine facilitated understanding of information should add to the user experience and increase satisfaction. Putting theory into practice Image building : Financial Podcast, Increase brand awareness, Digital Marketing.. Cross sell opportunity Real time marketing opportunities: online competitions, viral campaigns etc. through Microblogging.

Microblogging //With companies around the world adopting Web 2.0 concepts for meeting Business process and internal communication needs blogging and social Networking have become popular concepts today. // Blogging has revolutionized web-based publishing. This nature of publishing is similar to a media within the limits of free speech. The concept of Microblogging is more similar to blogging except that there is a limitation on the length of the blogged message Unlike traditional social networking . The messages in a microblog can be viewed by all those who are connected to the service if they choose to A member of the network could choose to follow another individual or community on the network . As opposed to social networking community platforms, a micro-blog can be accessed by anyone without pre-set authorizations or approvals being required from the target entity that they wish to follow . This also facilitates a two-way communication process without requiring an approval workflow to be put through the paces .

What does this translate into for the user ? For the user, microblogs are a source of textlight information. It is a medium for many to get an incremental view of what is happening in their communities and areas of interest. Microblogging began as a means of broadcast communication has played a mild role in the internet age, shying away from the formal frameworks of social networking platforms. But things started changing, what started Out as a fad has transformed into a revolution. An example being the Microblogging service, Twitter, which commenced operations in March 2006 , that Has shown an impressive growth in terms of number of users added last year. Microblog user communities include organizations that span the breadth of industry. Studies performed in the US show that auto mobile giants such as Ford, Honda, General Motors, airline companies including Southwest airlines, the Marriot Group of hotels, sports teams like Chicago Bulls, Portland Trail Blazers to retail companies such as Starbucks, Burger King, Dunkin Doughnuts, to electronics brands such as Dell and Kodak are joining the microblogging revolution. These organizations have their own bloggers and use it as an effective tool for branding their products, obtaining customer feedback and staying in touch with their present employees and alumni. How can companies benefit from microblogging? Microblogging may be considered an indirect influencer to the manner in which companies can generate revenue. Companies can use microblogging services such as Twitter, Pownce, Plurk, Tumblelog to generate leads potential clients, contacts, partners and affiliates, hiring etc. Organizations can use this framework to promote/sell their products and services, gather information and receive guidance on products and services of their own and that of their competition. Most of the companies find collaborating with customers a means to better manage product development. As per a survey by KPMG, on online marketing, about 22 percent of the respondents use some kind of collaborative or interactive tool for customer retention, 19 percent use it for branding and around 15 percent of companies online advertising budget is dedicated to these tools which shows how important this medium of communication has become for companies. So does Microblogging matter? yes its one of the best innovative marketings ways to keep abreast in a competitive market like ours.

Web Mashups
Consider an application that combines data from two or more sources into a single integrated application. A web mashup is a website or a web application which makes use of the content from two or more sources to create a completely new service. Creators of a mashup dynamically pull data from multiple sources and integrate it to produce results which can be used for purposes that the original raw data were not meant to serve. Web Mashup Architecture How does this architecture help the banking Industry Application types, in the financial services industry, that can benefit from Enterprise

Mashup solutions include: Client Prospecting: Prospective client lists with demographics and products / services databases to generate meaningful information for lead prospecting. For instance the list of potential customers from CRM application can be mashed with their contact information from digital marketing services such as social networking sites and Micro Blogging. Customer Insight: Combining customer information from multiple sources into a single portal. For instance mash of customer lists with call logs, service requests and transaction history. Online Banking: Combining customer activity and current services with cross & up sell offerings. Enterprise Risk Management: A combination of sources that manage credit, market, reputation, fraud, IT and other operational risks could help in managing enterprise wide risks effectively. Loan Processing: Mashup of status from all parties / systems involved in a lending transaction to obtain an overview of credit history and repayment capability. Credit Risk Management: Combining internal and third party analytics sources to generate an effective credit risk model. Trade Analysis: An overview of pricing, specific news feeds and trend analysis for buy and sell research applications to understand effective trading strategies. Online product review systems: Online merchants enable customers to review or express opinion on the products they have purchased. Online reviews can have great implications for a wide range of management activities, such as brand building, customer acquisition and retention, product development, and quality assurance. According to Gartners research3, by 2010 mashups will be the dominant model (80 percent) for the creation of composite enterprise applications. The survival of mashups depends not only on interoperable systems but also on the continued willingness of data providers to give meaning and utility to those interoperable systems. Parties interested in web services are concerned that the current potential for open innovation will be hampered by complicated and possibly conflicting terms of service between data sources. Some stakeholders are also concerned that any investment they make will be dependent on the goodwill of thirdparty web services providers. Web Mashups exemplify designing of the information you desire tuned to your needs and the adoption of web mashups in creating innovative applications is going to be something to look out for. Cloud Computing Cloud Computing refers to offering of dynamically provisioned computing services comprising of a mix of applications, platforms and/ or hardware capacity to users, through a network of geographically disbursed systems.

The service is typically offered through geographically disbursed and large data centres, based on welldefined service-level agreements. A central component of Cloud Computing is an economic agenda that promises cost, service and advantages over traditional IT architectures which are based on having dedicated resources for each business unit in an enterprise. Other potential benefits include lowered costs due to more efficient use of shared hardware which principally facilitates the conversion of Capital Expenditure (CAPEX) to Operating Expenditure (OPEX) as resources are rented rather than bought, thereby reducing the corporate opportunity cost of investment decisions in IT. Gartner placed Cloud Computing at number two in its ranking of Top 10 Strategic Technologies for 2009. Cloud computing capability can be provided by third parties over Internet or by an organization internally. The internal capability (private cloud) is the use of cloud computing technology by large corporate entities to provide computing capability across business. For the purpose of this discussion the term cloud computing has been restricted to third party clouds (i.e. public clouds). Based on the nature of services offered by Cloud Service Providers (CSPs), cloud computing can be categorized into: Infrastructure as a service (IaaS): The possibility to share infrastructure among several users creates a market in which savings can be passed onto CSP clients. There are solutions in the market, which offer flexibility to allocate computational and storage resources to applications on an as needed basis. The service is also sometimes referred to as Platform as a Service (PassS), wherein infrastructure is offered as platform allowing customers to carryout own development or hosting of solutions. Database as a service (DaaS): Vendors offer (typically non relational) database storage with proprietary query languages to retrieve and manipulate data. Typically, DaaS uses a multi-tenant architecture, where the data of many users is kept in the same physical database or table. Software as a service (SaaS): The original Cloud application, SaaS refers to applications offered as a monthly subscription service, such as Saleforce.com, rather than as a software package license purchased by an individual customer. This presents user organizations with cost advantages and simplicity particularly in installation and maintenance. Several providers, for example, Microsoft Azure Services, provide software development and operation facilities within the SaaS framework. Potential benefits include: Better cash flow and greater financial visibility: The Cloud providers charge users based on the time spent on a Cloud system or on the level of consumption of resources such as processing power used, transactions carried out, bandwidth consumed, data transferred, or storage space filled. In this model, cash flow follows the realization of benefits and it offers transparency of costs. By being able to directly charge business units for resources used by them, business units have a better visibility of the financial costs of IT services. This typically drives business units to rethink their IT demand and optimize their usage accordingly.

Rapid provisioning and elastic scaling of services: It is often said that while IT brings flexibility to business IT is not flexible. Cloud computing changes this paradigm. CSPs offer immediate access to a broad range of services. An organization can quickly scale-up or down usage in response to the changing business needs. This flexibility helps business to respond to changing business requirements in an efficient and cost-effective way by paying for capabilities being used. Allow the IT department to focus on competencies that are core to the business: 1) By moving non-critical services on to the cloud, the IT department can shift its focus from tactical problems such as constant software patches, platform maintenance and other computing issues, to strategic IT projects and IT innovations work with business to achieve business objectives. 2) Environmental benefits: Further, the CSPs may transfer the services to a virtualized environment in a location where the energy is greenest and leads to higher utilization of the computing power and lower wastage from idling. Impact on the organization As Cloud computing matures and more businesses move on to the cloud based environment, the requirements for in-house IT capabilities ahould gradually shift from support and delivery to strategy and management. Procurement and vendor management will likely become an increasingly important IT capability. Ultimately, the decision to move to the Cloud will likely come down to driving the service portfolio across the business to meet business objectives effectively and to improve user experience while lowering overall costs, with a firm view on presented risks. With large monolith vendors joining the likes of Amazon, the cloud computing space promises to get even more interesting. With the investment banks have already made in setting up their infrastructure, the adoption of cloud computing is not going to be an easy step to take. If there is a step in that direction the way-forward could include setting up of a private cloud and supplementing this with very specific services from a public cloud such as customer relationship and sales.

XBRL
A wide range of entities such as stock exchanges, securities analysts, regulators, banks, ratings agencies, among other corporate 'infomediaries', deal with corporate data for analysis, review, consolidation and re-publication or dissemination. Interactive data or XBRL format, with its system of tags that identify context with the content of corporate reports, facilitates tremendous savings in the timeto- analysis for data, reduced cost and improved accuracy in data handling, automated collation of data from disparate sources, elimination of errors due to manual data entry and re-formatting, and exception based review and escalations.

XBRL makes it easier to create, consolidate and apply business reports. For example, analysts can download publicly available financial statements in XBRL format to spreadsheet software, and analyze it using commercial off-the-shelf XBRL publishing and viewing software. It is possible to search across XBRL documents and extract individual concepts that might be needed for particular types of analysis. XBRL also offers new ways to impose validation rules inside report definitions. For example, checks for accounting rules (the balance sheet must balance), transposition errors and inter-series and inter-concept checks all can be prepared within the report definition. This provides a new level of rigor for business reporting2. Global Developments More than 400 banks file monthly financial statements in XBRL; for the Bank of Spain, introduction of XBRL for reporting has enabled automatic data validation, achieved better quality of data and reduced manual effort3. Securities and Exchange Commission (SEC), United States via Release No. 339002 has adopted new rules for submission of financial statement information by specified public companies and foreign private issuers. Such entities are now required to provide financial statements to the Commission and on their corporate Web sites in Interactive Data Format using XBRL. The existing Electronic Data Gathering, Analysis and Retrieval System (EDGAR) database contains historical company information for the last eight years as per XBLR format, to facilitate comparative reports. Some fo the Advantages to support XBRL 1) Under Basel II norms, Banks and Financial Institutions are required to measure and report far more complex and comprehensive set of information regarding the structure and nature of their risk assets and operations. Moving to XBRL can simplify oversight by enabling regulators to manage compliance by exception rather than random data sampling, to build more flexible regulatory structures, and to create an efficient management reporting system. XBRL can play a key role in helping the regulators to absorb and analyze volumes of data provided to them, based on an efficient, standardized and transparent reporting system which facilitates accurate and reliable extraction of data. Internal Reporting: Proponents of XBRL point to the tremendous benefits organizations can achieve by adopting an integrated approach to XBRL implementation; under this XBRL may be used in the early stages of data collection / transaction entry across enterprise systems. Data can be tagged at a transaction level facilitating a common enterprise search paradigm, data sharing within business units and departments, minimizing use of spreadsheets, and improving the overall efficiency of Internal reporting. It may be possible to align Internal reporting with compliance / regulatory reporting thus avoiding duplication of efforts. However, a key dependency is the organizations ability to enhance legacy systems for the comprehensive developments. Also, given that many vendors for ERP and General Ledger systems have not integrated this approach within their product portfolios

as yet, it is proving to be a who goes first situation between vendors and customers alike. Off-the-shelf commercial software is available for XBRL publishing and viewing/reading; these are usually used at a financial consolidation level. Such a bolt-on approach to implementing XBRL can be a cost-effective quick win for the enterprise in terms of implementation. Usually, publishing/edit applications come with more extensive training and support, as well as access to considerably more data and instance documents from a single location than the viewers. Else, organizations may also consider expedient to engage specialized third parties with expertise in the technology and regulatory requirements for the conversion. Researchers also point to the issue of security inherent in using XML6 based technologies. Researchers in Finland discovered XML flaws in the Open Source XML libraries7, where XML fuzzing takes XML message structures and alters them in ways beyond imagination, which might easily corrupt XML parsing and XML-based protocol communications. The result is a denial-of-service situation, corruption of data, or maybe even a situation where hostile code can be executed on the vulnerable host. XBRL is a catalyst towards better regulation, greater transparency and accountability in financial reporting. However, its success is contingent upon the successful adoption of common standards for accounting and business reporting such as IFRS, and norms under the Basel II Convention. ICAI has urged the government to mandate that all companies file their Financial Statements in XBRL format and year 2011, coinciding with the adoption of IFRS, has been set for achieving readiness in this respect. Organizations need to assess their preparedness to achieve this from a process, systems and technology perspective.