Results tagged “technology innovation”

Regtechs - The Bank Friendly Fintechs

"Regulation needs to catch up with innovation" - Henry Paulson, Banker, 74th Secretary of Treasury - US.

Traditionally, banks have relied on policy, procedure and people to comply with regulations, rather than on technology - most repeatable compliance processes are mostly handled manually.

It is a known fact that regulatory pressure on banks has been increasing since 2008. BCG reports that the number of regulations that a bank has to track on a daily basis has increased from approximately 60 in 2011 to a whopping 200 in 2015. Strategic response of banks has been to handle the increasing regulatory pressure via process and people, hiring more staff for compliance. At one point, Citibank was reported to have 30,000 employees working on regulatory compliance. Despite this, European and North American Banks have collectively paid USD 321 billion in compliance fees in the period from 2008 to 2016. With increasing regulatory pressures, high costs of litigation and compliance fees, shrinking margins and shortage of compliance experts, banks are now looking at fine tuning this process in order to ensure compliance and avoid costly fees, as well as, keep running costs low.

More Things to Bank on

Mobile has been the key driver for innovation in the digital space, and banks have long since moved from the "mobile-also" to "mobile-first" strategy. While this strategy has helped banks to transform for their digital journey, nowadays with the rapidly evolving capabilities of mobile phones, technology has proved to be somewhat of a moving target to keep up with.

Blockchain in Banking: Moving from Hype to Reality in 2017

Blockchain has been a topic of discussion ever since its inception in 2009 as the underlying technology for Bitcoin. The industry has seen intense debate and deliberation on the potential of blockchain, with many claiming, that it is as foundational, as the internet. Some banks state that they have moved past deliberation stage on blockchain, and are starting proof of concepts around this technology. 

AI - Your Sci-fi Movie Imagination is Turning into a Reality

Artificial intelligence (AI) is going to become the competitive advantage for banks in the future. In fact, a majority of banks feel that AI is going to have a significant impact in the coming year as a disruptive technology. Progressive banks are getting on board the AI train, and now intelligent digital assistants are omnipresent in banking - from payments, to money management, and financial advice as well. While progressive and challenger banks are already off the starting block, it is expected that their traditional counterparts will soon follow suit.

Banking in Cloud-First Strategy

Cloud first strategy is no longer a pipe dream, but a reality. Banks are still coming around to the idea that with the digital disruption of business models, the new open ecosystem will be banking on the cloud. Cloud will be the biggest driver for technologies that are currently changing the face of business - - blockchain, artificial intelligence (AI), open APIs, server - less computing, IoT etc. Progressive banks will move beyond non-mission-critical systems on cloud to supporting production workloads on the cloud.

Why India is a poster child for global banking models

Digital disruption is paving the way for newer, more agile banking models and India is becoming the poster child for banks all over the world. Between the innovations in mobile and social banking, and progressive regulations, India has managed to leapfrog the legacy systems and processes that burden most banks in the world.  One of the most recent technology led revolutions in the banking front in India, was the launch of Unified Payments Interface (UPI), by the National Payments Corporation of India (NPCI). The UPI has the promise to be a game changer in the era of cashless payments. Imagine a scenario where you don't have to jump through all the hoops to make a payment, and just need a unique ID, similar to an email ID, to make a payment. Imagine a cashless transaction, that doesn't require you to type out your credit or debit card details.

How Ready Are Indian Banks For Blockchain Adoption?

Blockchain technology underlying the 'Bitcoin' crypto currency has created lot of buzz in the technology landscape compared to any other technology in the past. Perhaps, blockchain is considered to be the biggest disruption post 'internet'.

People and Processes: Banking Twins

People versus process.jpg

The idea of a world ruled by machines has inspired many a work of science fiction. That's just one manifestation of man's machine fascination. Another - which is both more real and meaningful - is the increasing device dependence of each generation. The advent of computers has further accelerated this process and it is, today, impossible to think of a sector or industry or facet of life untouched by technology. The banking sector, in particular, has been a major benefactor of technological advances. What remains to be seen is whether this trend will make people redundant in this sector.

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