March 13, 2017

More Things to Bank on

Posted by N. Narasimha Prasad (View Profile | View All Posts) at 7:08 AM

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.

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March 8, 2017

The Beacon Beckons: Banks and the Internet of Things

Posted by Pramod Krishna Kamath (View Profile | View All Posts) at 8:35 AM

Has the milk-ordering-refrigerator symbolism of the Internet of Things distracted other businesses from seeing its true significance? As an example, consider the banking industry, which hasn't paid much attention to the IoT so far. A leading analyst's prediction that about half of all sensors installed by 2020 could be relevant to financial services, should make them sit up and take notice. 

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March 6, 2017

Blockchain: The Race to Production Begins

Posted by Pramod Krishna Kamath (View Profile | View All Posts) at 7:38 AM

In the past year the banking industry has been buzzing with the benefits that blockchain technology offers and progressive banks took a step further to implement blockchain pilots to test out these benefits. 2017 is going to be the year when blockchain will move out of its pilot phase, and into production. This is going to be the year when blockchain will be mainstream, and the giants of the financial services industry have already indicated that blockchain is here to stay.

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Blockchain in Banking: Moving from Hype to Reality in 2017

Posted by Pramod Krishna Kamath (View Profile | View All Posts) at 6:44 AM

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. 

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Banking Architecture - Driving Value with Simplicity

Posted by Vivek Jeyaraj (View Profile | View All Posts) at 6:38 AM

On their journey towards a truly digital transformation, many banks stumble upon the barrier of outdated banking architecture. As Tom Groenfeldt, contributor to Forbes, says, "When 40-year old legacy banking systems meet the two-month old iPhone 6, the results aren't pretty." Banks are now looking for ways to bypass this barrier to keep up with the latest crop competitors and offer contextual customer experiences.

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February 22, 2017

Unleashing Innovation with Open APIs and Open Banking

Posted by Arun Krishnan (View Profile | View All Posts) at 10:33 AM

Banking as we know it will cease to exist in 2017, and regulators and governments have recognized the need for open banking initiatives in the current environment. The Indian Government recently launched the United Payments Interface (UPI), and the European Union passed the PSD 2 regulation to promote open banking. With open banking initiatives and regulations coming into play in the global arena, it is a clear sign for banks to change their traditional mindset and collaborate to innovate.

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February 17, 2017

Technology Trends Reshaping Banking in 2017

Posted by Deepak N Hoshing (View Profile | View All Posts) at 8:50 AM

In the past few years there has been rapid evolution and adoption of digital technology that is disrupting established banking business. But digitization has also thrown open significant number of opportunities for banks to deliver sophisticated customer experience, smarter decisions and operational excellence. We believe that banks need to implement a bold and comprehensive "Truly Digital" transformation strategy to succeed in 2017; and we have identified six technology trends that banks need to address in 2017 to be #TrulyDigital:

  • Unleashing innovation with open APIs and open banking
  • Banking in cloud-fi­rst strategy
  • Blockchain: The race to production begins
  • AI - your sci-fi­ movie imagination is turning into a reality
  • More things to bank on
  • Banking Architecture - driving value with simplicity
You can read in detail about the top trends reshaping banking here.

Moving a Step Closer towards Autonomous Banking

Posted by Scott Hackl (View Profile | View All Posts) at 8:45 AM

The Infosys Finacle - Efma report on retail banking mentions that 53% of the banks feel that pervasive automation will be one of the key drivers for digital transformation in the coming year. While this makes a good case on behalf of automation, the foremost question on everyone's mind at the moment is, how are technologies like automation along with artificial intelligence, will impact the workforce.

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

Posted by Ethan Wang (View Profile | View All Posts) at 8:34 AM

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.

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Economics of the Business Ecosystem will come into Play

Posted by Richard Longo (View Profile | View All Posts) at 3:25 AM

There is distribution, decentralization and disintermediation of assets brought on by digitization in today's world. This is the brave new world of the sharing economy, and businesses are partnering with other service providers to bring value to consumers in a scalable and flexible manner. When banking becomes truly digital, it will resemble the business models of today's successful platform businesses like Alibaba, Uber, etc. There is no other industry that is as pervasive as the financial services sector when it comes to consumers; hence this makes a solid case for having a banking service option embedded in all applications.

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