April 28, 2016

Mobility First and Fullest

Posted by Richard Longo (View Profile | View All Posts) at 9:22 AM

How many features of that fancy smartphone do you use on a regular basis? If you're like me, an average mobile phone user, not many, I bet.

The thing is, it's no different with for mobile banking. While mobile technology continues to evolve rapidly - take wearables for instance, which will be the second highest selling consumer electronics product by 2020 - banks are yet to exploit even its existing power to the fullest.

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When Networks Rule

Posted by Jaymalya Palit (View Profile | View All Posts) at 9:20 AM

So today, the world's largest transportation company owns zero fleet, the largest hotelier lists more than a million rooms but owns none of them, and the largest movie service doesn't have a theater to its name. And Alibaba - which was only a local e-commerce provider just a couple of years ago - is not merely repeatedly breaking global sales records, but obliterating them.

What these providers have in common is a winning business model that leverages the collective power of a network or ecosystem to deliver incredible experiences at competitive prices to customers, at scale.

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April 26, 2016

Getting Truly Digital at Confluence

Posted by Anirban Dey (View Profile | View All Posts) at 12:03 PM

As we head into what promises to be a very exciting Confluence, here's what you can expect from Finacle.

Infosys Confluence 2016 focuses on Zero Distance, the approach to operating at the convergence of desirability, feasibility and viability. By uncovering ways for us to connect with end users, by bringing to life desirable ideas and by creating value from them. It's a framework that will allow you to adapt and respond to rapid digital disruption, on the basis of innovation, automation and lifelong learning. At Finacle, we are bringing this spirit to life by enabling our customers to deliver truly digital experiences to their customers. #TrulyDigital Banking is therefore our chosen theme for the Finacle track at Confluence 2016.

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Blockchain - A Strong Link in the Banking Chain

Posted by Rajashekara V. Maiya (View Profile | View All Posts) at 11:59 AM

One of the hallmarks of truly digital banking - which is the theme for the Finacle track at Confluence - is the role of the vast banking ecosystem. As a variety of banking and non-banking players collaborate and co-create to offer customers universal banking services, they would need a robust, secure mechanism to facilitate their interactions.

One of that mechanism is very likely, the Blockchain. There is a huge amount of interest in this technology, which has the potential to transform the way the industry works. Investment in Blockchain projects is expected to surpass USD 1 billion next year, and a number of banks are already experimenting with it quite seriously. Barclays, for instance, has a partnership with P2P payments provider Circle, which uses the Blockchain network. Then there's Visa, one of the participants in a USD 30 million investment in Chain, a Blockchain development platform. There are several ways in which Blockchain technology can improve capital market transactions, and a consortium of 42 banks is already working with Fintech firm R3 to examine some of them.

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Zero the Distance to Customers with Advanced Analytics

Posted by Venkatesh Vaidyanathan (View Profile | View All Posts) at 8:49 AM

At Infosys Zero Distance (ZD) is a quest to progressively reduce the gap between what clients expect of us and what we deliver. Today all our significant actions are measured against the Zero Distance yardstick.

And so when the time came to name a theme for Confluence 2016, Zero Distance was the obvious choice.

At Infosys Finacle, we have been applying the ZD principle to not only get closer to our clients, but also to enable our clients zero the distance to their clients. One way in which we are doing that is by enabling our clients to evolve into truly digital banks. This calls for not only reengineering banking functions around digital technologies, but actually reinventing the banking model to suit a truly digital culture.

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April 12, 2016

Defining Digital

Posted by Puneet Chhahira (View Profile | View All Posts) at 5:58 AM

An effective digital strategy can boost profitability by 40 % or erode it as rapidly as 35% in the next 5 years - if you don't get it right, says one study. Another says digitization is at top the agenda at retail banks, ahead of all else. There is universal agreement that the future of banking, indeed every business, is digital. Most banks you speak to are cognizant of the need to digitize, and fast; a number of them have already got a plan going.

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April 5, 2016

Niche services in banking - It's the icing that matters

Posted by Ritesh Andley (View Profile | View All Posts) at 4:43 AM

For years together, any product innovation in the banking world was focused around same or similar segment of customers. A significant shift in the target segment for financial services was brought about by the advent of mobile money in the developing world, about a decade back. Telcos used mobile wallets to target a segment of users, hitherto considered as an unviable segment by the traditional banking industry. Nevertheless, the user segment targeted by wallet services bring in inherent roadblocks like choice of UI, distribution channel, customer education etc.

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April 1, 2016

Open Banking

Posted by Arun Krishnan (View Profile | View All Posts) at 10:55 AM

Last year the European Union Council passed the revised Payment Services Directive (PSD2) that mandates the opening up of banks' payment APIs. The National Payments Corporation of India has introduced unified payments interface APIs, wherein anyone can initiate a payment transaction and create unique payments experiences.

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March 28, 2016

Insights drive all aspects of banking

Posted by Venkatesh Vaidyanathan (View Profile | View All Posts) at 10:10 AM

The Fintech revolution is threatening to completely disrupt conventional banking models. But for most Fintech startups, access to consumer data is still a huge challenge. In contrast, the incumbents have a wealth of transactional and behavioral data at their disposal. In the digital paradigm, the flow of data will only increase as each bank accumulates terabytes of data from a variety of external data sources.

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March 17, 2016

The Internet of everything

Posted by Sunder Madakshira (View Profile | View All Posts) at 11:45 AM

The Internet of Everything (IoE) can potentially create incremental economic value of up to US$19 trillion within this decade. As everything from automobiles to refrigerators to kitchen containers become connected and smarter, banks have a huge opportunity to get closer to their customers' lifestyles and financial needs.

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