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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Customer Experience will make Winners and Laggards

Posted by Puneet Chhahira (View Profile | View All Posts) at 3:12 AM

Customer experience has been the talking point whenever trends forecast for any industry come up. The fate of any banking institution largely depends on the quality of customer experience it provides and the year 2017 is no different. In the Infosys Finacle - Efma report on emerging banking business models, more than 70% banks mentioned that creating a customer centric organization and enhancing channels to give an omnichannel digital experience were top priorities in the coming year. However, it seems that banks are falling short on this objective; in a recent survey of about 700 millennials, 75% said that they were dissatisfied with their banking experience.

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You must Bank on Insights - Every time, Everywhere

Posted by Venkatesh Vaidyanathan (View Profile | View All Posts) at 2:45 AM

Data science has been evolving ever since it has come into the picture for businesses and the year 2017 is no different. This evolution is driven by the sheer volume of data being generated and affordable computing power along with maturing algorithms. Business analytics is borrowing analytical advances from pure science and is making strides in generating actionable outcomes.

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February 16, 2017

Banking in Cloud-First Strategy

Posted by Sheenam Ohrie (View Profile | View All Posts) at 12:21 PM

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.

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Empower your Employees for Digital Transformation

Posted by Venkatramana Gosavi (View Profile | View All Posts) at 12:13 PM

One of the biggest challenges that banks face today in their digital transformation is the absence of right people, culture, and organizational structure. Hence, to complete a truly digital transformation one of the key priorities for banks in 2017 will be finding the right set of people, and empowering them to carry forward with the transformation strategy.

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Trends Reshaping Banking in 2017

Posted by Sanat Rao (View Profile | View All Posts) at 12:06 PM

From a bank's perspective, the glass is both half empty and half full as we head into a new year. The financial services industry continues to experience unprecedented change. One set of factors is purely environmental - sluggish global macroeconomic growth that shows no signs of picking up, rising regulatory capital and operating costs, depressed interest rate environments in developed markets, large non-performing assets in developing economies, and devalued currencies in several pockets, to name a few. This is putting further strain on the banking business, which is already bogged down by a marked slowdown in growth and profitability. 

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