Banking & Financial Services

Unified Payment Interface – Is it a real threat to Digital Wallets?

With the introduction of Unified Payment Interface (UPI) this year, National Payment Corporation of India (NPCI) struck a right cord in fulfilling dream of digital India. As UPI is making its way to market, many analysts have started comparing it with digital wallets. The growing consensus depicts end of an era for mobile/digital wallet companies 

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Making way for smart contracts

Blockchain and smart contracts in financial organizations are shifting from curious experiments to pragmatic pilot projects. A few software products, including Ethereum, Digital Assets, Hyperledger, Multichain, Chain, and R3CEV, seem to have garnered larger interest in the banking space. While these are generic, there are more business-specific blockchain-smart contract vendors such as Itbit, Bankchain, Wave, 

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The Unfolding Future of Bank Branches

‘Trust’ and ‘Transparency’ have always been the cornerstones of stakeholder expectations in the banking industry. Since 2008, there has been a constant deficit on both fronts, resulting in heavy regulatory penalties, right sizing of banks and several other long-term implications on the economy. Since then, banks have taken up the responsibility of rebuilding customer trust 

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Technology innovation and policies set to fuel India’s move to a cashless economy

It is a globally accepted fact that moving to a cashless economy is good for growth. Several studies have indicated that the adoption of alternative methods for money transfer and payments provide benefits to all actors in the ecosystem – the government and central bank, commercial banks, the industry as well as the end consumers. 

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Smart Contracts and the Automation of Trust

Blockchain and its related technology has gained significant attention across industries. The financial industry has begun to realize the potential of it. It’s very well known that blockchain technology decentralizes decision making and fosters decision by consensus (in technical terms, proof of works where all participating miners are expected to solve a given mathematical problem). 

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Business Transformation in Asset Management

Asset Management is no exception to the dramatic changes currently facing the financial services industry. This transformation is happening on a global level, including the introduction of regulations that impact firms’ operating models in a variety of ways. Technological innovation is a driver of the changes affecting how firms interact with their clients, impacting asset 

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Artificial Intelligence solution framework for investment advice

Investment banks are evaluating possible avenues for efficiency improvement either through artificial intelligence (AI) or through automation. In fact Robo Advisors are disrupting the traditional wealth management model by attracting large number of millennial customers by providing a differentiated Investment management experience. At the same time new regulations are being introduced to ensure safety of 

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Four trends set to disrupt banking

Until the last financial crises took place, banks were pillars of greatness. They offered the best paying jobs, blue-chip stocks to invest, and occupied landmark buildings in major cities. At the same time though, they also represented poor customer service, high inefficiency and cost of operations, and legacy technology running core systems. Fast forward a 

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Micro-segmentation: Enabling Bank Marketers to Target Customers

Customers today are spoiled when it comes to choices. They choose the products and services most relevant to them. Now, in order to stay relevant, banks need to get closer to their customers and understand them better than before, compared to their peers. Only then, through personalized and relevant offers, can banks significantly improve the 

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Mobile Wallets Must Move Beyond Payments to Escape Infancy

A risk of card fraud and popularity of smartphones among various users has led to the emergence of “mobile wallet” solutions for point-of-sale (POS) and online shop payments. However, mobile wallets remain in a nascent stage until service providers can deliver value beyond just payments. Digital payment service providers are both competing aggressively and willing 

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Smart contracts: Too blurry to be true?

The herding mentality in finance is a recurring theme. We have seen it take place both during the dot-com boom and the mortgage crisis. Recently, it is fintech startups and the solutions that they develop which have attracted interest. Smart Contracts (SC) are a recent example of a solution that’s beginning to turn heads. One 

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The case of experimental environment for driving innovations in banking and financial services industry

There is a paradigm shift happening in the banking and financial services (BFS) space. Day in and day out we are reading stories about new technologies, new business models that are reinventing the way banking is done. These rapid changes are largely inflicted by a strong FinTech ecosystem comprising of start-ups and new-age, much agile 

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Robotics process automation, the present and the future of banking Industry – Part III

Get your organization ready to embrace the next big thing across your enterprise Embracing Automation  The primary objective of automation is to eliminate routine no-brainer tasks and improve employee productivity. Enterprises will also continue to embrace automation technologies to improve corporate financial performance while simultaneously accelerating business growth. As digitization and automation conquer the world, 

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Why do banks and retails care about UX and digital?

Digitalization, user experience (UX) and cloud computing are some of the major trends that have seen an increasing and widespread adoption in the financial services, banks and retail industry lately. While digital only retail have been around for a long time, digital-only banks have also emerged in the last few years such as ATOM, UK’s 

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Digital wallets not yet ready for prime time

We read a lot about digital wallets these days – particularly in the wake of 2014’s Apple Pay announcement. All this excitement inevitably raises the question: when will digital wallets replace leather wallets? In other words, when will old fashioned cash and traditional credit cards become passé? To answer that question, we need to consider 

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The future of biometrics in payments

The global explosion of mobile payments is driving the need for a more secure authentication system – an alternative to traditional authentication techniques is cloud based mobile biometrics. Biometrics related to payments is ultimately about ways to enhance authentication. Indeed, the Biometrics Research Group, Inc. expects that worldwide mobile payment transactions will reach $250 billion in 2014, 

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Robotics process automation, the present and the future of banking Industry – Part II

A sneak peek into the 3 levels of your back office automation implementation Among a host of other enterprise functions, the impact of RPA is likely to be higher in back-office processing and routine IT operations, primarily due to the predictive nature of such repetitive tasks performed by human workforce and the ease of implementation 

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