Banking & Financial Services

How the blockchain model can be applied to online shopping and e-retailing

Can online shopping be modeled on a Blockchain system? This is probably a question on many a mind. For those who are new to Blockchain – it’s the technology that underpins Bitcoin. In the last 2 years there has been significant market interest in re-using this technology paradigm in other areas. The key features of 

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Modeling the blockchain for business use

As one of the hottest technological developments making the rounds in financial circles, the blockchain has a lot of people hooked. But there is not yet much clarity on how blockchain technology will impact private business, given that it is so unlike traditional IT architectures. Private blockchain applications are amalgams of cryptography, immutable transaction log/ledgers, 

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Utilizing the internet of things in banking

While the banking industry has so far been a laggard in utilizing the Internet of Things, changes are afoot driven by the need for productivity improvement, innovation and growth. The Internet of Things (IoT) continues to be a hot topic, not only in the technology industry but also in traditional core industries. It would drive 

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A quick recipe to data protection in the digital age

In this digital age, data security is a crucial aspect of any business and is increasingly becoming challenging with the humongous amount of customer shared data that are available across various channels. Also, with regulations from governments becoming increasingly stringent, the task of securing data has become all the more laborious and critical. Organizations dealing with 

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The mystical blockchain – The bitcoin technology

While Bitcoin technology has been hitting the headlines over the last few years, Blockchain is the essence that underpins it. But what is Blockchain? It’s essentially a ledger which logs transactions between two parties. Yet while most ledgers are kept in banks or accounting departments, Blockchain is a distributed ledger in which copies are kept 

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Top 4 reasons banks should be excited about blockchain

Blockchain (the technology that powers Bitcoin) is a magic box – a mix of innovations and the smart use of available solutions make it revolutionary. It’s not often that a technology paradigm has so many great ideas packaged into a small capsule. There is little wonder why all the top banks and investors are backing 

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Inclusive solutions for enterprise risk and compliance

Over the last several years, bank governance, risk and compliance (GRC) programs worldwide have been placed under increased scrutiny by regulators, elected officials and the public. The myriad of new regulations and requirements, primarily driven by the Basel III framework and regulations such as Dodd-Frank, have increased the complexity and costs to maintain regulatory compliance. 

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Client Lifecycle Management (CLM): Re-imagined! 

Over the last few years we have seen a flurry of activity in the CLM space. Initially the focus was on adhering to new regulations – relooking at policies and modifying processes and systems. With the stabilization of regulatory changes, banks have now started focusing on driving efficiencies, lowering costs and improving experiences. Customers have 

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Will banks suffer casualties in the battle to own the customer experience?

Having access to a seamless multi-channel experience is paramount to a new generation of customers, many of whom are more likely to choose a slick mobile app over favourable interest rates. 0% balance transfers at the click of a button mean the days of the ‘bank for life’ are well and truly over – convenience 

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How geolocation mapping can safeguard customers’ financial transactions

The customer is always at the centre of innovation. New business propositions are being tested out almost daily to deliver services that provide engaging experiences and more convenience. Contactless payments are a great example of an innovation that has made customers lives easier. And with the Internet of Things now becoming a reality, the coming, 

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Digital banking – Ushering in a new era

Digital banking has gone from being a buzzword to an everyday catchphrase in financial circles. Digital banking today means different things to different people; encompassing everything from new ways to transact, peer-2-peer channels, mobile and online banking, and the ability to send money around the world at the click of a button. Digital banking done 

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What EMV and tokenization mean for banks

Clearly two of the biggest buzz words this year are EMV and tokenization. Although they are frequently talked about together, EMV and tokenization represent two different initiatives and present opportunities as well as challenges for banks. There has been a seemingly endless spate of data breaches in the United States. Recent breaches have occurred at 

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Can technology play alchemist’s role to overcome regulatory challenges in the banking industry?

Since the end of the Global Financial Crisis (GFC), there has been tremendous pressure posed by regulatory bodies to bring discipline to the financial industry, gain trust from consumers and create a better economic system. How have effective regulatory changes been so far able to meet their fundamental objectives? Well, that depends mostly on the 

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GRC: The need to aggregate and integrate all areas of risk

In today’s financial services landscape, the need for effective risk management has never been more important. This might seem obvious, especially after the financial crisis that eliminated many institutions, both large and small, from the market place, however banks are continuing to fail. In fact, according to the Federal Deposit Insurance Corporation, over the past 

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Capital markets Client Lifecycle Management (CLM) – the complexities!

Client Lifecycle Management (CLM) Institutional clients often perceive onboarding and maintenance to as straight forward processes. If looked at, at a high level it would seem so – forms have to be filled, all data has to be reviewed and then a few activities must be completed to setup the account in various systems. If 

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Near Field Communication (NFC) – Contactless payment

NFC offers the best of both worlds i.e. contactless payment and mobile technology. Smartphones let a customer store multiple credit cards and other payment methods all in one device that the customer is likely to carry everywhere with them already. It cuts out the unnecessary hassle of texting or swiping through menus to make payments 

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Future of customer experience in digital banking

Digital banks are no longer in the ‘money’ business but rather, in the ‘value’ business. This value is not just providing a functional benefit but also a holistic experience, (i.e. ‘what, when and how’ of the benefit), that customer values in the experience-based economy. Unlike in the past, when more than two products from one 

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How PSD2 is set to impact the payments industry

On 24th July 2013, the European Commission outlined proposals around the Payment Services Directive 2 (PSD2). One key element, is the ‘access to accounts’ proposal, which will require banks to open their customers’ accounts to Third Party Payment Providers (TPPs). So far, banks have been operating in a closed loop – this proposal will change that. 

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