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
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
Block chain technology is here to stay. About 800 million dollars have been invested by venture capital firms (and top global banks that don’t want to be left behind) on block chain startups. Despite all of the buzz, there isn’t any well known commercially offered block chain implementation. The industry is yet to see a
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
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
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.
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
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
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,
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
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
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
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
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
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
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
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.
Apple Inc.’s Apple Pay mobile-payment system has taken some hits over rumors of rampant fraud. According to some reports, Apple Pay fraud is 60% higher than mag-stripe credit card fraud. And now, with the announcement two weeks ago of the Apple Watch and its support of Apple Pay, there is some concern that fraud could accelerate.
The consumerization of the technology industry has had a major impact on the way IT and business applications are built and managed in the financial services industry, leading to business complexity. Businesses today have a need to respond to dynamic changes in the marketplace to keep up with their consumers. Consumers are now interacting through
Though the pace of creation of new regulatory mandates has slowed and the future of existing rule implementation, such as portions of the Dodd-Frank Act, have been thrown into doubt with the Republican victories in November, there are still many issues facing banking institutions throughout the United States. In the 1st Quarter of 2015 Basel