Banking & Financial Services

Five digital disruption trends impacting the credit card industry

Today, a new wave of disruption led by technologies like Mobile, Social, Big Data and Cloud, are forcing companies to innovate, and introduce new products and services at an unprecedented pace. Financial businesses, like the credit card industry, which is an ecosystem of merchants, payment processors, network providers and various other interdependent entities, are highly 

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2015 – Top trends in retail banks

Consumer behavior, technology and regulation have been transforming the retail banking industry. However, with so many different technologies available, it is important that retail banks separate hype from reality when deciding on their key investments for 2015 to ensure they can gain the best Return on Investment. Product differentiation between banks is negligible today; instead, 

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The banking industry in 2015 – The rise of the millennial effect and other impacts on technology

2015 is expected to be an exciting, if not challenging year for the financial services industry. The banks have improved profitability by shedding expenses and increased lending. This improvement has come despite the costs of regulatory compliance, as well as the legal costs for past failures. Many banks have spent the last several years improving 

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Is Apple Pay good or bad for banks?

The pace of disruption in banking continues on a near weekly basis, creating challenges for banks to retain front of mindshare, and preserve and retain their customer base. Consumer banks are threatened in nearly every traditional product area from upstarts and more nimble competitors, to non-bank players that are disrupting the traditional interaction model between 

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How 2015 could be a watershed year for digital banking

According to the 2014 World Retail Banking Report from Capgemini and Efma, less than 40% (a decrease from 41.6% in 2013 to 39.5% in 2014) of customers globally reported having positive customer experiences with their bank. The main reason for this dissatisfaction is the bank’s failure to develop a comprehensive digital and brick-and-mortar strategy around 

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Security measures to be undertaken when providing smart banking solutions

The deployment of Alternate or Omni Channel Solutions in Banking, Financial Services and Insurance (BFSI) is not intended just for selling services or products, but also for elevating the customer experience. Often a customer may want to buy or subscribe to a certain product that may not be aligned with his or her needs. It 

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The cost of compliance – Time for introspection

The last few years have seen significant new regulation in the banking space. It has not been an easy period for financial institutions, with many industry personnel and observers questioning the rationale or efficacy of new rulings. Interpreting and implementing regulations based on guidelines (not precise rules) has made the task all the more challenging. 

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Client onboarding – The importance of business process assessment and optimization

Business process improvement and the implementation of business process management (“BPM”) technology can truly become a “cart before the horse” dilemma for many organizations. Software vendors and implementers are often called upon to deliver the nirvana state that they sold their customer on, by simply automating a process without considering the fact that the process 

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5 things you may not know about FATCA

Foreign Account Tax Compliance Act (FATCA), a US anti-tax evasion law with global implications has been at the center-stage of the regulatory space for the past two years. It aims to curb cross-border tax evasion by implementing a reporting framework that requires information from worldwide institutions on a US customer’s financials. The IRS has placed 

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Transforming banking experience through a symbiotic brick and click relationship

Banks have come a long way from their early branch-heavy days to the new age of ‘anywhere, anytime’ banking. The onslaught of internet and mobile banking is throwing doubt on the continued relevance and feasibility of the branch. Couple this with the high operational and maintenance costs of the branch, and it raises the question 

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Client lifecycle management operations in capital markets – game changing!

Client lifecycle management (CLM) operations involve transforming from a prospective client to one who can engage in business activities with a financial institution. These activities include collecting all the details of the client organization such as name, registration, address, purpose, products interested and ownership structure, KYC (know your customer) checks for political affiliation, risk scoring, 

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How payments and analytics deliver customer insights and drive loyalty

It’s well known that it’s more cost effective to sell to existing customers, than it is to acquire new ones. If businesses can gain extra insights into how their customers use their services, they can find new ways to tailor and customise those services to individual customers. Electronic payments make the interaction with a business 

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Apple Pay – An attempt to demystify Apple’s new service

When Apple announced Apple Pay as a service on September 9th, they mentioned a few key terms like secure element, tokens, one time unique number, device account number and dynamic security code. For the layman, this could mean that Apple has used the most advanced security technology in Apple Pay; but for the folks in 

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Gamification: Next growth propeller for banks

Banks and Financial Institutions (FIs) have been trying hard to gain customers and increase market share in the retail customer segment. Traditionally, a bank’s distribution channel via extensive branch network used to guarantee that the prospects could always reach the bank and do business with them. Now, because of digital disruption, prospects are seeking banks 

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U.S. financial markets: Both laggards and trendsetters

U.S. capital markets typically define how the rest of the world markets operate. More financial investments are made in the U.S. than in any other country. But this supremacy hasn’t always translated to leading business and technology practices. Senthil RadhakrishnanVice President and Head of Capital Market Solutions Group, Virtusa. Senthil has 16+ years’ experience focused 

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Singapore liquidity regulation suits its international nature

In an earlier article, I outlined a summary of various liquidity regulations included in Basel III and Dodd Frank; now, it’s time to share another perspective on liquidity regulation in Singapore. On Tuesday June 24th Singapore’s minister for trade and industry, Lim Hng Kiang unveiled a new and stringent liquidity regulation at an annual gathering 

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5 reasons why financial institutions should adopt dashboard technology

The financial services industry is feeling increased pressure as compliance and risk management needs steadily increase. Driving this pressure are the new federal banking regulations and the increasing dollar amount of regulatory fines. Financial institutions’ senior leadership is faced with new challenges around managing risk in addition to managing the amount of resources dedicated to 

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Digital Disruption in Retail Banking

The retail banking industry today is undergoing change at levels not seen heretofore. There are two primary drivers of this change: demographics and technology. There are 83 million millennials, people born after 1980, who came of age around the millennium. This makes millennials the largest demographic today at about 5 million more than the baby 

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Banking operations: Planning for Liquidity Risk

The 2007/08 global financial crisis has reaffirmed the importance of liquidity risk. In the world of efficient financial markets with perfect information, banks could only fail if their underlying fundamentals are not good. In such markets, banks can always finance their liquidity demands by borrowing from wholesale markets. But, in the real world financial markets 

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Bring Your Own Wallet

Today, the ‘mobile wallet’ is an overused buzzword discussed and debated by a variety of industries. Payment companies, financial institutions and merchants of all sizes are all vying for consumer attention. Technology companies, mobile network operators (MNOs), start-ups and even marketing companies are joining forces to innovate in this space. Though many are talking about 

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