For any bank, core banking systems (CBS) lie at the heart of operations: They play an instrumental role in processing transactions, updating balances, running batch jobs and interacting with interfaces. But with the advent of disruptive technologies, along with fickle customer preferences and overall regulatory changes, banks now tend to treat CBS as less important.
Plato, the famous Greek philosopher once remarked, “To suffer the penalty of too much haste, which is too little speed”. The quote seems perfect for this harp on real-time payments. Real-time payments are a reality. Consumers today instantly pay Uber rides or split a restaurant bill with buddies through e-wallets. Financial institutions need to gear
Rapid technology changes are influencing every aspect of the business; IT infrastructure of a firm is no different. Technologies like Big data, IoT, Mobile, while enabling firms with various business capabilities and creating tremendous value also are over straining the firm’s IT Infrastructure. Today’s IT infrastructure appears to have reached an inflection point and the
Look, it’s a bird. No, it’s a plane. Actually, it’s just your neighborhood drone. In 2017, you can expect the skies to get just a little bit busier as buzzing devices increasingly fill the air above our heads. Almost 3,000 businesses, universities, nonprofits, and research groups in the United States are authorized to fly drones.
Recent security breaches at big companies like Target has put the spotlight on security testing. Enhancing security is a key business goal – 65% of organizations now recognize the importance of QA and testing in catching bugs early and are allocating a large share of their overall IT spend to testing – 31% in 2016,
Software development involves a number of interrelated factors which affect development effort and productivity. Since many of these relationships are not well understood, accurate estimation of software development time and effort is a difficult problem. The most significant activity in software development is to develop projects within confined time and budget. As accuracy plays a
In this post, we will focus on the three primary phases of Adverse Event Case Processing (AECP): intake, processing and reporting, and their related challenges. Many of the Intake process-related tasks are further exacerbated as we straddle the worlds of analog (manual) and digital (automated) processes. In this blog post, we will review the challenges associated with
Binge watchers. Cord cutters. Time shifters. It’s clear, consumers now enjoy a wide range of content choices and media types and changes in content usage habits are creating dramatic disruptions in these markets. These changes require that companies be efficient, nimble and understand their customers. The market opportunity is massive, with more than $2 trillion
More than half of core banking transformation initiates either fail or do not realize the intended benefits. Most of such projects are huge in scale and enormous in terms of impact on the bank. While the above gives a pessimistic view, there is quite a bit of learning regarding ‘what not to do’ in such
Internet of Things. That’s the buzzword going around these days. When one says “IoT,” what falls in that category? Refrigerators that tell you when you need milk, or that your car is parked in the garage? What else? What if your body would be a part of the Internet? That’s exactly what one leading manufacturer
Getting Ready for a World “With” Watson What a difference a year makes. A year ago, the IBM World of Watson event had about 1,000 people in Brooklyn, NY. This year’s event was quite a different story as they moved to Las Vegas and saw 17,000 attendees and another 3,000 watching the live stream from
After decades of speculation and justifiable anxiety about the social implications for humankind, the AI (artificial intelligence) era is finally here. In the past two decades, we have seen chess grandmasters and the best jeopardy players in the world alike fall in competition to computers. The potential of Artificial Intelligence is enormous and in fact
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
Today any organization across industries is a tech organization. Technology has come to the center-stage of organizations for establishing its competitive advantage, cost optimization or creating new revenue stream. ‘Innovation’ using technology is needed for mere survival while thriving without it is impossible. Thus executing Information Technology (IT) projects is very critical. At the same
The present market is evolving into a system of connected enterprise. Thus, cloud has become the central driver for this evolution as the primary focus shifts towards accommodation of future scalability and improving business efficiency. This rising popularity of Cloud Computing has given rise to multiple misconceptions over various aspects, some common and some not
While cloud adoption is growing rapidly, most enterprises (80+%) run approximately 30% of their workload in the cloud. However, a similar percentage of enterprises report that an additional 30% of applications are built on cloud-friendly architectures and are ready for the cloud. As this trend settles in, the major driver for this change in IT
That’s right — I said it! Digital Transformation is not about IT. (I’ll pause a moment for some IT leaders to stop reading this and go back to managing the latest round of reductions to their annual budget). The Cloud & Digital markets are exploding! And everywhere you look, corporations are talking about and acting
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,
‘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
Legacy business applications are often challenging to migrate to public cloud. Some of the key challenging questions are – Is the application suited for the public cloud? Does the application require any code remediation, re-engineering, re-architecture or can it be migrated as lift-and-shift? How long will the migration take? Can we accelerate the migration process?