The digital age has changed the battlefield for banks. They face disruption from fintechs, and the challenge of tech heavyweights like Amazon entering the financial services field emphasises issues around banks’ aging infrastructure. All of these problems must be navigated whilst ensuring continued profitability. Yet, as boardrooms focus on employing digital innovation to their advantage,
The real trick is being ready for trip The global banking industry encountered many changes in 2017. As a result, it is proving prudent to analyze the core factors that will drive the dynamics of impending industry changes, as well as the challenges banks will face throughout this year. Driving factors to watch Artificial
With the advent of open API banking, professionals across the banking world are steeling themselves for dramatic changes to their value chains and partner ecosystems. These changes call for a radical rethink of the status quo, and highlight areas where the banking industry needs to improve if open API banking is to be a success. As
The revised Payment Service Directive (PSD2), which, starting January 2018, allows third parties to access banking data is a big boost towards the era of API (Application Programming Interface) banking that will claim bigger stature compared to how it exists today. Banks must delve into API banking as an opportunity rather than regard it as
Terms like speech recognition, image recognition, gesture recognition, machine learning, and robotic process automation are gradually entering the traditional banking business lexicon. As a result, the data intensive banking industry is experiencing pressure to dive into the data pile it’s sitting on to uncover meaningful inferences about existing and prospect customers. The above terms are
On the advent of blockchain technology, core banking solutions within banks are going to face major challenges. The quintessential dimensions of core banking solutions such as defining and replicating products, processing transactions, and GL mapping and accounting are in danger of becoming obsolete due to the arrival of blockchain technology. It may take a lot
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.
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