Banking & Financial Services

Open Banking – Seize available opportunities in a post-PSD2 world

Customer demands that have been pushing for Open Banking are in no respect new – especially corporations and e-merchants, even with their close relationship to banks, have long been asking for efficient payment and liquidity solutions even in a multi banking relationship. Neither is Open Banking only a PSD2-based European phenomenon. Rather, it is quite 

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Open Banking APIs – Unlocking the Digital Transformation in Banking Industry

Application programming interfaces (APIs) is relatively an old technical composition, which has been around for a long time. It is a structured and predetermined mechanism where two systems can exchange data with each other. Essentially APIs were internally focused and were exposed externally only in a very private manner or only to pre-identified partners. Open 

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Why is API Banking inevitable? – A customer-centric exploration

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 

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How Technology is changing the future of banking in India

In the present era of global, interconnected financial systems, a small ripple in one nook and corner of the world can probably create a shock wave in the entire economic ecosystem. This has led to increased scrutiny and more stringent and intricate regulatory requisites for the financial institutions. Regulators have not only shortened the time 

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Impact of Open API economy and microservices on financial industry

The advent of open API economy has potential to unleash a new wave of changes in the financial services industry.  Bank Regulators are looking to drive better deals for the customers by generating more competition by innovating customer information sharing, transaction initiation, and payment mechanisms. Their efforts, along with changing customer sentiment, are creating both 

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How Blockchain Can Help Solve Global Regulatory Challenges

In today’s world, talk abounds about the ever-increasing regulatory hurdles every modern global industry now faces. The way to address any risk is to impose more and more regulations on an industry to ensure the sins of the past are not repeated, and politicians can best show the electorate concrete steps in legislation they have 

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Retail Banks and AI: An Easy Walkthrough or Rough Weather Ahead?

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 

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How blockchain-based apps and sites resist DDoS attacks

Sometimes, truth is stranger than fiction! The recent Distributed Denial-of-Service (DDoS) attacks on Final Fantasy XIV’s gaming platform are quite surreal, yet a timely signpost of where things are heading. Using traditional cyber security technology, we are playing “whack a mole” against the ever-changing DDoS attacks. We live in an age where DDoS attacks will 

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AI perfectly illustrates Darwinism at a business level

One of the core tenets of Darwinism is the idea that only those equipped to deal with their environment will survive. Darwin may have addressed the natural world, but his insights still offer some valuable lessons in business. The rise of Artificial Intelligence (AI) and how businesses are adapt to this new technological development provides 

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Bank wallets are an ‘imperative’ to counter third party apps

Banks worldwide have been clamouring to support mobile wallets launched by technology companies. While this may make for good PR in the short term, the same banks are at risk of losing their biggest advantage: The customer relationship. The established view has been to offer consumers the ability to store multiple bank cards in a 

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Smart Automation for Banking & Financial Services Customer Due Diligence and KYC

The enormity of the effort and spend for compliance is best illustrated by Jamie Dimon’s speech to shareholders last year – JPMC spent over $1.6bn on their Compliance Department, employing 13,000 people to ensure they address regulatory issues and compliance. This after they paid more than $16bn in legal penalties in 2015! Compliance is an 

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Demystifying the Compliance Challenge

These are uncertain times, especially for those in the finance industry. The regulatory picture is changing rapidly; the fact the world’s top investment banks have been fined a remarkable $43 billion over the past few years suggests they’re having a hard time maintaining compliance. Regulations such as Dodd-Frank in the US, EMIR in the EU, 

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Third party wallets pressure banks to form their own mobile pay apps

A banking industry revolution is underway with increasing adoption of digital technologies and a rapid increase in the use of mobile technology. Historically, banks have erred on the side of caution, testing the waters rather than taking the plunge. They demonstrate an intent to have a stake in the game but their conservative approach often 

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Change to spare: How technology meets evolving anti-money laundering requirements

The past 10 years have seen an increase in the number and breadth of regulations aimed at the financial services industry, many of which stem from the financial crisis of 2007-’08. For example, requirements for capital adequacy, and restrictions on proprietary trading, have profoundly affected the covered institution. Yet beyond rules spawned the financial crisis, 

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Core Banking – A Reality Check Against Blockchain

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 

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Whose Payments Platform is it Really?

I have been following the battle closely between Australian banks and ApplePay for quite some time. What’s really interesting to see is this battle actually has implications well beyond Australia. I still remember when ApplePay was first announced. US retailers banded together under MCX (Merchant Customer Exchange) to build their own payments solution CurrentC. CurrentC 

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Mobile wallets can end the ‘fragmentation’ of modern financial services

As Christmas approaches, online shoppers will once again be doing what online shoppers do best, though increasingly they will be doing it via their smartphones, which can be fiddly. Merchants that have accepted the overheads of PCI-DSS and the ever-increasing risk of hacking have been able to provide a low friction payment process by storing 

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