Banks have been frontrunners in adopting new technological innovations for the past couple of decades and have taken advantage of everything technology has to offer. Indian-born British inventor John Adrian Shepherd-Barron was inspired by chocolate vending machines and hit upon the idea “if vending machines could dispense chocolates, why couldn’t [...]
The digital mode of payment has emerged in the last two years due to the pandemic. The world has seen a spike in digital payment transactions. Payments are now faster, frictionless, contactless, embedded, and transparent. What more will we see in 2022? What can be enhanced further? Better Infrastructure with more [...]
Banking Financial Services and Insurance industry continues to house many legacy applications and business processes that involve many repetitive manual processes. Large organizations like JP Morgan Chase, UBS, MetLife insurance, etc., have invested millions of dollars over the years to transform their application landscape to enable end to end [...]
In the Banking, Financial Services, and Insurance (BFSI) industry, rising customer demand for innovative digital products and services necessitates a speedier application development process to provide rapid upgrades and a shorter time-to-market for new offers. To deal with this, banks require a new, simple, and safe application development technique [...]
It’s an understatement to say that we live in a very different world than a couple of years ago. The pandemic has brought about extraordinary changes in the way customers consume goods. From online shopping for essential goods and services, e-commerce businesses to doing financial transactions instantly, there has [...]
Legacy banking systems are decades behind as digital advancements continue to disrupt the sector. Cloud computing has long since crossed the line from experimental to mainstream. The next question is how quickly companies should adopt and convert to cloud computing. The developments in adjacent technology markets include Digitalization, where 28% [...]
Software product companies are continually launching new products and new apps targeting retail and corporate customers. These software products undergo rigorous internal testing, followed by a possible beta testing before being opened for full-fledged commercial usage. However, with increased competition in the application products space, the product lifecycle from conception to market [...]
UK’s Competition and Markets Authority (CMA), after a market study, stated that the nine biggest banks (CMA9) allow authorized startups and third-party providers (TPPs) access to their data. The Open Banking Implementation Entity (OBIE) was created to help with this. OBIE’s mission is to collaborate with the UK’s top banks [...]
When Cloud computing started making inroads into the industry around 2010, financial services firms were skeptical about moving their applications to the Cloud. The common reasons cited were regulatory restrictions, security concerns, and loss of control etc. However, in 2021, the Cloud has become an integral part of the digital strategy of all financial services organizations. One Forbes study [...]
ISO 20022 is a new global and open payment messaging standard. It provides a global standard for payment data by establishing a uniform language and paradigm. The ISO 20022 standard generates higher-quality data than other standards, resulting in higher-quality payouts for everyone. It is a single standardization approach developed and maintained by ISO/TC 68. This standard is adaptable [...]
