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 [...]
The Internet of Things (IoT) has been expanding in various fields in recent years as a result of technological advancements that ignited the digital revolution by connecting nearly every item or piece of equipment we use to the internet. The use of online banking services has become unavoidable because of [...]
Even before the unprecedented times of COVID-19, disruption was the name of the game in the Banking, Financial, & Insurance services industries. Whether it be the well-established wave of digital transformation, ever-increasing customer expectations, evolving regulations or the proliferation of competition from the new entrants of digital-native challengers, there was [...]
A recent report by the UK’s Financial Conduct Authority (FCA) says, “Around 50% of the banks do not upgrade legacy core banking platforms as soon as they should, and 43% of US banks still use COBOL, a programming language dating from 1959.” While majority of the COBOL programmers are enjoying a happy retirement, it is obviously [...]
More than 80% of banking executives believe that the future of finance is financial services platforms, which consumers can access via banking applications. And as many as 65% of banking executives now say that technologies will have the most impact on banks through 2025. As we approach the end of [...]
In addition to the health status and the economic status of the global population, the coronavirus outbreak is also threatening the centuries-old method of currency-based payments. As there is a common notion about the virus being spread through cash-based currency, there has been an accelerated shift toward the cashless alternatives [...]
With a majority of banks shrinking their network of physical branches and establishing a stronger digital presence, with online stock trading and digital wealth management becoming the primary choice of the consumers over personal brokers, the Banking and Financial Services sector is all set to transform to the core. With user experience as [...]
Just like every other industry, technology is bringing fundamental changes to the financial services sector as well. With the help of next-gen, emerging technologies, we are looking at a future with faster, smarter, and efficient financial services that are highly customer-oriented. Statistics say that most customers switch banks as [...]
The disruptive new entrants, challenger banks, and FinTech service providers are revolutionizing the banking sector. We are looking at a future where technology will drive the banking services and become the main attractant for retail banking customers. The situation is as if the legacy infrastructure of the banking incumbents [...]
A well-functioning financial system drives a well-functional economy. The modern economy and the modern financial systems have technology as one of the most powerful driving force. Today, the Banking, Financial Services, and Insurance (BFSI) domain operates out of our smart devices. Online transactions have become the norm. Over the centuries, banks have evolved from [...]
