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Changing the face of banking technology

Since the banking industry embraced digital technology as its primary means of customer interaction, banking customers have generated huge volumes of digital transactional data. The good thing about digital data is that it can be accumulated, aggregated, and maintained effectively. However, the mere storage of data will not bear any fruit until and unless it is analysed. The thorough analysis and in-depth reporting of the data of each customer are termed as big data analysis. The banking industry can rightly be considered one of the pioneers of big data management. The question is what does  banking analytics  achieve, which helps banks maximize their profitability? Here are a few of those achievements.   1.Risk management strategy Banking analytics  can help banks develop individual profiles of each customer, constituting their history and current transactional information. This data would help identify the risk involved with each customer by observing their financial behaviour.
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How are banks improving banking digital transformation?

Banking organizations started investing in the digital transformation of their operations at the beginning of the last decade. Large amounts of investments and resourceful efforts have gone into the process. However, there is no denying the fact that no other operational makeover has benefitted banks, such as digital transformation. The most visible benefit of digital transformation is that it has brought banks and their customers closer. Today, bank customers need not wait for days and even for hours to connect with their bank. All they have to do is log into their websites or open the mobile application. Information about their bank accounts or policies is readily available on the website and application. It can be received via e-mail or SMS just within seconds. It would not be wrong to say that the digital medium would be the primary way banks will interact with their customers in the future.   The brilliant development of banking technology in strengthening the bank-customer
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Temenos TAFC to TAFJ Conversion

Started in 2000, Maveric Systems helps global banking and fintech leaders accelerate business transformation through effective integration of domain, technology, future ready strategy and high velocity execution.  Our deep focus in banking combined with specialized competencies across Data, Digital, Core Banking and  Quality Engineering , make us the preferred transformation partner for customers worldwide. In the age of digital banking, every bank must stay ahead of disruptive technology curves. Thus, the modernization of the Temenos core banking system becomes extremely critical, by staying on top of its latest release, using a robust upgrade and migration strategy. Upgrading also lets you avail newer and better functionalities, which your bank could benefit from. Temenos TAFJ   leverages the Java Technology features, thus enabling Temenos to take advantage of the latest technologies. TAFJ helps banks realize the benefits of digital banking through seamless integration with new integ
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Temenos TAFC to TAFJ Conversion

Started in 2000, Maveric Systems helps global banking and fintech leaders accelerate business transformation through effective integration of domain, technology, future ready strategy and high velocity execution.  Our deep focus in banking combined with specialized competencies across Data, Digital, Core Banking and Quality Engineering , make us the preferred transformation partner for customers worldwide. In the age of digital banking, every bank must stay ahead of disruptive technology curves. Thus, the modernization of the Temenos core banking system becomes extremely critical, by staying on top of its latest release, using a robust upgrade and migration strategy. Upgrading also lets you avail newer and better functionalities, which your bank could benefit from. Temenos TAFJ leverages the Java Technology features, thus enabling Temenos to take advantage of the latest technologies. TAFJ helps banks realize the benefits of digital banking through seamless integration with new integra
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The need for performance testing

Let us look at the following comparison. There is software, Software A, which solves 60% of a problem. You used the software and could solve 60% of your issue in a few minutes without any struggle. Then, there is another software, Software B. Now, Software B has the capability of solving 100% of your problem, but when you started using it, your system lagged, and you had to intervene to restart the software multiple times. After a couple of hours, you could solve your problem, but you find yourself in an exhausted position. Now, if given a choice to select one between the two, which software would you choose? There is no question why most people would go for Software A. The software might not solve all your problems, but whatever it does, it does well. This is what defines the performance of the software. Even if the software is not 100% functional, it gains marks for speed and smoothness. Nobody likes to use software and end up frustrated. This is why software developers should ensure
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Banking transformation in 2020

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Banking transformation  is no longer a matter of choice for banks and financial institutions. Every bank and financial institution must transform today if they aspire to stay in a competitive position in the market. The prime objective is to streamline it in such a way that the bank customers do not face any difficulty in accessing and enjoying the desired services. Today, the customers are well informed, and they do know how to differentiate between the quality of service provided by two service providers. They do not waste much time in switching to a better service for better quality.  It is not wrong to say that the need for  banking transformation  has increased significantly in the year 2020. It is partly because of the ongoing pandemic and the resultant lockdowns imposed by the governments. Financial activities were hit, and customer service went online. An overwhelming number of people came online to avail banking services, which required a robust technical infrastructure to h
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Digital transformation of banking services

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Banking services play an essential role in human society. Today, we cannot imagine financial planning without interacting with any bank commissioned service. For the majority of the population, banks have taken up the responsibility of being a financial advisor, savings solution provider, and financial risk manager. For the government too, it would become nearly impossible to mobilise the money generated from public economic activity to industrial and social development without the active participation of banks. At the turn of the current millennium, when banks started embracing digital technology to ease their operations, both the government and the population lent their support.  Today, it would not be too much of an exaggeration to say that the banking industry is one of the most digitally transformed sectors in the market. The transformation of banks has made banking operations clean, lean, and fast. As a result, banks can efficiently serve their customers. However, if you want t
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