Driving business agility for global banking and fintech leaders

A business enterprise has a number of ways to manage its financial, operational and marketing activities. However, if it wants to bring synergy among all its functions, the key is to digitally transform itself. This transformation will not change the way the business enterprise deals with its partners and employees nor will it change the way it deals with its customers. Digital transformation refers to the use of digital tools and software that has been designed to conduct business activities and maintain data in a more efficient manner. The most important software that can be installed by a business organization is the enterprise resource planning software and the management information system software. The enterprise resource planning software helps in conducting the day to day business of the organization while the management information system software helps in data analytics. However, this does not mean that you should procure any software available in the market and get it instal...

For business enterprises that are trying to establish themselves in the modern times, digital transformation plays a highly important role. The new age of technology, with its effective implementation and precise format, is bringing numerous changes in various aspects of running a business. This fast-paced development in the world has led to the creation of a new era which has been called the era of digitization. Adopting digital technology was slow at first but as soon as computers and the internet made their way into daily life, digitization began spreading to different sectors. The transformation phase from traditional to digital was indeed a huge achievement as it helped various organizations unlock their full potential. What a normal traditional mindset could not achieve, digital technology was not only able to offer but was also able to implement on a larger scale. Several firms have now started to adapt to this new revolutionary phase of Digital Transformation . This helps them...

The benefits of digital transformation of a business have been proven time and again. Business organizations which have been conducting their operations in a digitally transformed environment have reported sharp increase in their productivity and profitability. However, it is quite alarming that the number of business organizations that are planning to opt for digital transformation is not as high as expected. The main reason behind this apathy towards digital transformation is the lack of proper knowledge about the capabilities of a digitally transformed business environment. However, the awareness is increasing day by day and hopefully more organizations will come on board. There is another factor behind the ignorance of business enterprises towards Digital Transformation . Interestingly, this factor is often ignored in analysis. This is nothing but the simple fact that digital transformation services are currently highly expensive. Every small and medium business would think twice b...

Every business organisation seeks to maintain cordial and interactive relationships between its various functions. Of these functions, there are a few that are highly dependent on each other. The relationship between such functions impacts the success of the business organization. One such pair of business functions are the IT and the operations departments. The primary objective of IT is to facilitate easy functioning of operations. It is IT which gets to keep the functions of operations under control. It has been observed that if the IT infrastructure fails to facilitate the performance of operations or if the operations start to misuse the rules set by IT, the business organization fails to sustain itself amidst increasing competition in the market. So, it is of utmost importance for any business organization to foster collaboration between its IT and operations departments. There are a number of methodologies and operational frameworks that have been developed by business academici...

In recent times, the adoption of Devops as a software development methodology has been highly beneficial for business organizations. According to reports published by leading business organizations, especially in the IT, technology, finance and business sectors, the adoption of Devops has resulted in better collaboration between IT and operations. Several software development methodologies have emerged, whose objective is to strike a balance between the requirements of operations and the capability of IT. However, a number of these software development methodologies failed to deliver satisfactory results. This was especially seen in situations where they laid an emphasis on the business requirements and neglected the limitations of the developers, or when they stood for the developers’ cause and forgot to look after the needs of the business. This is the reason why project managers across industries started vouching for the adoption of Devops within organizations across different field...

The transformational period of the 21 st century has led to the use of digital methods as opposed to the conventional methods that were once used. With the aim of bringing transparency and efficiency into the organizational flow, this transition has been crucial for a number of firms. While thinking of a Digital Transformation for a company, one can think of several strategies and ideas for implementation. However, when it comes to the practical execution, these innovative theories might not be feasible. In order to implement an efficient digital transformation within an organizational structure, an organization should not emphasize much on the strategic inputs but should instead focus on the practical application. Thinking beyond strategy can help lead to productive outcomes. It is essential to think of an approach that can strike a balance between strategy and practical execution. This will lead to agile execution and a unified approach in the IT architecture. Below are the steps t...

The modern age of banking is known for its tremendous evolution and large scale transformation. From being a depositor and loan provider to establishing itself as an institution for providing products and services, financial establishments have expanded their services. All of the activities that are being conducted under its umbrella are referred to as core banking. The term CORE is an acronym for Centralized Online Real-time Exchange. For a pure definition, core banking relates to a centralized system that is established by banks, which enables its customers to conduct business irrespective of the branch where they had opened their account. This helps in averting the constrictions of geo-specific transactions and makes each and every branch outlet an equally important part of the network. It helps every branch access all implemented applications from the centralized warehouse of data. The centralized system possesses all kinds of banking activities, functions, processes as well as dep...

In the current era, no large business organization can sustain itself, without the help of a robust IT infrastructure. A digitally equipped infrastructure streamlines all the business processes in such a way that you are able to consolidate all your business verticals and horizontals on a single centralized platform. If you do not invest in the development of a digital system for your business, you will definitely lag behind in the market. The good thing is that developing a digital infrastructure to maintain corporate activities of a business is not a difficult task. A talented IT team can develop such a system within half a year. However, you will face challenges in the maintenance of the system. This is the reason why it is always advisable to hire a third party digital transformation service providing agency for end to end services. A professional agency knows the nuances of digital transformation of business processes. Needless to say, there are a number of such agencies operating...

Today, almost every banking organization is investing in developing highly functional banking software to serve its customers in a better way. There are various banking software available in the market, which fulfil all the basic requirements of a bank. However, what a bank really needs is a solution which will help bring transaction data across platforms and branches to the same place. This is possible only with the help of core banking. It is high time banks realized that the era of core banking has begun. If any bank refuses to get involved with core banking, it will definitely lag behind in the race. Every banking software tries to maintain data integrity. However, data integrity in its true sense can only be maintained if all incoming data is updated in a timely fashion. In this regard, core banking services provide an opportunity to update customer data in real time. As a result, there is very little chance of data mismatch. At the same time, any data that is updated in the serv...

A systematic format for determining whether a product or a service fulfils all the specified requirements is what Quality Engineering is all about. It helps establish some requirements in order to develop and manufacture reliable products. It is meant to increase the confidence of a customer as well the credibility of a firm. A company tends to compete better with other firms if it has a Quality Engineering setup embedded within it. The ISO or International Organization for Standardization is behind the practice of Quality Engineering. Implementing and plotting the whole process of Quality Engineering is in the hands of the ISO. While QA is a formalized practice, which began in the manufacturing industry, it has since expanded into several industries that often include software development. The overall concept hovers upon improving reputation and building customer reputation. In order to ensure that an organization is providing the best possible service to its customer, QA or Quality E...