Driving business agility for global banking and fintech leaders

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 f...

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-cust...

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 ...

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 int...

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...

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 ...

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 wa...

Mining is one of the most significant economic activities in India. It significantly contributes to the GDP share produced by the industrial sector of the country. With a large workforce involved in mining, the Government of India provides special care while laying down the policies for mining. In recent years, special attention has been provided to make mining sustainable and in compliance with environmental standards. It is quite out in the open today that mining results in a great deal of environmental pollution. However, mining is the only way to extract precious metals, minerals, and ores, which play an important role in the manufacturing of consumer products. This is why restricting mining activity is difficult, and it might hamper the growth of the economy of a developing country like India. Data transformation   refers to the modification of the data so that various analytical tools can analyse them and generate inferential results, which can be used by the management for d...

When it comes to the comprehensiveness of information, there cannot be any comparison to visual representation. The human brain responds to the visual representation of any data, theory, or even abstract idea actively and instantly. This is the reason why scholars have been polishing the art of data visualization over centuries and have been successful in devising several tools to do so.  Today we have graphs, charts, maps, etc. to represent data in academics, science, business analysis, marketing, and even in our daily life. However, it would be wrong to assume that the tools which are already in use are adequate to represent all kinds and volumes of data. Sometimes, data visualizers might need to combine two or more  data visualization  tools to represent a particular piece of information in the right way. Sometimes, the data visualizers might need to think of a completely new tool to represent the data that would appeal to the audience the most. This compul...

Net banking is a concept that is not too old in the banking sector. However, it has been successful in replacing various other traditional means of banking among regular bank customers. The golden days of net banking have been replaced by mobile app-based banking. Today, almost every bank is making investments in the development of mobile applications that would assist bank customers in accessing their accounts and process transactions quickly and seamlessly.  It would not be an exaggeration to say that the confidence of the banks to serve their customers over mobile applications is powered by open banking technology. It takes the help of a central directory of bank information of every customer and facilitates data access and transfer without any hindrance. It is why you can check and make changes to your account and savings using your mobile application, without even bothering about the fact that you had started your account in a city and a branch that is far from your current ...

Banking systems across the globe are witnessing tremendous re-development. The methods and frameworks of these developments might be different and varied, but the objective of each of them is the same. All these efforts undertaken by the banking institutions are directed towards better and more personal customer service. The primary vehicle to reach this objective is data generated by customers themselves.  Today, the banking institutions have realized that they can serve the customers only after they understand their requirements and work to fulfil them. And what better way than customer data analysis to understand their requirements. It is the reason why banking institutions lay so much emphasis on the accumulation of customer data, both the characteristic data of the customers and the transactional data. Now, the mere collection of data would not serve any purpose unless made suitable for analysis.  Data transformation  refers to the modification of the data so tha...

Software development in India is undergoing an overhaul lately. Corporations are laying a great deal of emphasis on the use of modern software development processes. They are not trying to eliminate the use of traditional software development processes. That would be counter-productive. Instead, the process is replaced by modern ones. Soon, the novel processes will take over.  It has been seen that although there are a large number of new software development processes in practice, only a few are given due importance. It is purely from the perspective of the convenience of the software developers. There might be processes that would help create a better software ecosystem, but these might not be easy for software developers. So, most corporations are consciously opting for software development processes that have positive outcomes and a convenient journey.  DevOps   is one such process. The specialty is that it beautifully combines the software development process with ...

When it comes to the comprehensiveness of information, there cannot be any comparison to visual representation. The human brain responds to the visual representation of any data, theory, or even abstract idea actively and instantly. This is the reason why scholars have been polishing the art of data visualization over centuries and have been successful in devising several tools to do so. Today we have graphs, charts, maps, etc. to represent data in academics, science, business analysis, marketing, and even in our daily life. However, it would be wrong to assume that the tools which are already in use are adequate to represent all kinds and volumes of data. Sometimes, data visualizers might need to combine two or more  data visualization  tools to represent a particular piece of information in the right way. Sometimes, the data visualizers might need to think of a completely new tool to represent the data that would appeal to the audience the most. This compulsion to ...

The relationship between commercial banks and their customers has undergone a massive change in the last few years. This change is evident when one notes the primary means of interaction between banks and banking consumers. Today, almost three-fourth of the entire banking consumer community interacts with the banks via the digital medium. Be it the banking website, or the mobile application, or the third party financial interfaces, transactions are made between accounts and across banks over the internet. Footfall at banks has decreased drastically, forcing banks to focus on their investment in the digital front. Every commercial bank today is working extra hard to enhance and improve the digital banking experience of their customers. The banks are employing a wide range of techniques and strategies to streamline the digital interaction of customers so that online financial transactions become more simple, trustworthy, and convenient. It would not be incorrect to say that several of th...

The banking industry is probably one of the most dynamic modern industries in terms of its flexibility in adopting digital technology. In the last few years, the banking industry has successfully adopted several digital solutions and has improved its ability to serve customers and the community. Today, almost every commercial bank has undergone a digital transformation, at least to some extent. Digital transformation has not only helped banks improve their operational activities but has also significantly enhanced its value in the market. As a result, banks that want to make a difference amidst the competition of the commercial banking market are preparing themselves to incorporate innovative customer-oriented banking technology . A few of the most innovative trends adopted by leading banks are as follows: One-click UPI The introduction of Unified Payment Interface (UPI) technology was a revolutionary banking technology in the world of banking. Regulated by the Reserve Bank of India, ...

The banking industry has witnessed tremendous growth in terms of technological upgrades since the beginning of the current millennium. If you compare the quality of banking services of even a decade ago with that of present times, you will be amazed at the differences brought in by technology. It would not be an exaggeration to state that digital technology has revolutionized the way customers interact with the banking mechanism and the way bank personnel lend their services. There was a time when the simplest of banking activities demanded that the customer stood in the queue for a significant amount of time and deal with banking personnel at a personal level. Today, almost every banking activity can be done through a mobile application. Banking applications have become so advanced that complex processes can be handled with convenience. The role of core banking technology is worth mentioning in this regard. Core banking technology has facilitated banks to consolidate all their banking...

The last few decades have witnessed a phase of change in the commercial banks of the country. Digital methodologies have revolutionized the financial districts and have led to major changes in the banking sector. These advanced sectors intend on providing services through new digital mediums to ensure that the customers are satisfied. This forward thinking mentality of the financial outlets was seen in the way that they enlarged their capability in the in-house sectors. The first phase of integration led digital technology to be distributed across every influential sector of the business. This embracing of technology brought about certain change, regarding how the business would operate as well as the way in which it would deliver value to its customers. The impact of this can be seen in things like a reduction in cost, along with the process being streamlined. Moreover, the end-to-end integration has provided room for a more seamless experience, increasing the overall customer interac...

The need for change in the banking sector was a phenomenon that led to the introduction of new forms of banking. Core banking is the new and advanced method of carrying out banking activities. This form of banking is highly reliable, has a fast delivery rate and is safe and efficient. Below is a detailed list of the features that this form of banking offers. Safety in the modern banking system Technology has its own set of advantages and disadvantages. There is always going to some sort of loophole that potential scammers can make use of to harm an individual. The need for a banking system, which was not only efficient in handling and performing tasks but was also safe and sound at the same time, led to the emergence of Core banking services . The old process of maintaining manual records of the accounts involved a lot of labour and was not a safe method. This banking software solution has made sure that the information of the account holder is safe and secure. The banking experience B...

In today’s world, every single aspect of life is extremely competitive . O ne can hardly commit a mistake and if he does commit one, it is in his best interest that he rectifies it immediately. In such a competitive scenario, companies are trying their best to reach the top. Until and unless they incorporate digital media into their business model, this goal is unlikely to be achieved quickly . Let's take a look at the role digital media plays in boosting the revenue of a company. Digital firms help clients showcase their products Marketing includes targeting the right audience at a time that best suits them, so that they have an interest in the product. Having a product that is unique, innovative and capable of capturing the market is an extraordinary step towards becoming successful, but most brands struggle when it comes to marketing it to buyers and end up failing. Digital transformation consulting firms have professionals who are experts in the field and can help their clie...