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, issued a statement 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 [...]
In a rapidly digitizing world, thanks to COVID, cybersecurity has become a key focus of CxOs. Banking, Financial Services & Insurance (BFSI) organizations, which handle sensitive financial and personal information of users and employees, are constantly threatened by cybercriminals. According to Forbes, an analysis in 2015 found that cybercriminals targeted financial organizations [...]
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 [...]
With sudden spurt in the usage of digital banking applications worldwide, it is imperative for banking enterprises to leverage digital quality assurance solutions and ensure their net banking and mobile applications are digitalized. According to Jeff Casey, Sr. Research Director covering the banking and financial technology industries within Gartner’s Financial Services Research and [...]
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 [...]
The value of global stock market is over $80 trillion where billions of shares change hands in stocks every day. The financial trading ecosystem is a highly complex, interweaved market that deals with tons of volumes of data on a daily basis. Today, over 80% of the stock market is automated. This [...]
