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 [...]
The Financial Services industry has a highly dynamic nature. The emergence of newer technologies, introduction of legislative and regulatory updates, and the implications of economic impact are some of the reasons why the industry needs a process and practice that help them move faster in a better way. The business [...]
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 [...]
A reimagined and reshaped lending ecosystem can improve the experience of borrowers, reduce the loan processing time, and facilitate operational efficiency & transparency. Traditionally, a mortgage process takes an average of roughly 46 days for completion, costing the lending institution about $2000 to $2500 per loan. Not only is the [...]
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 [...]
In order to compete in the fast-moving digital world, banks have to let go the legacy infrastructure and operational processes. To succeed in a digital realm, their aim should be toward creating the best customer experiences. By increasing the market responsiveness, quality of services, affordability, and sustainability, banks can not only offer better [...]
