FinOps is a solution for controlling operational costs in a cloud environment and offers ways for teams to manage their cloud costs, wherein everyone takes ownership of their cloud usage. FinOps term is coined by combining Finance + DevOps. It’s an evolving cloud financial management discipline and cultural practice. In practice, [...]
Digital banking involves the digitization of all traditional banking products, processes, and activities to serve customers through online channels. Banking that is done through the digital platform without any paperwork like account opening forms, cheques, pay-in slips, and so on is referred to as digital banking. It relies on high-level process [...]
Blockchain technology (within the broader distributed ledger technology umbrella) has received many eyeballs over the last decade, moving beyond the admiration of niche cryptocurrency fanatics and into the mainstream conversation of experts and investors, especially in the banking and financial services space. Whether it is Payments, P&C (Property & casualty) [...]
Digital security has always been an issue for payment organizations and their customers. Transparent and immediate payment is the basic need. Payments need to be made easy, fast, and highly secure to enhance and popularize digital payments and be more customer-focused. Blockchain technology has developed a solution that addresses payment [...]
Challenger Banks are the new age banks that have come into existence riding on the waves of technological and regulatory enablement. These banks, in general, are completely digital and don’t have a branch, saving loads of money, which makes the entire process convenient and cost-effective for the customer. Every year, they [...]
Digitalization is a challenge for wealth management firms and will provide an inevitable change in the coming decade. It is an essential aspect of modern investors’ premium service to include high-quality digital tools. Wealth management firms are facing challenges such as addressing the threat of fintech challengers, measurable success metrics, KPIs, [...]
Core (Centralized Online Real-time Exchange) Banking is a system that enables a group of bank’s branches to perform transactions between accounts in different branches and share the data in real time. According to Gartner, “a core banking system is a back-end system that processes daily banking transactions and posts updates [...]
Global Scenario Major markets, such as the United States of America, Hong Kong, the United Kingdom, Japan, Singapore, and Australia, continue to follow the T+2 settlement cycle. However, in different jurisdictions, the talk about moving towards a T+1 settlement cycle is gathering momentum. In February 2021, the United States DTCC (Depository Trust [...]
Why Hyper-personalization? In recent times, customers are looking for a customized solution for their specific requirements and utilizing the digital features of banking as per their needs. Moreover, banks have realized the economic advantage of personalization which can bring in considerable cost reduction by providing diverse cutting-edge products with AI, [...]
The Need for Digital Payment Applications to be Migrated to the Cloud: Like all other industries, the payment industry is also evolving. The driving factors for the evolution are cost-reduction, convenience, speed, and security. These are the reasons why cloud systems are being considered for digital payment applications as well. The [...]
