Banking & Financial Services

How geolocation mapping can safeguard customers’ financial transactions

The customer is always at the centre of innovation. New business propositions are being tested out almost daily to deliver services that provide engaging experiences and more convenience. Contactless payments are a great example of an innovation that has made customers lives easier. And with the Internet of Things now becoming a reality, the coming, 

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Digital banking – Ushering in a new era

Digital banking has gone from being a buzzword to an everyday catchphrase in financial circles. Digital banking today means different things to different people; encompassing everything from new ways to transact, peer-2-peer channels, mobile and online banking, and the ability to send money around the world at the click of a button. Digital banking done 

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What EMV and tokenization mean for banks

Clearly two of the biggest buzz words this year are EMV and tokenization. Although they are frequently talked about together, EMV and tokenization represent two different initiatives and present opportunities as well as challenges for banks. There has been a seemingly endless spate of data breaches in the United States. Recent breaches have occurred at 

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Can technology play alchemist’s role to overcome regulatory challenges in the banking industry?

Since the end of the Global Financial Crisis (GFC), there has been tremendous pressure posed by regulatory bodies to bring discipline to the financial industry, gain trust from consumers and create a better economic system. How have effective regulatory changes been so far able to meet their fundamental objectives? Well, that depends mostly on the 

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GRC: The need to aggregate and integrate all areas of risk

In today’s financial services landscape, the need for effective risk management has never been more important. This might seem obvious, especially after the financial crisis that eliminated many institutions, both large and small, from the market place, however banks are continuing to fail. In fact, according to the Federal Deposit Insurance Corporation, over the past 

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Capital markets Client Lifecycle Management (CLM) – the complexities!

Client Lifecycle Management (CLM) Institutional clients often perceive onboarding and maintenance to as straight forward processes. If looked at, at a high level it would seem so – forms have to be filled, all data has to be reviewed and then a few activities must be completed to setup the account in various systems. If 

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Near Field Communication (NFC) – Contactless payment

NFC offers the best of both worlds i.e. contactless payment and mobile technology. Smartphones let a customer store multiple credit cards and other payment methods all in one device that the customer is likely to carry everywhere with them already. It cuts out the unnecessary hassle of texting or swiping through menus to make payments 

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Future of customer experience in digital banking

Digital banks are no longer in the ‘money’ business but rather, in the ‘value’ business. This value is not just providing a functional benefit but also a holistic experience, (i.e. ‘what, when and how’ of the benefit), that customer values in the experience-based economy. Unlike in the past, when more than two products from one 

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How PSD2 is set to impact the payments industry

On 24th July 2013, the European Commission outlined proposals around the Payment Services Directive 2 (PSD2). One key element, is the ‘access to accounts’ proposal, which will require banks to open their customers’ accounts to Third Party Payment Providers (TPPs). So far, banks have been operating in a closed loop – this proposal will change that. 

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Flaws in bank provisioning resulting in Apple Pay fraud

Apple Inc.’s Apple Pay mobile-payment system has taken some hits over rumors of rampant fraud. According to some reports, Apple Pay fraud is 60% higher than mag-stripe credit card fraud. And now, with the announcement two weeks ago of the Apple Watch and its support of Apple Pay, there is some concern that fraud could accelerate. 

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Why cloud DevOps for financial services companies

The consumerization of the technology industry has had a major impact on the way IT and business applications are built and managed in the financial services industry, leading to business complexity. Businesses today have a need to respond to dynamic changes in the marketplace to keep up with their consumers. Consumers are now interacting through 

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What regulatory changes are hitting banks in Q1?

Though the pace of creation of new regulatory mandates has slowed and the future of existing rule implementation, such as portions of the Dodd-Frank Act, have been thrown into doubt with the Republican victories in November, there are still many issues facing banking institutions throughout the United States. In the 1st Quarter of 2015 Basel 

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Five digital disruption trends impacting the credit card industry

Today, a new wave of disruption led by technologies like Mobile, Social, Big Data and Cloud, are forcing companies to innovate, and introduce new products and services at an unprecedented pace. Financial businesses, like the credit card industry, which is an ecosystem of merchants, payment processors, network providers and various other interdependent entities, are highly 

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2015 – Top trends in retail banks

Consumer behavior, technology and regulation have been transforming the retail banking industry. However, with so many different technologies available, it is important that retail banks separate hype from reality when deciding on their key investments for 2015 to ensure they can gain the best Return on Investment. Product differentiation between banks is negligible today; instead, 

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The banking industry in 2015 – The rise of the millennial effect and other impacts on technology

2015 is expected to be an exciting, if not challenging year for the financial services industry. The banks have improved profitability by shedding expenses and increased lending. This improvement has come despite the costs of regulatory compliance, as well as the legal costs for past failures. Many banks have spent the last several years improving 

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Is Apple Pay good or bad for banks?

The pace of disruption in banking continues on a near weekly basis, creating challenges for banks to retain front of mindshare, and preserve and retain their customer base. Consumer banks are threatened in nearly every traditional product area from upstarts and more nimble competitors, to non-bank players that are disrupting the traditional interaction model between 

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How 2015 could be a watershed year for digital banking

According to the 2014 World Retail Banking Report from Capgemini and Efma, less than 40% (a decrease from 41.6% in 2013 to 39.5% in 2014) of customers globally reported having positive customer experiences with their bank. The main reason for this dissatisfaction is the bank’s failure to develop a comprehensive digital and brick-and-mortar strategy around 

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Security measures to be undertaken when providing smart banking solutions

The deployment of Alternate or Omni Channel Solutions in Banking, Financial Services and Insurance (BFSI) is not intended just for selling services or products, but also for elevating the customer experience. Often a customer may want to buy or subscribe to a certain product that may not be aligned with his or her needs. It 

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The cost of compliance – Time for introspection

The last few years have seen significant new regulation in the banking space. It has not been an easy period for financial institutions, with many industry personnel and observers questioning the rationale or efficacy of new rulings. Interpreting and implementing regulations based on guidelines (not precise rules) has made the task all the more challenging. 

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Client onboarding – The importance of business process assessment and optimization

Business process improvement and the implementation of business process management (“BPM”) technology can truly become a “cart before the horse” dilemma for many organizations. Software vendors and implementers are often called upon to deliver the nirvana state that they sold their customer on, by simply automating a process without considering the fact that the process 

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