Banking & Financial Services

5 things you may not know about FATCA

Foreign Account Tax Compliance Act (FATCA), a US anti-tax evasion law with global implications has been at the center-stage of the regulatory space for the past two years. It aims to curb cross-border tax evasion by implementing a reporting framework that requires information from worldwide institutions on a US customer’s financials. The IRS has placed 

Continue Reading…

Transforming banking experience through a symbiotic brick and click relationship

Banks have come a long way from their early branch-heavy days to the new age of ‘anywhere, anytime’ banking. The onslaught of internet and mobile banking is throwing doubt on the continued relevance and feasibility of the branch. Couple this with the high operational and maintenance costs of the branch, and it raises the question 

Continue Reading…

Client lifecycle management operations in capital markets – game changing!

Client lifecycle management (CLM) operations involve transforming from a prospective client to one who can engage in business activities with a financial institution. These activities include collecting all the details of the client organization such as name, registration, address, purpose, products interested and ownership structure, KYC (know your customer) checks for political affiliation, risk scoring, 

Continue Reading…

How payments and analytics deliver customer insights and drive loyalty

It’s well known that it’s more cost effective to sell to existing customers, than it is to acquire new ones. If businesses can gain extra insights into how their customers use their services, they can find new ways to tailor and customise those services to individual customers. Electronic payments make the interaction with a business 

Continue Reading…

Apple Pay – An attempt to demystify Apple’s new service

When Apple announced Apple Pay as a service on September 9th, they mentioned a few key terms like secure element, tokens, one time unique number, device account number and dynamic security code. For the layman, this could mean that Apple has used the most advanced security technology in Apple Pay; but for the folks in 

Continue Reading…

Gamification: Next growth propeller for banks

Banks and Financial Institutions (FIs) have been trying hard to gain customers and increase market share in the retail customer segment. Traditionally, a bank’s distribution channel via extensive branch network used to guarantee that the prospects could always reach the bank and do business with them. Now, because of digital disruption, prospects are seeking banks 

Continue Reading…

U.S. financial markets: Both laggards and trendsetters

U.S. capital markets typically define how the rest of the world markets operate. More financial investments are made in the U.S. than in any other country. But this supremacy hasn’t always translated to leading business and technology practices. Senthil RadhakrishnanVice President and Head of Capital Market Solutions Group, Virtusa. Senthil has 16+ years’ experience focused 

Continue Reading…

Singapore liquidity regulation suits its international nature

In an earlier article, I outlined a summary of various liquidity regulations included in Basel III and Dodd Frank; now, it’s time to share another perspective on liquidity regulation in Singapore. On Tuesday June 24th Singapore’s minister for trade and industry, Lim Hng Kiang unveiled a new and stringent liquidity regulation at an annual gathering 

Continue Reading…

5 reasons why financial institutions should adopt dashboard technology

The financial services industry is feeling increased pressure as compliance and risk management needs steadily increase. Driving this pressure are the new federal banking regulations and the increasing dollar amount of regulatory fines. Financial institutions’ senior leadership is faced with new challenges around managing risk in addition to managing the amount of resources dedicated to 

Continue Reading…

Digital Disruption in Retail Banking

The retail banking industry today is undergoing change at levels not seen heretofore. There are two primary drivers of this change: demographics and technology. There are 83 million millennials, people born after 1980, who came of age around the millennium. This makes millennials the largest demographic today at about 5 million more than the baby 

Continue Reading…

Banking operations: Planning for Liquidity Risk

The 2007/08 global financial crisis has reaffirmed the importance of liquidity risk. In the world of efficient financial markets with perfect information, banks could only fail if their underlying fundamentals are not good. In such markets, banks can always finance their liquidity demands by borrowing from wholesale markets. But, in the real world financial markets 

Continue Reading…

Bring Your Own Wallet

Today, the ‘mobile wallet’ is an overused buzzword discussed and debated by a variety of industries. Payment companies, financial institutions and merchants of all sizes are all vying for consumer attention. Technology companies, mobile network operators (MNOs), start-ups and even marketing companies are joining forces to innovate in this space. Though many are talking about 

Continue Reading…

3 ways credit card providers can use BPM to enrich their service offerings and achieve business transformation

Business process management (BPM) in credit card services has covered credit card issuance, card servicing and bills management, but in 2014-2015 the focus is going to be more on better customer service, best in class case management systems and dispute management. With increasing security breaches and data thefts taking place in 2013, there are three 

Continue Reading…

Impact of spreadsheets and manual processes on enterprise risk

Financial services firms are stuck in a tangled web of data and legacy systems. This model will not sustain today’s business environment, which is largely defined by new regulations and the changes firms need to make to comply. The industry is also challenged with low trading volumes, shortened settlement cycles, and traders looking to new 

Continue Reading…

Impact of new regulations on European financial institutions: Crystal ball gazing for opportunities

The European financial crisis displayed numerous limitations in supervising the regulations of the financial sector, causing a severe disruption of the system. To reduce the intensity of the impact on the economy and to avoid a similar outbreak in future, the Group of Twenty (G20) helped establish the foundation of a new global financial regulatory 

Continue Reading…

Mobile Banking Trends in 2014

2013 was a big year for mobile banking driving by trends such as increased smart phone adoption and the popularity of mobile check deposit. Looking into 2014, we see several areas that will drive mobile banking adoption even higher: Bob GrahamSenior Vice President – Head of Banking & Financial Services, Virtusa. Bob Graham brings over 

Continue Reading…

Looking back at 2013: 4 trends driving mobile banking adoption

Year 2013 was in some ways a year that created the foundation for rapid mobile banking growth in the coming years. An Accenture study found that adoption increased in the US by 50%. This growth shows no sign of slowing, as Forrester Research predicts that U.S. mobile banking users will double in the next five 

Continue Reading…

The outlook for financial services in 2014 – How can organizations achieve transformational change in a limited budgetary reality?

As economists have recently revised global economic growth prospects downward, the expectation for 2014 is that interest rates will remain low. If global economies are slated to grow sluggishly, logically, the prospects for IT spending in the banking and financial services sector would also remain slow. This uncertain outlook is supported in the US by 

Continue Reading…

Migrating to EMV standard: A boon in disguise

History has shown that financial industry is fraught with stories of fraudulent transactions that have resulted in billions of dollars of losses. According to the Nilson’s November 2011 Report, in 2010 the U.S. credit card and debit card losses totaled roughly $3.56 billion – 47% of the worldwide payment card fraud losses globally that year. 

Continue Reading…

  1. Pages:
  2. 1
  3. 2
  4. 3
  5. 4
  6. 5
  7. 6