Banking & Financial Services

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 

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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 

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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. 

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Re-inventing banking: Geospatial adoption drives “New World” business models

The pride and joy of every business is a loyal customer; one who believes in you, and trusts that he/she will get the best possible value every time he/she uses your services. “Trust” is a very strong and intangible emotion, which eventually translates into long term “Loyalty”; therefore every business has a responsibility to proactively 

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Virtusa acquires OSB Consulting: Delivering greater value to insurance and financial services clients

Virtusa extends its current strength in finance transformation (FT) with the acquisition of OSB Consulting LLC, which closed on November 1, 2013. OSB is a New Jersey-based consulting firm specializing in the financial services and insurance domains, including SAP finance capabilities. OSB is focused on helping clients automate their finance & accounting (F&A) processes, reporting 

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Operational risk is a Data issue

The Basel II framework  defined “Operational Risk” as “the risk of loss resulting from inadequate or failed internal processes, people and systems or from external events.” It introduced a capital charge related to this risk. The specific definition of what constitutes that risk differs from institution to institution but is based on potential losses stemming 

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Regulatory compliance and risk management – Role of BPM in driving efficiencies and flexibility for financial services firms

I’m excited about participating as a panelist at the FSOkx BPM Innovation Forum on September 17th.There is so much change currently happening in the financial services industry and BPM is perfect to help meet the tremendous challenges ahead. In my 20+ years in the financial services industry, I have not seen so much change and 

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Client On-boarding: Leveraging BPM to Achieve Business Transformation

Successful organizations are not known for being complacent. They strive to improve themselves continuously. But that raises an issue; how does an organization identify weaknesses in their compliance, delivery and customer focus? In Frank Palermo’s recent blog Making Sense of Your Big Data with BPM: Turning Insights into Action, he discusses the convergence of Master 

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How Master Data Management can help Capital Market Organizations Onboard Clients, comply with Dodd-Frank and enable Business Transformation

It is important to keep in mind that most problems have more than one right answer; the challenge is to determine the best answer. The challenges raised by the Dodd-Frank Act provide the opportunity to determine which of the many potential solutions would be the best answer for your organization. Many of the banks that 

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Client Onboarding for Financial Institutions: Transforming Your Business and Compliance Process

Recently, I had the pleasure to be present during a webinar with Tony Young, Director of Financial Services Solution and Brad Foohey, Solutions Consultant, from Pegasystems. The webinar “Derivatives Client Onboarding Solution – Transforming Your Business and Compliance Process” was attended by numerous bank on-boarding and compliance leaders from various financial institutions. The hour-long session 

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Dodd-Frank’s Third Anniversary: The IT Journey To Date

As we approach the third anniversary of the Dodd Frank Wall Street Reform and Consumer Protection Act in July, it is worthwhile to take a look at its impact on banks and their respective IT departments so far. The implementation of the rules has been fraught with delays and confusion. The regulators who were entrusted 

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Dodd Frank Compliance – Leveraging Business Intelligence for Business Transformation

The Dodd-Frank act has stirred emotions as well as opinions from those both inside and outside of the financial services space. While there are still ongoing debates on the merits of the legislation, there is perhaps more consensus on the fact that the rules have been implemented in a less than optimal manner. However, at 

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Business Transformation: A Holistic Approach to Client Onboarding

Business transformation is defined as a fundamental change to processes or operating models. In most cases, the first consideration is the driver for transformation, that is, the cause of the business transformation. These drivers can fall into a wide spectrum of causes, including the desire to enter a new business, a regulatory change, or a 

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Branch Banking May Outlast the Online Channel After All

There have been many articles and opinions written about the demise of the banking branch. These discussions have dated back to when the ATM was first introduced and have been brought up again more recently due to the rise of mobile banking. Today’s consumer bank provides services across physical branch, ATM, online, mobile and tablet 

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How Wall Street is adopting the Tablet devices

Tablets are everywhere on the Wall Street, on trading floors, in the offices of money, fund and wealth managers, brokers are using them, so are traders, regulators, financial analysts, accountants, auditors, media persons and the persons who run the IT back office and data centers. Because of their light weight and convenient form factor (from 

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5 Important Things Capital Market Organizations Need to Consider for Achieving Leadership in Client Onboarding

Implementing an onboarding solution is a critical step for capital market organizations in order to build durable relationships with their clients, enhance their experience with the organization and in the long run, build loyal customer base. When implementing an onboarding solution it is important to consider the solution from a holistic point of view.  An 

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Leveraging Regulatory Change to Improve Capital Markets Efficiency

In capital markets today, it is very easy to find someone who can provide a list of reasons why the Dodd-Frank Act is onerous and unnecessary.  However, if we accept the inevitability of these new business requirements, we can try to look at the regulations in a different light.  The changes that these regulations require 

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Five Critical Mistakes to Avoid when Building an Enterprise App Store

Enterprise app stores are becoming a critical component of enterprise mobility. More and more enterprises are either building or looking to build enterprise app stores to distribute and manage enterprise mobile applications. The increasing usage of tablets such as the iPad, the bring your own device (BYOD) phenomena and organizational wide activity in rolling out 

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