Financial institutions’ technological frameworks continue to become ever more sophisticated. Leveraging graphical user interface and drag-and-drop capability, low-code/no-code platforms can dramatically increase the speed of creation for sophisticated enterprise-class applications. These applications can incorporate complex business logic, automate workflow, integrate with existing information systems and enable a smooth user experience.
Concurrently, adopting a data-led strategy can result in better accuracy, optimized operations, improved compliance, and a better customer experience. Customer satisfaction increases exponentially as banks are able to ask the correct questions, avoid repetition and focus on the right transactions at the right time. A data-
driven approach may enable banks to augment traditional risk factors with statistically derived attributes, create a more dynamic risk-assessment process by incorporating additional data points, and generate a scoring framework with a detailed web of risk factors.
As traditional FIs work to close the gaps in the digitization of processes, they are struggling to meet the demand for quick and secure transactions, data security, fraud detection and financial reporting. The solution may lie in outsourcing and offshoring a number of processes, including compliance, cyber security, data engineering, advanced analytics, level 1/2 anti-money laundering (AML) transaction monitoring, regulatory filings and customer due diligence.
Leading financial institutions are also implementing clearly defined Cloud strategies. Systems within numerous established banks can use traditional, outdated architecture and follow antiquarian approaches, preventing them from unlocking the full benefits of the Cloud. To effectively leverage it, banks may need to adopt digital labs, apply Kubernetes, DevSecOps, and other agile technologies.
Leveraging low code/no code platforms to drive organizational change
Low-code concepts reduce the gap between corporate and IT functions, allowing both teams to work together to solve business needs. Ankit Uppal explores how banks can use these to automate operations and transform the customer experience.
Data-driven analytics: enabling the financial services industry to fight financial crime
Regulators across jurisdictions are starting to view the adoption of innovative technological tools as vital factors to increase the effectiveness of their operations. Sachith Amarasekara reflects on how this is enabling banks to apply data led advanced analytics to their processes more aggressively.
The move towards outsourcing and offshoring - the challenges and opportunities
Increasing governance issues, compliance requirements, remote working and new technologies have forced organizations to reconsider their operating model, technology stacks and customer journey. Varun Bhatia weighs the benefits and disadvantages of a workforce beyond borders.
Banking on the future with cloud
Many leading financial institutions (FI) have defined a Cloud strategy and some are already implementing data-center exit approaches. However, Alfonso Gutierrez believes banks are not unlocking its full potential.
Stay up to date with what matters to you
Gain access to personalized content based on your interests by signing up today