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Charting a Core Transformation Roadmap to a Future Unknown

The bulk of critical and sensitive data are kept in a bank's core. Today's core needs to process and operate in real time, and support multiple digital channels. There are different routes and many factors that need to be considered, such as budget, workforce skills, and huge cultural change in terms of new working methodology and enterprise-wide buy-in. Where the firm wants to focus its goals in the new digital world it inhabits, and on what core tenets it wishes to compete inform the transformation decisions the bank makes. Finextra interviewed several industry leaders on the subject of core transformation and what it takes to build a future-proof bank, discussing the approach to change and the management thereof, the use and deployment of new technology and cloud services, how strategic partnerships can play the most valuable part, and crucially, how to deconstruct and rebuild a business while answering the demands of real-time digital client services and a yet-to-be-determined future. Download the full report below to find out more.

979 downloads

Report

Wealth Management: Driving Transformation through a 360° Client Lens

A 360 degree customer view is fast becoming essential for financial organisations and wealth managers to compete and win in the digital economy – but integrating the vast and changing data sources is often a major challenge. In recent years, advances in technology, as well as global digitalisation, have ushered in new capabilities for banks, enabling them to understand their clientele better and, hence, serve them in a more efficient and tailored fashion. The customer 360 view has become a familiar term as organisations utilise increased data analysis to capture holistically customer behaviour and account patterns leading to more intuitive offerings and responses, stronger security and faster processes. It is the ‘who, what, why, when and where’ of customer lifecycle management. Wealth management, hitherto later to the digital party than other financial services segments, is recognising the benefits to be gleaned from data-led transformation – both those operating independently and those part of larger banks. Growth, leaner operating functions, easier compliance processes and cost savings are just some of the benefits to be had. Cloud is called upon to deliver new and differentiated service levels and organisations are increasingly looking for new and scarce skillsets. This Finextra paper, produced in association with MarkLogic, is based on several discussions with senior financial services and wealth management experts covering key business and technical drivers for creating the need for a 360 degree customer view, the challenges to be overcome in the process and the long-term benefits to be gleaned as a result. Download the full report below to find out more.

558 downloads

Report

Instant Payments: Why Covid-19 is Bringing the Roadmap Forward

Business continuity has never been a more valuable asset for financial institutions. Fundamental changes to 'business as usual' as a result of Covid-19 have exposed the need for resilient, reliable, and efficient systems to maintain essential payment services and protect the interests of all ecosystem participants, from consumers to the largest corporations. At the same time, in the lead up to the European Single Market Infrastructure Gateway's (ESMIG) 'big bang' migration at the end of 2021, EU financial institutions are understandably consumed with ensuring that they are appropriately equipped to manage the systemic changes the migration will demand. While ESMIG provides a hard deadline to work towards, every institution bears unique targets and objectives, making the structure and execution of these plans more challenging than ever. In this context, it might seem that the adoption of real-time or instant payments—immediate settlement of account-to-account payments on a 24x7 basis, domestically and cross-border—should reasonably take a back seat to more pressing existential concerns. After all, while the ESMIG migration is mandatory, instant payments are not, and financial institutions could be forgiven for focusing solely on compliance-driven projects at the expense of optional ones. This impact study will outline why the reverse is true: that in fact, the move to instant payments takes on an increased urgency in the coronavirus age. It explores the benefits of instant payments for banks' internal operations as well as their customer value propositions. It also examines shifting approaches to business case development, and the increasing relevance of cloud and as-a-service models for instant payment processing. Find out more by downloading your copy below.

639 downloads

Report

A 3 Step Guide to Driving Customer-Centricity with Big Data

As a result of increased competition and rapidly changing consumer expectations, banks are under increased pressure to develop the way they target and appeal to customers and in turn, maintain a profitable personal relationship. In addition to this, the General Data Protection Regulation (GDPR) in Europe and the California Consumer Privacy Act (CCPA) in the US have set a foundation for data consent management and ensuring that customers’ personal information is always protected and secured. Now they are breaking down their data silos, banks are struggling to harness the information that is key to unlocking customer relationships in this ever-changing market. While they are navigating their way through such a volatile environment, traditional financial services companies are often reluctant to change and may find it difficult to implement new technology from which they can derive value. This is partly because they have had bad experiences with tech projects in the past that did not deliver or bring changes as expected. However, smart technology and out-of-the-box solutions in the form of powerful customer data platforms (CDPs) are readily available and deliver a competitive edge and value to financial institutions. Find out more by downloading your copy of the research paper below.

406 downloads

Report

The Future of Blockchain 2020

Where DLT is taking effect in financial services and what the future holds. Recent years have seen explosions in interest around blockchain technology, from Bitcoin’s price peaking at nearly $20,000 in December 2017, to the proliferation of initial coin offerings (ICOs) in 2018. In general, interest has been propelled more through hype than expectation. Distributed ledger technology (DLT) has presented many compelling use cases that would make financial services processes easier, quicker, cheaper and more transparent. This has been demonstrated already by numerous major banks who have launched projects in areas such as identity, settlement and foreign exchange. In this report, Finextra Research explores this and other use cases for DLT in conjunction with experts from the financial services industry, and examines what needs to happen for the technology’s potentials to be fulfilled. Download your copy of the report now.

995 downloads

Report

A Panorama of the Changing Banking Landscape in EMEA

Fintech players have proved that mass-market growth is achievable and are now providing other financial service entrants with a blueprint of how to scale exponentially. What sets the newer banks apart from incumbent providers is that they adapt their offering to meet the needs of their users. There is no universal formula for success that can work across all business models, and across the entire EMEA region. The most common way of generating revenue is charging customers, which would work well in a startup model as these organisations are unencumbered by legacy infrastructure and cost structures. However, untrusting customers want more than an improved customer experience, and companies need to establish revenue sources that can be diversified over time. Additionally, banks must give their customers a reason to bank with them. This research paper by Finextra, in association with Mambu, gathers the views of several experts from Bain Capital, Barclays, Citi, EY, OakNorth, Santander InnoVentures, SEB, Starling Bank and Tink on how to build a bank in Europe, the Middle East and Africa. Download the full report below to find out more.

1186 downloads

Report

How to Adopt SWIFT gpi by the 2020 Deadline - Build, Buy, Outsource or Collaborate?

The need for speed, certainty, and seamless integration in cross-border payments is becoming increasingly apparent. SWIFT’s Global Payment Initiative, more commonly known as gpi, is fast becoming the standard for global funds transfers. The need for speed, certainty, and seamless integration in cross-border payments is driven by user expectations of instant services, the digitalisation of traditional payment services, and the streamlining of financial supply chains by banks and corporates. For SWIFT’s community, payment confirmations represent the next piece in the puzzle in the path towards creating a seamless, cross-border payments experience for every financial institution and corporate member, and each of their customers. Financial institutions must position and prepare themselves to adopt the requirement on schedule or run the risk of sending non-compliant cross-border payments - if such transactions can be sent at all. For firms seeking to keep pace with the cross-border payments evolution, banks and corporates alike are faced with the challenge of identifying and adopting an effective strategy to adopt SWIFT gpi. The question firms must answer, as they juggle the real-world pressures of cost, competition and cumbersome legacy systems, is whether it is best to build, buy, outsource or collaborate. Find out more by downloading your copy below.

693 downloads

Report

Underpinning Innovation with Real-Time Payments

Real-Time Payments growth is just the beginning. Real-time payments systems are proliferating around the world, with higher values and volumes together with greater cross-border connectivity. The industry is tasked with designing and creating the market infrastructure that supports this growth, and is increasingly turning to hybrid multicloud deployments to deliver a new wave of innovation that can take place within all manner of systems, from fraud detection through to liquidity management and accounting software. Increased collaboration and global standards underpin the upward trajectory of digital transformation in a rapidly changing financial ecosystem. Download the full white paper below to find out more.

902 downloads

Report

Should banks be the guardians of digital identity?

The single, interoperable digital identity will be a dominant technology trend over the next decade, within the financial services industry and more broadly in our digital economies. Often pushed by digitally-minded governments, there are digital identity schemes at all levels of maturity worldwide. And where they are already well established they have evolved differently in different markets over the past 20 years. Many of the best examples, that have delivered high population penetration and efficiency and security for consumers and businesses, have had bank collaboration at their heart. In these cases, banks have been able to leverage their trusted role in the economy, their technical expertise and experience with shared infrastructure, to drive a level of success in opt-in digital identity schemes that governments have not been able to achieve on their own. But banks can’t take their prime position in digital identity for granted. Even in countries where banks have already driven the digital identity agenda, regulation and market structure can change and new competition will emerge. In countries that are still formulating federated digital identity frameworks, or looking to expand government national ID schemes into private sector usefulness, banks also need to be aware that the big tech giants and other globally networked companies have serious potential to upend the global market for digital ID. If banks get digital identity right, they stand to realise benefits in streamlined sales processes and customer onboarding, reduced losses from fraud and regulatory fines, and the potential for new revenue generating identity-based products and services. But more importantly, they can maintain their central role as arbiters of trust and stay relevant in the transforming digital economy. Download the full white paper below to find out more.

803 downloads

Report

The Irish Banking Ecosystem, Interconnection and the Speed of Change

Irish banks are operating in a rapidly changing market and must embrace new technologies and business models to keep pace and to stay ahead of energetic new entrants. But the same banks should accept that they cannot make this transformation alone and have to seek out new partners if they are to succeed or even survive in a new marketplace. The current trends towards open banking services, increasingly digitised products, and the appetite for real-time payments is playing out globally. In Ireland, where fintechs and big tech both reside in increasing numbers,the trend is especially acute. Many banks are adopting a cloud-based strategy to cope with new processing demands and to extract value from the increasing amounts of data, constantly generated from a myriad of remote devices. ‘Fast, agile and secure’ is the order of the day in order to join up the dots in the emerging ecosystem and be a frontrunner in the development of dynamic new products and services. The question is, can banks do it alone and what are the key ingredients for a successful partnership? Download the full white paper to find out more.

413 downloads

Report

The Information Advantage: Driving Opportunities and Mitigating Risk in a Hyper-Connected World

What's next for business in this world of digital services and data? Collaboration, interoperability and a trusted network in which to operate came to the fore as the key factors to support business growth and financial services transformation during a recent roundtable, held under Chatham House Rule. The roundtable was hosted by Finextra, in association with OpenText, and brought together payments and industry stakeholders to discuss the pertinent issues and drivers around digital and operational transformation. The themes have percolated and resonated in follow-up discussions since. Delegates discussed the pressing challenges as well as opportunities, and how to solve them in order to improve the landscape for commerce. Download the full report to find out more.

417 downloads

Report

The Future of Regulation: 2020 Predictions

Transformative regulations designed to stimulate and steer the exploding number of developments in innovation will be a dominating influence across the financial services industry in 2020, driven by the ongoing pressure fintech disruptors exert over incumbents. Concern over regulatory enforcement has increased significantly. Firms understand they are putting themselves at risk by violating regulations, and nearly 25% feel that the most important function of compliance is the avoidance of incurring such fines. This report explores the key regulatory updates that are bearing down on the financial services industry during 2020 and beyond, delving into the ramifications of the changes and consult industry experts to unscramble the intricacies of each regulation to advise on how to best prepare for each transition. Download your copy of the report now.

578 downloads

Report

Payments, 2020 and Beyond: How Today's Trends Drive Tomorrow's Strategies

2020 is set to be another transformational year in the payments industry. Regulatory and innovation-driven trends set in motion in the 2010s, such as real-time/instant payments, open banking and ISO 20022 migration, will become the defining themes of the 2020s. Global, regional and domestic payments infrastructures will experience drastic overhauls in the coming years, as market participants race to connect and transact with greater speed, data transparency, and interoperability. While all geographies are experiencing these transitions, not all are progressing at the same rate, or in the same direction. As the author William Gibson famously noted: “The future is already here – it’s just not very evenly distributed”. This impact study explores the distribution of innovation, regulation and disruption across selected domestic and regional payments markets, as well as initiatives with global reach such as SWIFT’s ISO 20022 migration. Find out more by downloading your copy below.

1190 downloads

Report

The Future of Cloud: Powering the Financial Services Industry

Strategic Insights and Best Practices for Success in the Cloud. The pace of change in the financial services industry is unprecedented. Regulatory oversight continues to expand with more stringent reporting and security requirements, emerging technologies are disrupting consumer expectations and the ecosystem is constantly evolving as new players enter the market. As a result, financial institutions are redefining their business models to deliver the capacity, agility and technology design they need to attract talent, be competitive and drive growth. From banking and payments to capital markets and insurance, cloud has become the new normal. In this paper, financial institutions, technology providers and consultants share their strategic insights and best practices for success in the cloud. From building a solid foundation to exploring the cutting edge, they discuss industry trends and specific use cases for stages throughout the cloud adoption journey.

1001 downloads

Report

Unlocking Revenue Through Digital Identity

Banks' business is not banking, it's trust. When it comes to identity and authentication processes, financial services providers must look to the Nordic region as a blueprint. Sweden, Norway, Finland and Denmark have leveraged partnerships with banks to form strong and established digital identity propositions. Banks are at an advantage in comparison to governments, third parties or other financial services players, however a degree of collaboration is required because traditional lenders cannot succeed alone.  Download your copy of the white paper below to find more.

693 downloads