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Byzantine Fault Tolerance
44
Various consensus mechanisms or protocols in a distributed system or blockchain technology inherently deal with the Byzantine Generals Problem. There are many solutions that provide a partial answer to this issue, if not full. Consensus implies the...
Nimble and Efficient
13
‘Single-purpose’ software served as a much-needed breakthrough in enterprise software development. Such software manifested themselves on central systems wherein information was collated across business functions to enable actionable decision-...
Plateauing Compliance
50
Sub Prime crisis heralded a new era of sharp focus in the compliance domain. Financial institutions worldwide suffered losses of over $300 billion due to compliance-related fines and damages. Since then, compliance has become mainstream for...
Prerequisites
189
Welcome to my third blog post in the “How to Successfully Scale Agile and DevOps” series.
Digital Age
947
As organizations focus on transformation objectives and create a roadmap of initiatives focused on business objectives, it is critical that they plan transformation initiatives across other dimensions. For example, organizational agility enables...
5G World
260
5G, with its faster speeds and more reliable connections rests its future on software-defined networking (SDN) which is responsible for redefining the network architecture to support the requirements of the forthcoming 5G ecosystem. SDN along with...
Getty Image
391

Oct 18, 2019

Unlocking the True Potential of Global Centers of Excellence

Bejoy George EVP & Head, Transformation Initiatives Group, ERS

Indian Global Centers of Excellence (GCEs) have evolved significantly over the last two decades. Originally called Captive Centers in the early 1990s, GCEs are offshore centers that function in designated roles for large multinational organizations...
Remote Physiological Monitoring (RPM)
106
Digital healthcare enterprises today leverage data, are experience centric and outcome driven, and are keen on innovating. However, the key element that will determine the future of healthcare is consumer empowerment. RPM is a classic example of how...
Next gen Data
123

Sep 13, 2019

Next-Gen Data Operations: Making Enterprises Become Insight Driven

Venkata Krishna C Global Solutions Lead - Data and Analytics

Organizations need data that is available, accessible, consumable, and actionable. However, with increasing business complexity, achieving this outcome is easier said than done. Organizations need customized solutions that resolve complexity and...
What is Digital Infrastructure?
12,703

Apr 21, 2016

What is Digital Infrastructure?

Alan Flower Vice President & CTO - Europe

Corporate strategies are now based on digital transformation. Businesses are now focussing on customer engagement/UX, rapid innovation etc. A new class of digital infrastructure is evolving, one which better supports this digital transformation.
Digital Age
947
As organizations focus on transformation objectives and create a roadmap of initiatives focused on business objectives, it is critical that they plan transformation initiatives across other dimensions. For example, organizational agility enables...
Prerequisites
189
Welcome to my third blog post in the “How to Successfully Scale Agile and DevOps” series.
Agile DevOps
1,082
We live in an ever-evolving and increasingly digital world which has a significant impact on the ways in which enterprises deliver their services and how clients interact and benefit from those. To be successful, enterprises need to be agile and be...
Digitalized Subrogation
549
Optimized Processes in Claims Lifecycle and Straight Forward Claims Settlement in Fast track are some of the Buzzwords being articulated repeatedly when the Insurers look for improving their Loss Ratio.
Plateauing Compliance
50
Sub Prime crisis heralded a new era of sharp focus in the compliance domain. Financial institutions worldwide suffered losses of over $300 billion due to compliance-related fines and damages. Since then, compliance has become mainstream for...
HCD
831
The customer experience landscape is evolving rapidly with new technologies offering enterprises unprecedented access to data and changing the nature of customer interactions. Against this backdrop, organizations are making strides in the...
New-Age Cybersecurity
899

Jan 17, 2019

New-Age Cybersecurity in the Digitalized Banking Paradigm

Maninder Singh Corporate Vice President - CyberSecurity Services

Bothered by the massive breaches of personal data frequently highlighted in the news? But they’re not the only risks financial services firms are encountering today. Online theft of funds along with ransomware and malware attacks disrupt banking...
MODE 1-2-3 Strategy
23,464
We are witnessing a far-reaching disruption in the market driven by three forces: Automation, Cloud and Digitalization. The momentum of change, fuelled by an explosion of data and connected devices, software defined infrastructure and experience and...

5 FinTech trends to watch in 2016
Santosh Kumar - Senior sales director & Head – Fintech Innovation | February 29, 2016
1740 Views

Financial Services are at the cusp of digital disruption. We might not be witnessing a 'revolution', but all the emerging trends and technologies are certainly proving that we are in the midst of an ‘evolution’.

Most of the large global banks are born pre-digital and are facing the challenge of legacy infrastructure, software, and culture. On the other hand, the new challenger banks are born-digital and carry no baggage of legacy. They are creating products and services that are relevant to the digital age customer’s needs.

Most of the large global banks are planning to either start their new digital banks or buy stakes in some of the challenger banks just as BBVA did recently by taking ~30% stakes in Atom bank. At the least, we will witness many pre-digital born banks investing in and embracing digital trends and technologies in 2016.

Here are 5 FinTech trends to watch out for in 2016:​

  • Blockchain - Distributed Ledger:

    Financial services organizations are racing to harness the power of the Bitcoin infrastructure to slash costs. The basic technology underpinning the Bitcoin virtual currency could be used by some of the world's biggest banks. These banks want to use the Blockchain method because it is hard to fool - making fraud difficult, speed up trading systems and make deals more transparent. Many banks such as UBS are already trying out Blockchain technology for different use cases.

    Blockchain is the software that both powers and regulates cryptocurrency Bitcoin. In its most basic form, it records ownership of Bitcoin — money — and transactions — one person paying another. The software uses a distributed ledger to police the network, which means a certain proportion of the vast network must sign-off on a transaction before it can be processed. This replaces the need for a ‘trusted middleman’ in a transaction.

    The project to test Blockchain-like technology is being led by financial technology firm R3 which has so far signed 30 banks. R3 has done a good job bringing all the rival banks together. We are witnessing a great interest across financial services on trying out this disruptive technology and will continue to see investment in 2016 to try out specific use cases that can give banks a competitive advantage.

  • Biometrics:

    2015 was the year that banks began to experiment seriously with biometrics: US financial provider USAA already offers three different biometric login options for its mobile customers (Touch ID, Facial recognition, and Voice recognition). Biometrics has been the ‘Next Big Thing’ in authentication for a long time now, but many things that have held it back have not gone away. There is often the need for costly additional equipment, and processes that require verification by a back office platform which makes it slow. Wells Fargo is testing voice recognition and eye scanning, joining an increasing number of banks and other financial services companies using biometrics technology to authenticate customers using their mobile applications. Nearly one-third of the largest US banks plan to make biometrics available to mobile banking customers by the end of this year.

  • Artificial Intelligence (AI):

    Robots have begun their invasion of banking. Robots and Artificial Intelligence (AI) in banking have the potential to reduce costs, expand skills, and improve the customer experience while working alongside or replacing humans. According to an article, Barclays believes that AI is the future of banking, and one bank in Tokyo is already staffed by a helpful robot. We have already seen rudimentary examples where users can talk to a computer system to make money transfers or access information. 

    Robo-advisors, or fully-automated online investment platforms, are also disrupting the financial advisory services. FinTech startups such as Betterment and Wealthfront have managed to pull early investors with their robo-advising platforms offering the perks of low fees and a reduced entry barrier when it comes to minimums. Many large banks including Deutsche Bank have launched their robo-advisor services. Automated financial advisors and planners that assist users in making financial decisions is a very strong use case. 

    We are certain to see an increased investment into AI in 2016 across financial services.

  • The API Economy:

    APIs are yet another vital trend driving disruption, and fueling FinTech startups and open banking data initiatives worldwide. Some of the new banks such as Fidor bank are already reaping the benefits of open APIs. With new rules such as European Payment Service Directive (PSD2) coming into existence, banks will have to implement APIs that can provide access to payment account information to third parties – including their competitor banks – following the customer’s explicit consent.

    Consumers now have the power to engage and perform transactions wherever they are, through a device of their choice. To engage customers across all digital media, banks need to be able to provide contextual and personalized product offerings and drive immediate conversion through embedded offerings. With the advent of APIs, banks can easily expose their product catalogs, payment wallets, and other services to digital customers.

    APIs are an important component in the digital architecture and banks are investing in building modern applications that can service their customer on a platform of their choice at any point in time. We will continue to see increased investment in 2016 on building APIs and helping banks serve their digital customers better.

  • Cloud Computing:

    Cloud has become one of the mainstream strategy topics for most large global banks. The debate is not if, but, how will they eventually embrace cloud – if not public cloud, then private cloud or hybrid cloud – and which version to select for which function.

    Banks will continue adopting Cloud services for their business applications, while carefully keeping sensitive data housed at private data centers. According to CIO.com, Deutsche Bank plans to have 80% of its systems based in the cloud by 2020. Today, cloud has matured and covers a panacea of Software-as-a-Service, Infrastructure-as-a-Service, Platform-as-a-Service, and more. It is certain that if not public, private, and hybrid clouds will play a vital role in the banks’ digital future.

    Join us at Netherland India Business Meet 2016 to hear Santosh kumar speak on ‘The changing face of Financial Services’


Giving the digital challengers a run for their money with two-speed it
Rahul Singh - President and Global Head - Financial Services | February 26, 2016
1243 Views

The financial services industry has experienced significant disruption over the past few years, as digital technology innovation has ushered in a new era of intense rivalry.

Digitalisation - Figurative & Quantifiable Dimensions
Arpan Chatterjee - Sales Director - Travel, Transportation and Logistics | December 16, 2015
241 Views

At the cost of repeating myself… ‘What exactly is Digitalisation?’ This certainly seems to be the talk of the town, but is this buzzword a new concept or once again, a fundamental and radical idea, but in a new package? Secondly, assuming for a moment that this is important for today’s business, how does Digitalisation impact the Travel, Transport, Logistics and Hospitality business?


Digitalization: Trends to look out for
Anurag Kumar - Category Manager, Strategic Marketing | September 15, 2015
799 Views

We can no longer deny the ‘digital presence’ in our lives. Right from cognitive machines being used to create personalized experiences with human beings to the astonishing proliferation of wearable devices, we have reached a stage where we feel more than comfortable in letting these digitalized manifestations dictate terms!


The Future of Retail Banking
John J. Norman - Senior Banking Principal - Financial Services North America | September 1, 2015
415 Views

With the emergence of new retail banking models and economics banks need to evaluate various strategic cost and revenue options that are centred on the consumer

What does a 21st Century Enterprise Look Like?
Anant Gupta - Former President & CEO | September 1, 2015
3328 Views

A friend of mine was very worried the other day. His son, based in Toronto, had just informed him that he was transferring his savings from one of Canada’s largest and most established banks to one that had virtually no physical presence. No typical neighborhood branch to walk into, no tellers to interact with over the counter. All transactions would be carried out over the Internet, mobile app or via telephone. He asked if he should stop his son from switching banks as such a “virtual” institution did not inspire his confidence.


Are you approaching Digitalization as a Sprint or a Marathon?
Anant Gupta - Former President & CEO | July 22, 2015
909 Views

What are the 4 keys to Approach Digitalization? Do you have to alter your business strategy for Digitalization. These are questions plaguing CEOs over the world.

The Digital Revolution - Why and How It Started?
Kalyan Chatrathi - ASD | February 16, 2015
309 Views

Digital


Patient Recruitment and Retention Strategy for Clinical Trials
Narender Dureja - Associate Vice President | February 4, 2015
248 Views

Considering the different phases in a clinical trial, there is a need for subjects to be enrolled according to the eligibility criteria defined in the study protocol. Holding the involvement of the right patients is a critical barrier for investigators and sponsors. During the conduct phase of clinical trials, sites usually spend most of their time working on patient recruitment, and yet, statistics show that despite this effort, reaching enrollment goals according to the timeline is frustratingly elusive in many studies.


Byzantine Fault Tolerance (BFT) and its significance in Blockchain world
Ranjeet Patel - Lead Consultant, Digital & Analytics | January 24, 2020
44 Views

Various consensus mechanisms or protocols in a distributed system or blockchain technology inherently deal with the Byzantine Generals Problem. There are many solutions that provide a partial answer to this issue, if not full. Consensus implies the nodes agreeing on a particular output value in a state of transition from the same initial value. Some of the common consensus mechanisms to achieve Byzantine fault tolerance (BFT) include PoW, PBFT, and PoS. Other such as DPOS, PoET, and DAG are fast emerging with various levels of success. A perfect consensus mechanism is yet to be in place but newer algorithms are continuously evolving to provide a new dimension in managing the BFT issue.