Financial Services

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Category blogs - Featured

1,613

Finance 4.0: The race to rebalance the world

Rahul Singh write on how Finance 4.0 presents a massive opportunity to rebalance the world with benefits filtering down to the lowest levels, across geo-political borders and over economic divides.

Rahul Singh - President and Global Head - Financial Services

Blog Category Listing

Aug 05, 2020

Credit Management Restructuration Post-COVID

Sudip Lahiri SVP & Head Financial Services Europe

If we look at credit management, with the present COVID-19 scenario, banks are required to be more proactive in protecting their customers as well as themselves against the expected credit losses. And, for that financial institutions need to re-...

212

Jul 21, 2020

Automated Legal Trawl Platform - A Crucible for Digital Platform Innovation

Chinmaya Mishra Senior Technical Specialist, Digital & Analytics

IT innovators at Southeast Asian banks have steadily invested in digital platforms over the past decade or so. However, they grapple to embrace business approaches that can maximize the value of the ecosystem than just focusing on increasing...

AI and Machine Learning in Financial Services

251

Jul 20, 2020

AI and Machine Learning in Financial Services : Accelerated adoption in the Post COVID new-normal

Mani Nagasundaram SVP and Head of Solutions Global Financial Services

Needless to say, in this post-COVID-19 world the way businesses and clients interact with each other has irreversibly changed. We have seen banks and other financial institutions leveraging technologies like AI, Machine Learning and Intelligent...

Digital Customer Engagement in the Era of Social Distancing

107

Jul 06, 2020

Digital Customer Engagement in the Era of Social Distancing

Mustafa Sabuwala Principal – Financial Services, APAC

Social distancing norms offers a remarkable opportunity for financial institutions to bolster their digital engagement journeys for products and services that have traditionally been exchanged via face-to-face interaction at the branches. There are...

235

Jun 29, 2020

Artificial Intelligence: Revolutionizing Banking with Predictive Analytics

Ashutosh Uniyal Associate Vice President, Financial Services, ANZ

With the advent of emergent technologies such as AI and automation, coupled with the global need for digital transformation, banks have reached a point where future-facing, proactive changes are no longer value additions but are indeed key...

Jun 29, 2020

Managing Business Continuity and Financial Services industry during COVID-19

Bharani Iyer Associate Vice President, FS, ANZ

The COVID-19 pandemic is one of the greatest social, health, economic, and financial shocks of the 21st century. While it is going to be hard to predict what’s next, it is crucial for businesses to proactively assess their risks and areas of...

352

Jun 19, 2020

Never before has empathy been more important in insurance

Rajesh Srivastava Senior Vice President, Financial Services, North America

Insurance penetration rates in the US across both life and non-life segments have weakened in the last decade, dipping from a moderate 3.9% in 2008 to 2.9% by 2018. The number of policies sold has fallen, products that were once attractive to...

184

Jun 12, 2020

360° view of your Investments

Rangarajan Rupanarayanan Senior Business Manager

Financial Planning plays a vital role in our life as our future is dependent on the same. Across the globe, most individuals work for at least 30 years starting from age 25. They lead a life style that may or may not match their earnings, without...

193

May 20, 2020

Alternative data in capital markets

Avinash Dave Global Practice Manager, Capital Markets Services, Financial Services

If we recall, few years back the low latency solutions were offering an edge in investment decision making. Now it’s considered as minimum requirement. The need for alternative data is seen to be increasing and the firms those delay in adapting...

235

Jun 29, 2020

Artificial Intelligence: Revolutionizing Banking with Predictive Analytics

Ashutosh Uniyal Associate Vice President, Financial Services, ANZ

251

Jul 20, 2020

AI and Machine Learning in Financial Services : Accelerated adoption in the Post COVID new-normal

Mani Nagasundaram SVP and Head of Solutions Global Financial Services

556

May 18, 2020

Application of RPA, AI, ML in Post trade Ecosystem

Muralitharan K Business Manager, HCL Technologies, Malaysia, SDN, BHD.

Advancement in technologies like Robotics process automation (RPA), Machine Learning (ML), Artificial Intelligence (AI) offers various products and services to reduce the manual intervention and improving operational inefficiencies in the middle and...

1,723

Jan 22, 2020

Transition from LIBOR to SOFR

Kaviya V Senior Business Analyst

Starting around 2005, few banks around the world manipulated the LIBOR (London Interbank Offered Rate) benchmark rate for their own profits (from trades and to show that they are more creditworthy) which came to light in the year 2012. After...

184

Jun 12, 2020

360° view of your Investments

Rangarajan Rupanarayanan Senior Business Manager

2,068

Apr 17, 2020

Examining Impact of COVID -19 on Wealth and Asset Management Firms

Ashok Bhat Practice Lead, Capital Management Services, Financial Services, HCL

COVID -19 has seen a worldwide business impact. This blog aims to examine its impact on the Wealth and Asset Management Industry. I would like to highlight my perspective of the analysis in three aspects: Current challenges faced by Asset and...

1,567

Nov 21, 2019

BS11 Impacts and its IT Implications

Rouble Saha Senior Business Manager, Banking Domain, Financial Services

Over the years, banks have lost millions of dollars due to unplanned outages or downtime in the services. This has also created a negative impact on a bank’s reputation and brand image. Many a time, these services are being managed by outsourced...

526

Mar 23, 2020

CCAR - Comprehensive Capital Analysis and Review

Vimal Jain Senior Business Specialist, Delivery Practice

CCAR is a united states regulatory framework governed by Federal reserve to assess, regulate & supervise large US banks that are too big to fail. Post 2008 Global economic crisis/subprime crisis/Recession, resulted in economic collapse of US...

1,938

Oct 16, 2019

SWIFT GPI

Rouble Saha Senior Business Manager, Banking Domain, Financial Services

The cross border transactions have historically been a puzzle for most of the banks as they cannot predict the exact time and fees to complete the transaction. Moreover, it becomes very difficult to track the payment once it goes out of the...

Don’t Let Your Legacy Systems Make You Irrelevant
Jaspaul Saini - Delivering Advisory and IT Systems | March 17, 2016
438 Views

This is the first in a series of blogs that examines how ‘internet savvy’ challengers are entering the insurance market and what this can mean to an industry that has traditionally been perceived as ‘stodgy’, ‘risk averse’ and ‘slow to change’. The blog goes on to discuss the legacy technology challenges that are hampering the industry today, and how different modernization strategies and/or radically new operating models are needed to compete in the future.

Disruption in Insurance industry – is it sporadic
Murali Mohana Rao - Senior Business Specialist With Insurance Practice | March 17, 2016
771 Views

Business Disruption is not new, but, simultaneous disruption in different walks of life and across businesses is the new phenomenon that global businesses are trying to position as an opportunity, challenge, or a threat. With never like before technology led la-uber disruptions surfacing in different industries, business needs to develop a deeper understanding of the underlying factors to come with an effective strategy to survive a possible deluge, if not to differentiate and stand apart. This applies more to industries where sporadic disruptions are surfacing but failing to make a remarkable impact. Insurance is one such industry. I think the insurance industry is poised for a very exciting but challenging phase in coming years.

Make ‘Fun’ to sell insurance & reduce cost - “Gamification in Insurance”
Murali Dharan Haragopal - Head of Global Insurance Business Solution Group | March 17, 2016
1286 Views

Did you know? Games share certain characteristics with insurance, business and our lives! Significant common characteristics include uncertainty, challenge, chance, choices, goal, relevance, reward, rules and terms of agreement.

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’

The future digital operating model - Part 1

‘Banking is necessary, banks are not.’ -- Bill Gates

Banks, Insurers, and Asset Managers – who are you and what will you become? The borrowed words from Bill Gates above are immediate to Banking, but slowly they will echo across all Financial Services sectors.

At the end of the day, who you become will depend on your strategy and the role you expand to (or retreat to) in your particular part of the financial services value chain. What you need to become though is more obvious and common to all.

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Don’t Let Your Legacy Systems Make You Irrelevant
Jaspaul Saini - Delivering Advisory and IT Systems | March 17, 2016
438 Views

Disruption in Insurance industry – is it sporadic
Murali Mohana Rao - Senior Business Specialist With Insurance Practice | March 17, 2016
771 Views

Make ‘Fun’ to sell insurance & reduce cost - “Gamification in Insurance”
Murali Dharan Haragopal - Head of Global Insurance Business Solution Group | March 17, 2016
1286 Views

The New Face of Regulatory Response: Opportunity
CEB Tower group analyst | March 11, 2016
250 Views

5 FinTech trends to watch in 2016
Santosh Kumar - Senior sales director & Head – Fintech Innovation | February 29, 2016
1770 Views

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

Giving the digital challengers a run for their money with two-speed it
Rahul Singh - President and Global Head - Financial Services | February 26, 2016
1275 Views

Digital – Thinking Beyond Technology Investments
HARVIND BHATTI - Sales Director - Digital Financial Services | February 26, 2016
571 Views

The future digital operating model - Part 1

Waiting for the ‘UBER movement’
Marc Barad - Senior Principal & Head - Banking & Payments | February 26, 2016
401 Views

Digital Transformation in BFSI - Who can afford the luxury of 2-speed IT?
Vidya Bhushan - Senior Sales Director - Capital Markets | February 26, 2016
673 Views

Digital Transformation in BFSI industry – The need for integrated transformation

HCL Guidewire Systems Integrator WIN – The NLC Story
Admin | October 14, 2015
475 Views

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Category blogs - Featured

Blog Category Listing

Don’t Let Your Legacy Systems Make You Irrelevant Jaspaul Saini - Delivering Advisory and IT Systems | March 17, 2016 438 Views

Disruption in Insurance industry – is it sporadic Murali Mohana Rao - Senior Business Specialist With Insurance Practice | March 17, 2016 771 Views

Make ‘Fun’ to sell insurance & reduce cost - “Gamification in Insurance” Murali Dharan Haragopal - Head of Global Insurance Business Solution Group | March 17, 2016 1286 Views

The New Face of Regulatory Response: Opportunity CEB Tower group analyst | March 11, 2016 250 Views

5 FinTech trends to watch in 2016 Santosh Kumar - Senior sales director & Head – Fintech Innovation | February 29, 2016 1770 Views

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

Giving the digital challengers a run for their money with two-speed it Rahul Singh - President and Global Head - Financial Services | February 26, 2016 1275 Views

Digital – Thinking Beyond Technology Investments HARVIND BHATTI - Sales Director - Digital Financial Services | February 26, 2016 571 Views

The future digital operating model - Part 1

Waiting for the ‘UBER movement’ Marc Barad - Senior Principal & Head - Banking & Payments | February 26, 2016 401 Views

Digital Transformation in BFSI - Who can afford the luxury of 2-speed IT? Vidya Bhushan - Senior Sales Director - Capital Markets | February 26, 2016 673 Views

Digital Transformation in BFSI industry – The need for integrated transformation

HCL Guidewire Systems Integrator WIN – The NLC Story Admin | October 14, 2015 475 Views

Don’t Let Your Legacy Systems Make You Irrelevant
Jaspaul Saini - Delivering Advisory and IT Systems | March 17, 2016
438 Views

Disruption in Insurance industry – is it sporadic
Murali Mohana Rao - Senior Business Specialist With Insurance Practice | March 17, 2016
771 Views

Make ‘Fun’ to sell insurance & reduce cost - “Gamification in Insurance”
Murali Dharan Haragopal - Head of Global Insurance Business Solution Group | March 17, 2016
1286 Views

The New Face of Regulatory Response: Opportunity
CEB Tower group analyst | March 11, 2016
250 Views

5 FinTech trends to watch in 2016
Santosh Kumar - Senior sales director & Head – Fintech Innovation | February 29, 2016
1770 Views

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

Giving the digital challengers a run for their money with two-speed it
Rahul Singh - President and Global Head - Financial Services | February 26, 2016
1275 Views

Digital – Thinking Beyond Technology Investments
HARVIND BHATTI - Sales Director - Digital Financial Services | February 26, 2016
571 Views

Waiting for the ‘UBER movement’
Marc Barad - Senior Principal & Head - Banking & Payments | February 26, 2016
401 Views

Digital Transformation in BFSI - Who can afford the luxury of 2-speed IT?
Vidya Bhushan - Senior Sales Director - Capital Markets | February 26, 2016
673 Views

HCL Guidewire Systems Integrator WIN – The NLC Story
Admin | October 14, 2015
475 Views