eNewsletter Spring 2019
Studies and research show that digitilisation is a fact for the financial services industry especially in banking. In Deloitte’s study “2019 Banking and Capital Markets Outlook: Reimaging Transformation” and ICT Enterprise Insights 2019 Financial Services & Payments, 28% of the bank CIOs asked stated that the most important technology area to the organisation is to create digital capability, 23% want to modernise legacy systems, and 18% to manage security, identity and privacy. In the same study, those asked about the plans to use digital technologies over the next 12 months, 39% responded that they aim to use a platform driven architecture through open interfaces/APIs, and 36% to explore artificial intelligence and machine learning.
It is becoming apparent in 2019 that technology and financial services are progressing hand-in-hand to evolve the operational models in order to deliver faster customer services, cost efficiencies and competitive offering.
APIs open new opportunities to improve cost and customer experience and potential revenue growth. The international trend and regulatory environment require more “open” communication of data to customer requirements; therefore, this will drive differentiation and accessibility.
To achieve this, the transformation is revolving around the following parameters:
- Hybrid cloud services, to deploy what is best suited with the utmost security
- API platforms, that add to innovation opportunities and customer service
- RPA and AI -driven technologies, to improve cost and operations
- Instant Payments, to achieve the transaction speed
- Blockchain adoption could improve efficiency, cost-effectiveness and security
- Security advancements, with the use of advanced analytics, real-time monitoring, AI to detect – early enough - potential threats.
Such trends and considerations have already been addressed by Profile Software developing solutions that cover the wider spectrum of the financial services operations. Latest enhancements in the banking platform fully cover the requirements for APIs and payments processing to ensure that clients are proactively addressing the evolving market needs.