Trends in banking
Research shows 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, 28% of the surveyed banks’ CIOs 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 (AI) and machine learning (ML).
In 2019, it is becoming apparent that technology and financial services are progressing hand-in-hand to evolve the operational models to deliver faster customer services, cost efficiencies and competitive offering.
APIs offer new opportunities to improve cost and customer experience as well as to deliver 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 utilising innovation opportunities and customer service
- Robotic process automation (RPA) and AI-driven technologies; to improve cost and operations
- Instant payments; to achieve the transaction speed
- Blockchain adoption; to potentially 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 evolving market needs such as multi-channel delivery, digital payments and powerful onboarding facilities, based on a flexible workflow mechanism covering all verification and checking requirements.
Latest enhancements in its FMS.next Universal Banking platform provide full coverage to the needs of modern financial institutions to meet the PSD2 and Open Banking requirements with the availability of an industry standard API layer.
Profile’s truly flexible front-to-back treasury management platform, Acumennet, has also been enhanced to support real-time updates with position checking and alerts, as well as storage and processing of a very large number of transactions without affecting the system’s response time, also available in the cloud. The solution has been implemented in various countries across the world on a single instance and multi-entity or as a treasury hub with the ability to operate 24×7 being online and in real-time.