Building a truly digital banking model remains a challenge for most domestic banks. While it’s true that there is no such thing as a sure recipe for success, some key ingredients are essential to a successful digitized bank. They are the SIX imperatives of digital banking that we will discuss in this whitepaper.
Digital Engagement Suite - Advanced omnichannel banking solutionnehapaul23
Advanced omnichannel solution. Seamless digital engagement for all kinds of customers, with traditional, modern and emerging channel experiences for all types of users.
Pervasive digital technology is fundamentally changing the retail banking business model. Here's how banking Chief Information Officers (CIOs) need to change in order to lead the digital charge, according to our recent study.
Impact of Digital Banks on Incumbents in SingaporeVarun Mittal
Incumbents have to act now in order to be prepared for the digital bank launch in Singapore by 2021. The New Digital Banks (NDBs) aim to launch customer-centric, differentiated products to meet
their lifestyle goals along with simple and superior user experience.
The new age customers expect transparency and frictionless
experience from their banks.
The incumbent banks should leverage the trust and relationship
built with their customers over the years. They should re-evaluate
their strategy, invest in understanding customers’ needs and enable a digital experience that is at par with leading technology players in the market. Incumbents should take timely action by choosing a viable option to position their business ahead of competition and disruption!
Today's customers are fundamentally different from customers of past years as they are harder to acquire, retain, and delight because of the explosion in digital technologies consumers use day to day. New digital experiences are forcing banks to play catch-up and match the innovative and engaging interactions and products — such as mobile payments — that non-banks are offering to those same customers. This IDC research, sponsored by TCS Digital Software & Solutions Group, revealed three key themes for digital transformation in the banking industry.
Bank of the future: Digital Transformation StrategyNawaf Albadia
A guide to planning and executing Digital Transformation Strategy to build your Digital Bank of the Future. A framework to implement digital experience, digital business and digital innovation
Digital Engagement Suite - Advanced omnichannel banking solutionnehapaul23
Advanced omnichannel solution. Seamless digital engagement for all kinds of customers, with traditional, modern and emerging channel experiences for all types of users.
Pervasive digital technology is fundamentally changing the retail banking business model. Here's how banking Chief Information Officers (CIOs) need to change in order to lead the digital charge, according to our recent study.
Impact of Digital Banks on Incumbents in SingaporeVarun Mittal
Incumbents have to act now in order to be prepared for the digital bank launch in Singapore by 2021. The New Digital Banks (NDBs) aim to launch customer-centric, differentiated products to meet
their lifestyle goals along with simple and superior user experience.
The new age customers expect transparency and frictionless
experience from their banks.
The incumbent banks should leverage the trust and relationship
built with their customers over the years. They should re-evaluate
their strategy, invest in understanding customers’ needs and enable a digital experience that is at par with leading technology players in the market. Incumbents should take timely action by choosing a viable option to position their business ahead of competition and disruption!
Today's customers are fundamentally different from customers of past years as they are harder to acquire, retain, and delight because of the explosion in digital technologies consumers use day to day. New digital experiences are forcing banks to play catch-up and match the innovative and engaging interactions and products — such as mobile payments — that non-banks are offering to those same customers. This IDC research, sponsored by TCS Digital Software & Solutions Group, revealed three key themes for digital transformation in the banking industry.
Bank of the future: Digital Transformation StrategyNawaf Albadia
A guide to planning and executing Digital Transformation Strategy to build your Digital Bank of the Future. A framework to implement digital experience, digital business and digital innovation
Find More About Temenos T24 The Future In Banking.pdfMaveric Systems
The core banking services that the bank provides include accepting deposits and issuing loans,
controlling monetary transactions, saving account and account holder information, utilizing a
database to connect all accounts and account holders, maintaining its own fixed and variable
accounts costs and routine maintenance, such as opening and closing accounts, calculating
interest, etc.
2023 digital transformation trends in banking.pdfSun Technologies
A successful digital transformation might enhance the bank's ability to compete in a market that is becoming more congested. As a result of digital transformation, transactions can be completed quickly and easily, maintaining records, managing databases, and deploying services that promote financial inclusion and overall customer retention.
The “DON’TS” before your bank goes Digital.pdfMaveric Systems
While we have gone through the necessities of Digital Banking, along with the foundations of making it successful, it is also necessary to avoid some obvious errors that most first-timers end up making.
While traditional banks contend with inflexible legacy IT systems, the transformational ones deploy Agile methods to significantly reduce their time to value and make the organization more flexible as a whole.
Transformation is difficult and digital transformation is even harder.
Cloud allows banks to serve customers in new ways and re-imagine their business models. It can help surface valuable insights from their data and transform how they make decisions. It enables them to tap expertise from across their entire ecosystem. Read the whitepaper to find out more.
Why banks must deploy core banking solutions (CBS). BeaconPro core banking software is a centralized, browser-based, user-friendly and offers a world of convenience to users.
Checklist to become customer first neo bank- 2021 proven solutionIndusNetMarketing
Neobanks are the future, and the path to growth and profitability requires an enriched customer experience for tech-savvy customers. Here is the checklist.
Empower Your Corporate Bank with Finacle's Comprehensive Solutionsnehapaul23
Finacle Corporate Banking is a one-stop solution suit to help drive the digital modernization of your corporate bank. Enhance your corporate banking services with Finacle's suite of solutions designed to streamline operations, improve customer engagement, and drive growth. From corporate lending and cash management to trade finance and payments, discover how Finacle's solutions can help your bank stay ahead in the competitive corporate banking landscape.
Learn More: https://www.edgeverve.com/finacle/solutions/corporate-banks/
Digital intervention is a reality in today’s banking business and banks need to adapt and respond to this change to stay ahead of competition. The digital foreground has presented banks with a huge opportunity to attract new customers, lower costs, develop new propositions and business models, as also explore customer value to its maximum. To create a digital environment is now a priority for all banks and they need to undergo considerable investment for complete transformation.
The CII-PwC report titled, Banks taking a quantum leap through digital, released at CII National BANKing TECH Summit by Mr H R Khan Dy Governor RBI, Mr A P Hota MD& CEO National Payments Corporation of India and M S RaghavanChairman & MD, IDBI Bank.
Exponential banking: Reinventing Financial Services in a world of Exponential...Vincent Teo
A Point of View on the threat of Fintechs and Neobanks in the Financial Services category and what banks should do to respond and continue to unlock business and customer value and drive growth.
Banks should look beyond just embracing the latest Fintech and look to reinvent themselves as the Exponential Bank of the Future.
Retail banking digital transformation – Choosing a digital platform (2).pdfMaveric Systems
Given the spirited forays of BigTechs and Fintechs, Retail banking institutions should discard older playbooks. The incumbents will do well to operate more like the Tech companies – advance
their data capabilities, employ next-gen tech stack and embrace agile operating models.
WhitePaper Chicago style Sample written by writingmetier.comWriting Metier
WhitePaper Chicago style Sample written by writingmetier.com
WritingMetier team can help you with writing any type of WhitePapers, feel free to contact us anytime: https://writingmetier.com
Reading this paper will give you a better idea of how technology has so far transformed the business landscape, what you need to do with your own digital transformation, and what to look for in 2020.
The intricacies of TPBank’s system have posed a significant challenge for the testing team to conduct comprehensive quality checks. To solve the problems, the bank engaged with KMS Solutions, a premier technology consulting and service provider with proven software testing expertise in BFSI - for a personalised strategy to automate the testing process and enhance the team’s expertise.
Find More About Temenos T24 The Future In Banking.pdfMaveric Systems
The core banking services that the bank provides include accepting deposits and issuing loans,
controlling monetary transactions, saving account and account holder information, utilizing a
database to connect all accounts and account holders, maintaining its own fixed and variable
accounts costs and routine maintenance, such as opening and closing accounts, calculating
interest, etc.
2023 digital transformation trends in banking.pdfSun Technologies
A successful digital transformation might enhance the bank's ability to compete in a market that is becoming more congested. As a result of digital transformation, transactions can be completed quickly and easily, maintaining records, managing databases, and deploying services that promote financial inclusion and overall customer retention.
The “DON’TS” before your bank goes Digital.pdfMaveric Systems
While we have gone through the necessities of Digital Banking, along with the foundations of making it successful, it is also necessary to avoid some obvious errors that most first-timers end up making.
While traditional banks contend with inflexible legacy IT systems, the transformational ones deploy Agile methods to significantly reduce their time to value and make the organization more flexible as a whole.
Transformation is difficult and digital transformation is even harder.
Cloud allows banks to serve customers in new ways and re-imagine their business models. It can help surface valuable insights from their data and transform how they make decisions. It enables them to tap expertise from across their entire ecosystem. Read the whitepaper to find out more.
Why banks must deploy core banking solutions (CBS). BeaconPro core banking software is a centralized, browser-based, user-friendly and offers a world of convenience to users.
Checklist to become customer first neo bank- 2021 proven solutionIndusNetMarketing
Neobanks are the future, and the path to growth and profitability requires an enriched customer experience for tech-savvy customers. Here is the checklist.
Empower Your Corporate Bank with Finacle's Comprehensive Solutionsnehapaul23
Finacle Corporate Banking is a one-stop solution suit to help drive the digital modernization of your corporate bank. Enhance your corporate banking services with Finacle's suite of solutions designed to streamline operations, improve customer engagement, and drive growth. From corporate lending and cash management to trade finance and payments, discover how Finacle's solutions can help your bank stay ahead in the competitive corporate banking landscape.
Learn More: https://www.edgeverve.com/finacle/solutions/corporate-banks/
Digital intervention is a reality in today’s banking business and banks need to adapt and respond to this change to stay ahead of competition. The digital foreground has presented banks with a huge opportunity to attract new customers, lower costs, develop new propositions and business models, as also explore customer value to its maximum. To create a digital environment is now a priority for all banks and they need to undergo considerable investment for complete transformation.
The CII-PwC report titled, Banks taking a quantum leap through digital, released at CII National BANKing TECH Summit by Mr H R Khan Dy Governor RBI, Mr A P Hota MD& CEO National Payments Corporation of India and M S RaghavanChairman & MD, IDBI Bank.
Exponential banking: Reinventing Financial Services in a world of Exponential...Vincent Teo
A Point of View on the threat of Fintechs and Neobanks in the Financial Services category and what banks should do to respond and continue to unlock business and customer value and drive growth.
Banks should look beyond just embracing the latest Fintech and look to reinvent themselves as the Exponential Bank of the Future.
Retail banking digital transformation – Choosing a digital platform (2).pdfMaveric Systems
Given the spirited forays of BigTechs and Fintechs, Retail banking institutions should discard older playbooks. The incumbents will do well to operate more like the Tech companies – advance
their data capabilities, employ next-gen tech stack and embrace agile operating models.
WhitePaper Chicago style Sample written by writingmetier.comWriting Metier
WhitePaper Chicago style Sample written by writingmetier.com
WritingMetier team can help you with writing any type of WhitePapers, feel free to contact us anytime: https://writingmetier.com
Reading this paper will give you a better idea of how technology has so far transformed the business landscape, what you need to do with your own digital transformation, and what to look for in 2020.
The intricacies of TPBank’s system have posed a significant challenge for the testing team to conduct comprehensive quality checks. To solve the problems, the bank engaged with KMS Solutions, a premier technology consulting and service provider with proven software testing expertise in BFSI - for a personalised strategy to automate the testing process and enhance the team’s expertise.
In today's fast-paced digital world, with the increasing reliance on software in nearly every aspect of our lives, the demand for high-quality digital solutions adapting to changing needs of users and stakeholders has never been greater.
Brands are in the race to accelerate their development process and differentiate themselves by providing advanced customer experiences. Modern software engineering emphasizes the use of Agile methodologies, DevOps practices, and continuous integration and delivery pipeline to streamline the software development process and deliver a product that meets the specified requirements and quality goals.
Due to the high development velocity and high complexity of its newfound project, GIC Real Estate Analytics project was searching for a competent partner with proven capabilities in Test Automation.
Subscribe to insightful whitepapers at: https://kms-solutions.asia
With the advanced technologies such as biometrics verification and cryptographic keys, IT around the world is moving towards passwordless authentication for its apps.
Subscribe for more insightful report at: https://kms-solutions.asia/
In today’s digital era where businesses hurry to build new digital products, Software Testing becomes an integral part of that endeavor. Applying software testing properly and with the right tools, Software Testing can speed up the entire Software Development Life Cycle (SDLC) and thus accelerate Digital Transformation efforts. As an indispensable part of SDLC, the Software Testing Life Cycle (STLC) provides a step-by-step roadmap for the entire testing process. The STLC will be the central theme of this paper, which gives an overview of STLC, its key phases and activities involved in each phase, as well as the common principles of STLC.
To appeal to its customers who are increasingly digital-savvy, Asia Commercial Bank (ACB) wants to prioritize its mobile-first strategy. The first step is to build mobile banking applications that center on customer experience.
A core banking system (CBS) is a central system dedicated to the processing of banks’ transactions. It also handles accounts, securities, payments of loans, and so on. A Core Banking Transformation, in turn, is the process of replacing, upgrading, or outsourcing this core system. As CBS is the very heart of a bank, transforming it has a high chance of disrupting day-to-day operations. In the face of such costly disruptions, software testing can act as a reliable safeguard. This paper offers the strategies that QA teams can adopt to mitigate the risk and thus ensure the success of this radical transformation.
It’s clear how Incumbent banks are met with unprecedented market forces. Fintech and neobanks—new financial players that offer more and more exciting financial products—are eating up banking market shares. Meanwhile, the growing use of alternative payments such as PayPal, Samsung Pay, Apple Pay, and so on points to the fact that customers are finding traditional banks inconvenient and untrustworthy. At the same time, people are walking away from physical branches; instead preferring mobile banking for ease and convenience, according to a recent report by Backbase. On top of that, the government continues to encourage Digital Banking, made apparent by the government’s recent directives. These factors may sound like twists and turns that took traditional banks by surprise, yet they point to the refusal to change and innovate in the face of digital disruption. Now that change becomes a matter of life and death for banks, there’s an evident need for a shift in mindset and principle called Design Thinking. This paper looks over the relevance and application of Design Thinking in the banking sector. You will also get to explore how some current banks are applying this method. The promise of Design Thinking for banks proves beyond doubt. Now let’s dive in.
More and more customers are seeing mobile as their banking channel of choice, proven by a growing body of papers. To cite some, Cimigo revealed that for every 10 respondents who are Vietnamese consumers, 3 are using some forms of e-payments including mobile banking application and e-Wallet. Or Backbase predicted that mobile transactions in Vietnam will increase by 300% between 2021 and 2025, driven by mobile payments. As banks build more creative features and integrate with third-party financial products, mobile banking application is no longer a tool for remote money transaction; it has become a financial lifestyle platform that offers a single hub for all banking services. In this article, we get to explore various innovative features that a bank might consider for its mobile banking application, with the goal to keep up with the Digital Banking upsurge.
An Ultimate Guide to Continuous Testing in Agile Projects.pdfKMSSolutionsMarketin
As more businesses apply Continuous Integration and Continuous Delivery (CI/CD) to release their software faster, Continuous testing becomes the final piece that completes a continuous development process. By automatically testing code right after developers submit it to the repository, testers can locate bugs before another line of code is written.
Digital technologies have deconstructed market structures that were once firmly established. Not only did they introduce new types of business models, but they also crippled the old ones - as is evidenced by several cases, such as those of Apple and Nokia, or Uber and traditional taxi businesses.
Today, every business faces the following 2 challenges, which digital technologies can help to tackle:
1. Bringing down costs to compete. Technologies have progressed fast: Cloud computing replaced proprietary data centers, and pocket mobile devices are now favored over cumbersome desktops. With the right technologies in place, businesses can scale up and perform more efficiently, ultimately cutting operational costs.
2. Building digital platforms to adapt to the changing competitive landscape. Customers and employees are the 2 drivers of changes: their demands have changed, which requires businesses to change accordingly to adapt. For example, customers expect intuitive online shopping experience, while employees ask for productive and engaging workplace experience. Businesses can meet these demands only if they leverage digital platforms.
This paper will examine the changing face of technologies, learn how digital platforms have inspired digital transformation, and discuss the architecture of a digital platform.
A successful Digital Transformation must stand on a successful Digital Strategy as its basis. Essentially, Digital Strategy is about making wise investments into all aspects of Digital Transformation, be it the talents, processes, or customers—with the end goal of maximizing competitive advantage, profits, and ultimately growth that companies expect when initiating their Digital Transformation. The concept of Digital Strategy has changed fast. A couple of years ago, it was as simple thought as “let’s build a website and an app, and it’s done”. But now Digital Strategy has grown beyond that; it has become an integrated plan that does not only involve the adoption and development of new technologies but also requires a shift in business culture and coordination across the business. While a Digital Strategy acts as a guiding star for Digital Transformation, formulating it can inundate companies with even more problems rather than solutions. The need for a well-defined digital strategy seems absolute, yet many don’t know where to start, and others fail for a lot of pitfalls when compiling it. If your company is in this same situation, this paper can help, where you find the step-by-step guide to formulating a digital strategy.
For a decade, SCORM (Sharable Content Object Reference Model) has been an industry standard for computer-based learning and online education. It's been a universal language between computer systems, which is typically referred to as the Learning Management System (LMS). The SCORM standard enables all eLearning content and LMSs to work with each other. Also, it lets content authors distribute their content to a variety of LMSs. But over time, SCORM reached its limit. It’s true that SCORM can work okay as long as the learners sit in front of a computer and take a ready-made course. Yet in today's world, learning has grown beyond the computers. Learners have different ways to learn such as watching a video, reading content on websites, writing an article, searching through the knowledge base, posting a thread and discussing it on a forum, building personal projects, and so on. Learning can happen anytime and anywhere—via learners’ phones and tablets, via Youtube, Linkedin, or any potential technologies that may emerge along their learning paths in the future. This paper discusses the evolution of eLearning standards and explores the future trends of the learning ecosystem.
eKYC solution is one of the core pillars of the Digital Banking model.
Now when most banks are relying on mobile apps to interact with
customers, an end-to-end eKYC solution is the more relevant venue to onboard customers than manual processing that is traditionally conducted at bank offices. Recent findings by J.D. Power study revealed that 31% of new account openings are done on a mobile banking app or bank’s websites, an increase of 22% compared to 2019. But in reality, banks seem not to do so well with eKYC since according to Signicat, 40% of customers surveyed have abandoned their online applications halfway. The reason is straightforward: a majority of banks find their eKYC Solutions unsuitable.
With a multitude of providers out there, each talks big about how
comprehensive their eKYC solution is, it can be hard to tell the good from the bad one.
This article will walk you through a number of key considerations when evaluating vendors for your eKYC solution. You will also find some tactics to question your bidders.
Neuro-symbolic is not enough, we need neuro-*semantic*Frank van Harmelen
Neuro-symbolic (NeSy) AI is on the rise. However, simply machine learning on just any symbolic structure is not sufficient to really harvest the gains of NeSy. These will only be gained when the symbolic structures have an actual semantics. I give an operational definition of semantics as “predictable inference”.
All of this illustrated with link prediction over knowledge graphs, but the argument is general.
Smart TV Buyer Insights Survey 2024 by 91mobiles.pdf91mobiles
91mobiles recently conducted a Smart TV Buyer Insights Survey in which we asked over 3,000 respondents about the TV they own, aspects they look at on a new TV, and their TV buying preferences.
UiPath Test Automation using UiPath Test Suite series, part 4DianaGray10
Welcome to UiPath Test Automation using UiPath Test Suite series part 4. In this session, we will cover Test Manager overview along with SAP heatmap.
The UiPath Test Manager overview with SAP heatmap webinar offers a concise yet comprehensive exploration of the role of a Test Manager within SAP environments, coupled with the utilization of heatmaps for effective testing strategies.
Participants will gain insights into the responsibilities, challenges, and best practices associated with test management in SAP projects. Additionally, the webinar delves into the significance of heatmaps as a visual aid for identifying testing priorities, areas of risk, and resource allocation within SAP landscapes. Through this session, attendees can expect to enhance their understanding of test management principles while learning practical approaches to optimize testing processes in SAP environments using heatmap visualization techniques
What will you get from this session?
1. Insights into SAP testing best practices
2. Heatmap utilization for testing
3. Optimization of testing processes
4. Demo
Topics covered:
Execution from the test manager
Orchestrator execution result
Defect reporting
SAP heatmap example with demo
Speaker:
Deepak Rai, Automation Practice Lead, Boundaryless Group and UiPath MVP
The Art of the Pitch: WordPress Relationships and SalesLaura Byrne
Clients don’t know what they don’t know. What web solutions are right for them? How does WordPress come into the picture? How do you make sure you understand scope and timeline? What do you do if sometime changes?
All these questions and more will be explored as we talk about matching clients’ needs with what your agency offers without pulling teeth or pulling your hair out. Practical tips, and strategies for successful relationship building that leads to closing the deal.
Key Trends Shaping the Future of Infrastructure.pdfCheryl Hung
Keynote at DIGIT West Expo, Glasgow on 29 May 2024.
Cheryl Hung, ochery.com
Sr Director, Infrastructure Ecosystem, Arm.
The key trends across hardware, cloud and open-source; exploring how these areas are likely to mature and develop over the short and long-term, and then considering how organisations can position themselves to adapt and thrive.
State of ICS and IoT Cyber Threat Landscape Report 2024 previewPrayukth K V
The IoT and OT threat landscape report has been prepared by the Threat Research Team at Sectrio using data from Sectrio, cyber threat intelligence farming facilities spread across over 85 cities around the world. In addition, Sectrio also runs AI-based advanced threat and payload engagement facilities that serve as sinks to attract and engage sophisticated threat actors, and newer malware including new variants and latent threats that are at an earlier stage of development.
The latest edition of the OT/ICS and IoT security Threat Landscape Report 2024 also covers:
State of global ICS asset and network exposure
Sectoral targets and attacks as well as the cost of ransom
Global APT activity, AI usage, actor and tactic profiles, and implications
Rise in volumes of AI-powered cyberattacks
Major cyber events in 2024
Malware and malicious payload trends
Cyberattack types and targets
Vulnerability exploit attempts on CVEs
Attacks on counties – USA
Expansion of bot farms – how, where, and why
In-depth analysis of the cyber threat landscape across North America, South America, Europe, APAC, and the Middle East
Why are attacks on smart factories rising?
Cyber risk predictions
Axis of attacks – Europe
Systemic attacks in the Middle East
Download the full report from here:
https://sectrio.com/resources/ot-threat-landscape-reports/sectrio-releases-ot-ics-and-iot-security-threat-landscape-report-2024/
Transcript: Selling digital books in 2024: Insights from industry leaders - T...BookNet Canada
The publishing industry has been selling digital audiobooks and ebooks for over a decade and has found its groove. What’s changed? What has stayed the same? Where do we go from here? Join a group of leading sales peers from across the industry for a conversation about the lessons learned since the popularization of digital books, best practices, digital book supply chain management, and more.
Link to video recording: https://bnctechforum.ca/sessions/selling-digital-books-in-2024-insights-from-industry-leaders/
Presented by BookNet Canada on May 28, 2024, with support from the Department of Canadian Heritage.
Slack (or Teams) Automation for Bonterra Impact Management (fka Social Soluti...Jeffrey Haguewood
Sidekick Solutions uses Bonterra Impact Management (fka Social Solutions Apricot) and automation solutions to integrate data for business workflows.
We believe integration and automation are essential to user experience and the promise of efficient work through technology. Automation is the critical ingredient to realizing that full vision. We develop integration products and services for Bonterra Case Management software to support the deployment of automations for a variety of use cases.
This video focuses on the notifications, alerts, and approval requests using Slack for Bonterra Impact Management. The solutions covered in this webinar can also be deployed for Microsoft Teams.
Interested in deploying notification automations for Bonterra Impact Management? Contact us at sales@sidekicksolutionsllc.com to discuss next steps.
Connector Corner: Automate dynamic content and events by pushing a buttonDianaGray10
Here is something new! In our next Connector Corner webinar, we will demonstrate how you can use a single workflow to:
Create a campaign using Mailchimp with merge tags/fields
Send an interactive Slack channel message (using buttons)
Have the message received by managers and peers along with a test email for review
But there’s more:
In a second workflow supporting the same use case, you’ll see:
Your campaign sent to target colleagues for approval
If the “Approve” button is clicked, a Jira/Zendesk ticket is created for the marketing design team
But—if the “Reject” button is pushed, colleagues will be alerted via Slack message
Join us to learn more about this new, human-in-the-loop capability, brought to you by Integration Service connectors.
And...
Speakers:
Akshay Agnihotri, Product Manager
Charlie Greenberg, Host
PHP Frameworks: I want to break free (IPC Berlin 2024)Ralf Eggert
In this presentation, we examine the challenges and limitations of relying too heavily on PHP frameworks in web development. We discuss the history of PHP and its frameworks to understand how this dependence has evolved. The focus will be on providing concrete tips and strategies to reduce reliance on these frameworks, based on real-world examples and practical considerations. The goal is to equip developers with the skills and knowledge to create more flexible and future-proof web applications. We'll explore the importance of maintaining autonomy in a rapidly changing tech landscape and how to make informed decisions in PHP development.
This talk is aimed at encouraging a more independent approach to using PHP frameworks, moving towards a more flexible and future-proof approach to PHP development.
GraphRAG is All You need? LLM & Knowledge GraphGuy Korland
Guy Korland, CEO and Co-founder of FalkorDB, will review two articles on the integration of language models with knowledge graphs.
1. Unifying Large Language Models and Knowledge Graphs: A Roadmap.
https://arxiv.org/abs/2306.08302
2. Microsoft Research's GraphRAG paper and a review paper on various uses of knowledge graphs:
https://www.microsoft.com/en-us/research/blog/graphrag-unlocking-llm-discovery-on-narrative-private-data/
UiPath Test Automation using UiPath Test Suite series, part 3DianaGray10
Welcome to UiPath Test Automation using UiPath Test Suite series part 3. In this session, we will cover desktop automation along with UI automation.
Topics covered:
UI automation Introduction,
UI automation Sample
Desktop automation flow
Pradeep Chinnala, Senior Consultant Automation Developer @WonderBotz and UiPath MVP
Deepak Rai, Automation Practice Lead, Boundaryless Group and UiPath MVP
LF Energy Webinar: Electrical Grid Modelling and Simulation Through PowSyBl -...DanBrown980551
Do you want to learn how to model and simulate an electrical network from scratch in under an hour?
Then welcome to this PowSyBl workshop, hosted by Rte, the French Transmission System Operator (TSO)!
During the webinar, you will discover the PowSyBl ecosystem as well as handle and study an electrical network through an interactive Python notebook.
PowSyBl is an open source project hosted by LF Energy, which offers a comprehensive set of features for electrical grid modelling and simulation. Among other advanced features, PowSyBl provides:
- A fully editable and extendable library for grid component modelling;
- Visualization tools to display your network;
- Grid simulation tools, such as power flows, security analyses (with or without remedial actions) and sensitivity analyses;
The framework is mostly written in Java, with a Python binding so that Python developers can access PowSyBl functionalities as well.
What you will learn during the webinar:
- For beginners: discover PowSyBl's functionalities through a quick general presentation and the notebook, without needing any expert coding skills;
- For advanced developers: master the skills to efficiently apply PowSyBl functionalities to your real-world scenarios.
Unsubscribed: Combat Subscription Fatigue With a Membership Mentality by Head...
6 Imperatives for Digital Banking
1. 6 IMPERATIVES FOR
DIGITAL BANKING
June 2021
The pillars and foundations for a true digital bank
DIGITAL BANKING
2. INTRODUCTION
Building a truly digital banking model remains a challenge for
most domestic banks. While it’s true that there is no such thing
as a sure recipe for success, some key ingredients are essential
to a successful digitized bank. They are the SIX imperatives of
digital banking that we will discuss in this whitepaper.
Customer Centricity
Operating Model and Ecosystem
Tech principles and strategic choice
Big Data and Analytics
Digital Start-up Culture and Talent
Compliance with Regulators
DIGITAL BANKING | 7 Imperatives of Digital Banking
01 |
02 |
03 |
04 |
05 |
06 |
3. Customer-centricity is the first pillar of the digital
banking model. To engage today's digital-savvy
customers, banking leaders must invest in effortless
convenience. The goal is to design new products and
services in ways that satisfy unmet customer needs,
reduce friction in the process, and encourage digital
interactions. Thus customers can be empowered to use
banking services as effortlessly as possible.
Electronic Know-your-Customer (eKYC) is an excellent
example of customer-centricity, where banks let
customers create new accounts with only a few facial
scans, sparing them the inconvenience of having to visit
physical branches.
Moreover, excellent user experience (UX) and user
interface (UI) are no longer differentiating factors. They
are now the prerequisites for banking solutions such as
mobile apps or web apps. The need for these customer-
centered solutions is the reason why more banks are
applying modern methods such as Human-centric
design, Lean Startup Approach, Agile, and DevOps.
Low friction app downloads and rapid onboarding.
Having an internet connection, customers should be
able to verify their identity and thus create a new
bank account in a matter of a few minutes. It has
become an industry standard that opening a digital
banking account must not take more than five
minutes.
Engaging user experience. With well-designed
mobile banking applications, customers can
effortlessly use banking services and keep track of
their spending behavior anywhere and at any time.
Value-added services. Complimentary services such
as Personal Finance Management (PFM) and digital
marketplace can offer a richer and personalized user
experience. Once these services are integrated into
the banking app, customers can save time and effort
searching for other providers. Also, with these
integrated services, the mobile application can be
seen as a financial lifestyle platform.
When it comes to customer-centricity, banking
businesses need to pay attention to these factors:
1
CUSTOMER CENTRICITY
DIGITAL BANKING | 7 Imperatives of Digital Banking
01
4. A truly digital bank would build proprietary digital operations and ecosystems to create its own way of working. Banks that lack these
proprietary assets run a major risk: their model will be copied and their business will be replaced by digital challengers such as neo-
banks and fintech startups.
To build a digital operating model, banks should think of it as an end-to-end digital system that brings a fully digitized experience for
both external customers and internal employees. It is where data from all functionalities are gathered and analyzed to build
personalized product and service offerings. Some essential types of data are mobile behavior, transaction history, demographics, KYC
insights, etc.
Credit card risk assessment
fully automated and enabled by AI
Straight through processing
The end-to-end transaction process is automated
Transactions Reconciliation
Instant across financial accounts
Product manufacturing
Product development is digitized
Product Integration
APIs are integrated across products
2
OPERATING MODEL AND ECOSYSTEM
Self-service onboarding
Focused 100% on user
Customer data & personalization
Customer experience is personalized
Pricing
Pricing models are optimized
Offers
Product offerings are tailored to customer needs
Channel
All services can be accessed via a mobile application
FOR CUSTOMERS FOR EMPLOYEES
DIGITAL BANKING | 7 Imperatives of Digital Banking
02
5. They use open software, libraries, and framework. The open
architecture allows for seamless integration without many
bottlenecks.
Microservices and containerization are applied to make the
components reliable, portable, scalable, and maintainable.
Unlike digital banks where agile is embedded in their DNA, traditional
banks usually find it challenging to change. To build a digital banking
model, banks must adopt an agile delivery approach. This includes
making strategic choices to build the right technology as their digital
foundation. Banks must effectively manage their IT stacks to facilitate
rapid change, thus providing responsive and scalable solutions. With
that goal in mind, it requires agile digital applications and platforms
across the business. The ownership and control of these technologies
must also be well-defined.
Moreover, Cloud has become a key enabler for digital banks. It brings
opportunities for banks to experiment with new technologies with
limited investment, while at the same time offering reliability and
scalability. Cloud offers a high level of innovation, providing modules
such as machine learning (ML) and artificial intelligence (AI) that can
be plugged into their current system easily, without much effort.
Regarding tech principles, digital banks share some things in common.
Cloud is an integral part, either it’s public or private cloud.
Agile development and deployment are the key enablers.
The bank owns and fully controls the architecture.
Open source is designed in ways that are safe to use and govern.
Banks should use open source to optimize costs and access a
larger developer pool; they can outsource the support and
expertise of open source to external vendors.
To enable developers to self-provision infrastructure, the
infrastructure should be virtualized and automated.
Build vs. Buy needs to be carefully considered. Most banks are
preferring building or using open source products over buying.
New banking and financial technology should be actively learned
and experimented with while legacy technology is modernized.
Banks must make their software development lifecycle (SDLC)
agile and automated
Integration must follow industry standards.
Moreover, banks need to standardize their technology stacks across
the systems. Some of the best practices are:
3
TECH PRINCIPLES AND STRATEGIC CHOICE
DIGITAL BANKING | 7 Imperatives of Digital Banking
04
6. 4
Level 1 - Personalize Intelligence: apply advanced data &
analytics to transactions, customer, and other data types to
establish a deep understanding of customers and their needs
For banking leaders, data & analytics is the framework for
informed decision-making, supporting everything from product
design to customer service. Applying data & analytics is the first
step to creating a personalized and customer-centric experience.
With advanced analytical tools and approaches, digital banks can
gain a thorough understanding of customer’s desires and
expectations. Based on these customer insights, they can
accordingly adapt their banking services and banking applications
to meet customers’ needs. The result is a personalization strategy
backed by advanced data & analytic, which has 3 levels:
Level 2 - Personalize Services: provide
services and content that are hyper-relevant
Level 3 - Personalize Interactions: build
intuitive interface and engaging experience
across all touchpoints
Banks can build their data & analytics capabilities
in-house or partner with third-party providers.
While the in-house approach is costly due to the
high capital expenditure on data experts and data
infrastructure, partnership for data & analytics is
more flexible and cost-effective thanks to cloud
technology and the pay-as-you-go pricing model.
DATA
&
ANALYTICS
Personalized Interactions
establish a deep understanding of customers
Customer data & personalization
provide services and content that are hyper-relevant
Pricing
build engaging experience across all touch points
PLATFORM
FEATURES
DATA
Hyper-personalized customer
experience
>
DIGITAL BANKING | 7 Imperatives of Digital Banking
05
7. Building a start-up culture that revolves around
growth and innovation is the foundation for
successful digital banking. But it remains a
challenge to do so, particularly due to the fixed
mindset and the legacy banking processes.
The model of digital start-up thinking and digital
talent requires banks to be agile and responsive so
as to build, upgrade, and enhance their products
and services. It is therefore essential to have a
horizontal culture that can react proactively and
flexibly to change.
However, the start-up thinking is likely to create
conflicts and frictions, especially for traditional
incumbent banks. Therefore, it is imperative to have
suitable management executives to direct this
journey. Leaders must be comfortable with, if not
enthusiastic about customer-centricity and
innovation.
It should also be noted that bureaucracy,
which seems to be a reality for lots of
traditional banks, is not only resistant to
this start-up approach but also is
detrimental to the digital banking model.
To enable an agile culture, banks need to
build a horizontal organization, where the
IT team and the operational team are
working together in the spirit of high
synergy. Recruiting the necessary talents in
this competitive marketplace is extremely
challenging. Since digital banking is now
pervasive, the demand for digital skills has
risen. This is why instead of hiring new
recruits, some banks choose to outsource
some important roles to third-party
vendors.
5
DIGITAL START-UP
CULTURE AND TALENTS
DIGITAL BANKING | 7 Imperatives of Digital Banking
06
8. Banks cannot move fast if they are restrained by
regulatory frameworks. Therefore, they must
communicate and work effectively with relevant
regulators to ensure that they can transform and
innovate without too many limitations and
bottlenecks in terms of regulation.
The good news is that regulators and the
government are encouraging digital banking.
They are willing to assist banks to adopt new
technologies to compete and serve better. This is
reflected by two actions. The first is that they
are cultivating a competitive environment where
advantages are offered to banks with innovative
products and services. The second is that
regulators are urging banks to bring their
banking products to the unbanked and
underbanked segments.
To effectively unlock the potential that the
current regulatory framework offers, banks
should consider these factors:
Profitability: Banks with a compelling
case for profitability will convince
regulators as suitable candidates for
digital banks.
Key differentiations: Since regulators
prioritize the unbanked and
underbanked segments, they would
want to know how banks can
differentiate themselves in terms of
their proposition and their innovation.
Adherence to regulation: Although the
ability to capture the digital banking
opportunity depends on the freedom to
innovate and scale, banks must also
remain compliant with the regulatory
framework.
Consumer protection: Banks must
constantly look for new ways to ensure
consumer protection, mitigate
cybersecurity risk, and implement
robust data protection measures.
6COMPLIANCE
WITH
REGULATORS
DIGITAL BANKING | 7 Imperatives of Digital Banking
07
9. CONCLUSION
The era of digital transformation is maturing and domestic banks
are facing digital-first competitors on all fronts. In this era,
customers see hype-personalized experiences as a bare minimum.
They are turning away from traditional operations towards a new
generation of digital banks. These digital challengers have a laser
focus on superior customer experience, branchless operation, and
digital technology.