This document concludes a report on scenarios for the future of technology and innovation in financial services. It encourages decision-makers in business, government, and organizations to consider how insights from the scenarios could inform strategies and policies to shape the future of the industry. While uncertainty remains, decisions made today will impact how financial services evolve tomorrow. The scenarios aimed to raise awareness of trends and issues to facilitate informed dialogue toward forming a common understanding of the industry's path ahead.
"Create and Consume value" - BaaP - Developers can extend platform functionality using APIs, while the platform itself manages data exchange and oversees authentication, as well as ensuring compliance.
The new architecture released with WSO2 Open Banking 3.0 now allows technology, regtech, and IT services partners to drastically reduce time-to-market to deliver open banking compliance and advanced commercial capabilities. This can be achieved either as a complete end-to-end solution or in a componentized manner for bespoke deployments.
Which APIs Which Business Models - A Real-World Guide for Bangladesh BanksWSO2
Learn how banks of different sizes can choose between different API-enabled business models to cut costs, streamline internal workflows and deliver better consumer experiences.
The demand for embedded finance is rising and Banking as a Service (BaaS) with APIs and strong risk and compliance capability is offering bundled service, generally white-labeled or cobranded services for non banks to serve their customers.
apidays LIVE London 2021 - A playground for Open Insurance by Francesco Zaini...apidays
apidays LIVE London 2021 - Reaching Maximum Potential in Banking & Insurance with API Mindset
October 27 & 28, 2021
Insurance and Industries APIs
A playground for Open Insurance
Francesco Zaini, Open Finance Director at G2 Startups
apidays LIVE Australia 2021 - Monetizing on Data-led Customer Actions in the ...apidays
apidays LIVE Australia 2021 - Accelerating Digital
September 15 & 16, 2021
Monetizing on Data-led Customer Actions in the API Economy
Anna Gong, CEO & Founder at Perx Technologies
"Create and Consume value" - BaaP - Developers can extend platform functionality using APIs, while the platform itself manages data exchange and oversees authentication, as well as ensuring compliance.
The new architecture released with WSO2 Open Banking 3.0 now allows technology, regtech, and IT services partners to drastically reduce time-to-market to deliver open banking compliance and advanced commercial capabilities. This can be achieved either as a complete end-to-end solution or in a componentized manner for bespoke deployments.
Which APIs Which Business Models - A Real-World Guide for Bangladesh BanksWSO2
Learn how banks of different sizes can choose between different API-enabled business models to cut costs, streamline internal workflows and deliver better consumer experiences.
The demand for embedded finance is rising and Banking as a Service (BaaS) with APIs and strong risk and compliance capability is offering bundled service, generally white-labeled or cobranded services for non banks to serve their customers.
apidays LIVE London 2021 - A playground for Open Insurance by Francesco Zaini...apidays
apidays LIVE London 2021 - Reaching Maximum Potential in Banking & Insurance with API Mindset
October 27 & 28, 2021
Insurance and Industries APIs
A playground for Open Insurance
Francesco Zaini, Open Finance Director at G2 Startups
apidays LIVE Australia 2021 - Monetizing on Data-led Customer Actions in the ...apidays
apidays LIVE Australia 2021 - Accelerating Digital
September 15 & 16, 2021
Monetizing on Data-led Customer Actions in the API Economy
Anna Gong, CEO & Founder at Perx Technologies
This slide deck covers trends we’re forecasting in the IAM space, measures you need to take keep your business safe, what defines the success of an IAM system, and why open source IAM should be worthy of your consideration.
Watch the on-demand webinar here - https://wso2.com/library/webinars/2019/02/the-future-of-digital-iam/
apidays LIVE Hong Kong - Fast Track the Open Banking Ecosystem with Platform ...apidays
apidays LIVE Hong Kong - The Open API Economy: Finance-as-a-Service & API Ecosystems
Fast Track the Open Banking Ecosystem with Platform Business Model
Garry Sien, Principal Advisory Consultant at Alibaba Cloud International
Applied AI, Open Banking and Continuous Innovation the Easy Way - AI Days Mel...Yun Zhi Lin
AI is the new electricity that fuels continuous innovation and in an era of disruption, leadership matters more than ever. As our data landscape and API economy are becoming increasingly open and transparent due to CDR / Open Banking, it is imperative for business and technology leaders to work together to harness greater value from their raw data and build up defensive AI assets.
The good news is that modern cloud services, serverless architecture, higher-order APIs and open-source algorithms together make it easy for businesses to prepare for Open Banking and evolve to become AI-driven. However, the bad news is that, without the correct strategy and approach, most organisations are doing things the hard way: equivalent to playing cricket by first learning how to stitching the ball.
Having successfully completed outcomes-driven transformations across both enterprise and government, I will share with you proven approaches and reference architectures, that simplifies AI-driven innovations that will help your organisation remain competitive in an open data economy.
apidays LIVE New York 2021 - 5 Pragmatic steps to unlock Open Finance with AP...apidays
apidays LIVE New York 2021 - API-driven Regulations for Finance, Insurance, and Healthcare
July 28 & 29, 2021
5 Pragmatic steps to unlock Open Finance with APIs
Marcilio Oliveira, Co-founder & CGO at Sensedia
Thinking Back and Looking Ahead for Open Banking: Perspectives from OBIE and ...WSO2
It has been a month since the European regulation regarding PSD2 and UK Open Banking went live. Our deck explores the journey that banks, regulators, and technology providers have taken to get to this point. If open banking is on your agenda, this is the perfect opportunity to learn from the first movers.
This deck covers:
- The Open Banking UK API Standard journey
- Using the blueprint created by OBIE to move towards a data-driven economy
- Customer challenges: How banks navigated regulatory and technology challenges to deliver open banking
- Open banking technology: Capitalizing open banking technology for digital banking.
Watch the webinar on-demand here - https://wso2.com/library/webinars/2019/10/thinking-back-and-looking-ahead-for-open-banking-perspectives-from-obie-and-wso2/
apidays LIVE LONDON - How APIs are changing the fintech world by Chirine Ben...apidays
apidays LIVE LONDON - The Road to Embedded Finance, Banking and Insurance with APIs
How APIs are changing the fintech world
Chirine BenZaied - Bourgerie, Innovation Director at Finastra
Embedded Finance - the $7 Trillion market opportunitySimon Torrance
Embedded Finance is a new way for companies across all sectors to create and capture more value. It allows any brand to create and sell attractive financial services (payments, credit, insurance, investments, savings) either as invisible native components of, or add-ons to, their customer experiences. This helps them to increase loyalty and/or generate new high margin revenue in new ways. For the (software) companies who enable Embedded Finance, this offers a very exciting new market.
ThoughtWorks: Monetising Open Banking Thoughtworks
Open Banking is disrupting the future of financial services in Australia, and we believe that it will do much more than just enhance customer experience. It will pave the way for innovative, highly personalised products; new partnerships that generate mutual value; and new business lines that create additional revenue streams.
apidays LIVE Paris 2021 - The Good, the Bad and the Ugly - 3 observations abo...apidays
apidays LIVE Paris 2021 - APIs and the Future of Software
December 7, 8 & 9, 2021
The Good, the Bad and the Ugly - 3 observations about power and responsibility in the API business
Cyril Vart, Executive Vice President at Fabernovel
apidays LIVE Singapore 2021 - Differentiating to win in the ecosystem economy...apidays
apidays LIVE Singapore 2021 - Digitisation, Connected Services and Embedded Finance
April 21 & 22, 2021
Differentiating to win in the ecosystem economy
Carol Mok, Senior Value Engineer at TIBCO
apidays LIVE Singapore 2021 - Building the next generation of financial servi...apidays
apidays LIVE Singapore 2021 - Digitisation, Connected Services and Embedded Finance
April 21 & 22, 2021
Building the next generation of financial services through an API first approach
Bijon Mehta, Global Head of Financial Services at Twilio
------
Check out our conferences at https://www.apidays.global/
Do you want to sponsor or talk at one of our conferences?
https://apidays.typeform.com/to/ILJeAaV8
Learn more on APIscene, the global media made by the community for the community:
https://www.apiscene.io
Explore the API ecosystem with the API Landscape:
https://apilandscape.apiscene.io/
The Covid-19 pandemic necessitated the payments industry undergo a facelift, sparked by novel approaches from new-age players, fostered by industry consolidation, and customers’ demand for end-to-end experience. Crossing the threshold, the industry is entering a new era – Payments 4.X, where payments are embedded and invisible, and an enabling function to provide frictionless customer experience. As customers make a permanent shift to next-gen payment methods, Digital IDs are critical for a seamless payment experience. The B2B payments segment is witnessing rapid digitization. BigTechs, PayTechs, and industry newcomers are ready to jump in with newfangled solutions to help underserved small to medium-sized businesses (SMBs).
As incumbents struggle with profits, new-age firms are forging ahead to take the lead in the Payments 4.X era by riding the success of non-card products and services. The new era demands collaboration, platformification, and firms can unleash full market potential only by embracing API-based business models and open ecosystems. Data prowess and enhanced payment processing capabilities are inevitable to thrive ahead. The clock is ticking for banks and traditional payments firms because the competitive advantage is not guaranteed forever. As industry players seek economies of scale, consolidations loom, and non-banks explore new territories to threaten incumbents’ market share. While all these 2022 trends are at play, central bank digital currency (CBDC) is emerging globally and might open a new chapter in the current payments landscape.
Open Banking - The Digital Transformation Opportunity in Disguise WSO2
Seshika Fernando, head of financial solutions at WSO2, session at Bank Tech Asia - Colombo on “Open Banking: The Digital Transformation Opportunity in Disguise.” Seshika’s talk with cover the following:
A cross border transfer of experiences: What EU and UK banks have taught us
A 360 degree perspective of global open banking
How to break the barriers for a successful open banking strategy
Why open banking and digital transformation belong in the same sentence
Mobile App-Store Enhanced Architecture with Pro-active Security ControlTech Mahindra
A pro-active mobile security control system around the apps submission process that identifies and prevents publishing malicious intent apps on the stores is very much required. This white-paper highlights modification in the generic architecture of an app-store for pro-actively integrating the apps security control system and that can fit or plug-in into the existing app-stores easily.
apidays LIVE Hong Kong 2021 - Federated Learning for Banking by Isaac Wong, W...apidays
apidays LIVE Hong Kong 2021 - API Ecosystem & Data Interchange
August 25 & 26, 2021
Federated Learning for Banking
Isaac Wong, AI Solution Architect at WeBank
20211027 apidays london - business model innovation final v1.0 (1)apidays
apidays LIVE London 2021 - Business Model Innovation via open APIs by Jeremy Larsson, GrowthSmart Consulting
apidays LIVE London 2021 - Reaching Maximum Potential in Banking & Insurance with API Mindset
October 27 & 28, 2021
From Open Banking to Embedded finance : API driven Business-models
Business Model Innovation via open APIs
Jeremy Larsson, Managing Director at GrowthSmart Consulting Limited
This slide deck covers trends we’re forecasting in the IAM space, measures you need to take keep your business safe, what defines the success of an IAM system, and why open source IAM should be worthy of your consideration.
Watch the on-demand webinar here - https://wso2.com/library/webinars/2019/02/the-future-of-digital-iam/
apidays LIVE Hong Kong - Fast Track the Open Banking Ecosystem with Platform ...apidays
apidays LIVE Hong Kong - The Open API Economy: Finance-as-a-Service & API Ecosystems
Fast Track the Open Banking Ecosystem with Platform Business Model
Garry Sien, Principal Advisory Consultant at Alibaba Cloud International
Applied AI, Open Banking and Continuous Innovation the Easy Way - AI Days Mel...Yun Zhi Lin
AI is the new electricity that fuels continuous innovation and in an era of disruption, leadership matters more than ever. As our data landscape and API economy are becoming increasingly open and transparent due to CDR / Open Banking, it is imperative for business and technology leaders to work together to harness greater value from their raw data and build up defensive AI assets.
The good news is that modern cloud services, serverless architecture, higher-order APIs and open-source algorithms together make it easy for businesses to prepare for Open Banking and evolve to become AI-driven. However, the bad news is that, without the correct strategy and approach, most organisations are doing things the hard way: equivalent to playing cricket by first learning how to stitching the ball.
Having successfully completed outcomes-driven transformations across both enterprise and government, I will share with you proven approaches and reference architectures, that simplifies AI-driven innovations that will help your organisation remain competitive in an open data economy.
apidays LIVE New York 2021 - 5 Pragmatic steps to unlock Open Finance with AP...apidays
apidays LIVE New York 2021 - API-driven Regulations for Finance, Insurance, and Healthcare
July 28 & 29, 2021
5 Pragmatic steps to unlock Open Finance with APIs
Marcilio Oliveira, Co-founder & CGO at Sensedia
Thinking Back and Looking Ahead for Open Banking: Perspectives from OBIE and ...WSO2
It has been a month since the European regulation regarding PSD2 and UK Open Banking went live. Our deck explores the journey that banks, regulators, and technology providers have taken to get to this point. If open banking is on your agenda, this is the perfect opportunity to learn from the first movers.
This deck covers:
- The Open Banking UK API Standard journey
- Using the blueprint created by OBIE to move towards a data-driven economy
- Customer challenges: How banks navigated regulatory and technology challenges to deliver open banking
- Open banking technology: Capitalizing open banking technology for digital banking.
Watch the webinar on-demand here - https://wso2.com/library/webinars/2019/10/thinking-back-and-looking-ahead-for-open-banking-perspectives-from-obie-and-wso2/
apidays LIVE LONDON - How APIs are changing the fintech world by Chirine Ben...apidays
apidays LIVE LONDON - The Road to Embedded Finance, Banking and Insurance with APIs
How APIs are changing the fintech world
Chirine BenZaied - Bourgerie, Innovation Director at Finastra
Embedded Finance - the $7 Trillion market opportunitySimon Torrance
Embedded Finance is a new way for companies across all sectors to create and capture more value. It allows any brand to create and sell attractive financial services (payments, credit, insurance, investments, savings) either as invisible native components of, or add-ons to, their customer experiences. This helps them to increase loyalty and/or generate new high margin revenue in new ways. For the (software) companies who enable Embedded Finance, this offers a very exciting new market.
ThoughtWorks: Monetising Open Banking Thoughtworks
Open Banking is disrupting the future of financial services in Australia, and we believe that it will do much more than just enhance customer experience. It will pave the way for innovative, highly personalised products; new partnerships that generate mutual value; and new business lines that create additional revenue streams.
apidays LIVE Paris 2021 - The Good, the Bad and the Ugly - 3 observations abo...apidays
apidays LIVE Paris 2021 - APIs and the Future of Software
December 7, 8 & 9, 2021
The Good, the Bad and the Ugly - 3 observations about power and responsibility in the API business
Cyril Vart, Executive Vice President at Fabernovel
apidays LIVE Singapore 2021 - Differentiating to win in the ecosystem economy...apidays
apidays LIVE Singapore 2021 - Digitisation, Connected Services and Embedded Finance
April 21 & 22, 2021
Differentiating to win in the ecosystem economy
Carol Mok, Senior Value Engineer at TIBCO
apidays LIVE Singapore 2021 - Building the next generation of financial servi...apidays
apidays LIVE Singapore 2021 - Digitisation, Connected Services and Embedded Finance
April 21 & 22, 2021
Building the next generation of financial services through an API first approach
Bijon Mehta, Global Head of Financial Services at Twilio
------
Check out our conferences at https://www.apidays.global/
Do you want to sponsor or talk at one of our conferences?
https://apidays.typeform.com/to/ILJeAaV8
Learn more on APIscene, the global media made by the community for the community:
https://www.apiscene.io
Explore the API ecosystem with the API Landscape:
https://apilandscape.apiscene.io/
The Covid-19 pandemic necessitated the payments industry undergo a facelift, sparked by novel approaches from new-age players, fostered by industry consolidation, and customers’ demand for end-to-end experience. Crossing the threshold, the industry is entering a new era – Payments 4.X, where payments are embedded and invisible, and an enabling function to provide frictionless customer experience. As customers make a permanent shift to next-gen payment methods, Digital IDs are critical for a seamless payment experience. The B2B payments segment is witnessing rapid digitization. BigTechs, PayTechs, and industry newcomers are ready to jump in with newfangled solutions to help underserved small to medium-sized businesses (SMBs).
As incumbents struggle with profits, new-age firms are forging ahead to take the lead in the Payments 4.X era by riding the success of non-card products and services. The new era demands collaboration, platformification, and firms can unleash full market potential only by embracing API-based business models and open ecosystems. Data prowess and enhanced payment processing capabilities are inevitable to thrive ahead. The clock is ticking for banks and traditional payments firms because the competitive advantage is not guaranteed forever. As industry players seek economies of scale, consolidations loom, and non-banks explore new territories to threaten incumbents’ market share. While all these 2022 trends are at play, central bank digital currency (CBDC) is emerging globally and might open a new chapter in the current payments landscape.
Open Banking - The Digital Transformation Opportunity in Disguise WSO2
Seshika Fernando, head of financial solutions at WSO2, session at Bank Tech Asia - Colombo on “Open Banking: The Digital Transformation Opportunity in Disguise.” Seshika’s talk with cover the following:
A cross border transfer of experiences: What EU and UK banks have taught us
A 360 degree perspective of global open banking
How to break the barriers for a successful open banking strategy
Why open banking and digital transformation belong in the same sentence
Mobile App-Store Enhanced Architecture with Pro-active Security ControlTech Mahindra
A pro-active mobile security control system around the apps submission process that identifies and prevents publishing malicious intent apps on the stores is very much required. This white-paper highlights modification in the generic architecture of an app-store for pro-actively integrating the apps security control system and that can fit or plug-in into the existing app-stores easily.
apidays LIVE Hong Kong 2021 - Federated Learning for Banking by Isaac Wong, W...apidays
apidays LIVE Hong Kong 2021 - API Ecosystem & Data Interchange
August 25 & 26, 2021
Federated Learning for Banking
Isaac Wong, AI Solution Architect at WeBank
20211027 apidays london - business model innovation final v1.0 (1)apidays
apidays LIVE London 2021 - Business Model Innovation via open APIs by Jeremy Larsson, GrowthSmart Consulting
apidays LIVE London 2021 - Reaching Maximum Potential in Banking & Insurance with API Mindset
October 27 & 28, 2021
From Open Banking to Embedded finance : API driven Business-models
Business Model Innovation via open APIs
Jeremy Larsson, Managing Director at GrowthSmart Consulting Limited
A Public Reinsurance Facility for Uncertain Risk Layers: A Modest Proposal?BASIS AMA Innovation Lab
BASIS Director, Michael Carter presented at the GAN meeting in London in April of 2015 on alternative public/private partnership models for insurance products.
International Refereed Journal of Engineering and Science (IRJES) is a peer reviewed online journal for professionals and researchers in the field of computer science. The main aim is to resolve emerging and outstanding problems revealed by recent social and technological change. IJRES provides the platform for the researchers to present and evaluate their work from both theoretical and technical aspects and to share their views.
www.irjes.com
Digitizing the Business Cash Cycle: Advancements and Partnershipsmercatoradvisory
Businesses around the globe are slowly but surely transforming from operations with expensive and business-limiting manual processes to digitally connected enterprises, according to a new research report from Mercator Advisory Group. Banks and technology vendors are helping them to achieve this by providing the latest-generation technologies. This “digitalization” is not occurring at the speed at which technology is advancing, for a number of reasons. However, with a growth environment expected and inevitable rising rates, along with competitive pressures related to the interconnected world, working capital effectiveness will become a primary focus and drive faster adoption of business cash cycle technology, from procurement through financial reconciliation.
In a new research report, Digitizing the Business Cash Cycle: Advancements and Partnerships, Mercator Advisory Group discusses the latest technology solutions supporting the procure-to-pay space and methods for connecting the various tools continually being added. Procurement, e-invoicing, payments, and alternative financing are being digitized and integrated for optimal performance in managing working capital. The report explains why this is a critical need as companies move further into the era of a high-tech, global economy.
MEDICI’s new ‘Open Banking’ report is a detailed analysis of the Open Banking landscape. Read about the evolution of Open Banking, the regulatory landscape, critical factors affecting the implementation of Open Banking, partnerships, market dynamics, and more!
At Alpha, we have following business priorities that our executives are trying to solve:
1. Can Alpha be the Transformation Pioneer in modernising Digital Banking?
Disruptions in the business landscape and the impact of technology are compelling banks to shift to innovative business models, while delivering superior experience with agility. Banks are challenged majorly on two fronts. On one hand, the changing customer expectations and the entry of innovative players in the market are driving them to be highly competitive to stay relevant. On the other hand, new regulations are striving for changes that promote more competition and collaboration in the ecosystem. They have created an undeniable need for the payment architecture and banking services to be highly flexible and efficient.
The team at Alpha constantly innovates and works towards shaping the future in payments, digital channels, credit services, digital core, and commercial and corporate banking. How can the team ensure growth and market leadership in the sector?
2. How can Alpha foray into consulting industry and become amongst the top 10 consulting companies in the next 5-10 years?
The pandemic has forced several sectors to adopt new ways of working. Even the primarily client-driven consulting sector has had to adapt to new methods of service, structure, technology and operation.The upcoming years will be all about going digital. Artificial Intelligence would be used to process, handle and analyse huge amounts of data efficiently and faster.
The task for Consulting firms therefore, would be to add value to their clients by using analytical tools and offer quantifiable results, combining the domain knowledge of SMEs with technology to provide products and solutions.
The team at Alpha wants to leverage its long drawn domain expertise and serve its client to become the most sought after consulting firms in the world.
Given the divergence of scenarios that the economy could chart, technology is likely to be the single most important factor to help organisations sail through the chaos swiftly. Although most technologies required to drive innovation are widely available and quite mature, banks and nbfcs will need to find creative ways to use these technologies to overcome the challenges posed by the pandemic. See More: https://www2.deloitte.com/in/en/pages/financial-services/articles/in-fs-digital-innovations-for-retail-and-sme-banking.html
Emerging Trends in Financial Market for 2022ijtsrd
In 2022 we can expect to see banking and payments evolve even faster. The speed of digital transformation, new means of payment, and transformations brought by Open Finance are a few of the factors shaping this changing scenario and guiding trends in the financial market. But why is it worth paying attention to trends in the financial market : It’s because they allow us to predict upcoming scenarios in a world in constant flux and help both incumbents and fintech companies to align the development of their solutions with the latest innovations in the banking and payments sector. We always have our feelers out to make sure we’re keeping pace of these trends, and one source we often rely on is the futurist and researcher Amy Webb, Director of The Future Today Institute, from New York University’s Stern School of Business. Every year, she presents the Tech Trends Report, an essential reference on the trends set to shape the future and likely to dictate how companies do business from now on. The 15th Tech Trends Report was launched at this year’s SXSW, indicating some strategic trends in technology and including a section with insights for payments. Ms. Renu Bala Sharma "Emerging Trends in Financial Market for 2022" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Volume-6 | Issue-6 , October 2022, URL: https://www.ijtsrd.com/papers/ijtsrd51815.pdf Paper URL: https://www.ijtsrd.com/management/accounting-and-finance/51815/emerging-trends-in-financial-market-for-2022/ms-renu-bala-sharma
Evolving Technology Trends Is your bank ready for tomorrow?aakash malhotra
Banks around the world have been
racing to catch up with the ever-evolving
technological trends shaping the way they
operate and serve their clients.
Prior to COVID-19, the Middle East
financial services industry was evolving
at a measured pace, driven by changing
customer expectations, heightened
competition from incumbents and
new entrants, evolving regulations, and
advancements in technology. In a matter
of weeks, COVID-19 upended those
conventions
Fast-Tracking Digital: A Blueprint for Communications Services ProvidersCognizant
For communications services providers (CSPs), becoming a digital business is essential to remaining relevant and competitive, and meeting customers’ demands for best-in-class, omnichannel experiences that simplify and personalize communications and transactions. Building this capability requires integrating existing capabilities within the context of a larger digital ecosystem and industry-specific platforms. When it comes to digital transformation, the question isn’t if to start, but how – and where.
A brief presentation highlighting some key innovations in the finance industry, including payment methods, capital raising, security and financial management.
We look at how these improvements apply to daily life. For instance, digitization has created so many alternative payment methods, capital raising innovations have eliminated the traditional financial intermediaries, while cyber security has led to better regulations aimed at protecting the innocent consumers.
Lastly, each subsection has highlighted potential challenges along the way.
Feel free to comment and share!
Improving Technology in the Treasury Management Systemijtsrd
Treasury management is one of the areas of public financial management PFM that has most improved over the last 20 years at the international level, when measured in terms of incorporating new practices and expanding the use of information technology. One of the biggest challenges facing today’s treasurers is identifying and implementing the most appropriate technology solution to meet their organizations’ needs. As in many spheres, the range of technology available treasurers has become increasingly sophisticated in recent years. Levels of functionality that were unimaginable a few years ago are now standard. As a result, understanding the most appropriate options for a treasury has become significantly more difficult. Navruzova Go’zal Olimjon Qizi | Saidov Rasulbek Boltaboevich "Improving Technology in the Treasury Management System" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Volume-6 | Issue-1 , December 2021, URL: https://www.ijtsrd.com/papers/ijtsrd48059.pdf Paper URL: https://www.ijtsrd.com/management/other/48059/improving-technology-in-the-treasury-management-system/navruzova-go’zal-olimjon-qizi
A summary overview of the fintech landscape in Bangladesh. We first take a look at the global history of fintechs, then the history of fintechs in Bangladesh.
Using the Financial Hub Readiness (FHR) Index that I personally developed, I identified and assessed the strengths and weaknesses of various global fintech hubs. Based on this assessment, I proposed a hypothetical P2P lending and funding transfer product, that can be financed and implemented by major technological players in the ecosystem.
This project was done to fulfill my requirement for the Internship course, for my BBA undergraduate program at Institute of Business Administration, University of Dhaka. This was the first time I had to work alone on an academic project of this magnitude. I am very satisfied with how it turned out, given the limited time and resources I had to execute it.
Special thanks to all of my colleagues, peers and friends who advised me, in both professional and emotional capacities, when I was working on this project.
Next Wave of Fintech: Redefining Financial Services through TechnologyRobin Teigland
The Stockholm School of Economics and PA Consulting present The Next wave of Fintech, a sequel to the 2015 Stockholm Fintech Report, focusing on the new InsurTech and RegTech segments. The report, which describes and quantifies the Swedish market for these segments, contains valuable insights and recommendations for decision makers at banks, incubators, startup companies, public authorities and investors.
2. Uncertainty is a source of opportunity. It is also
what makes the future interesting. Clarity of
awareness of three distinct, plausible future
worlds may not help to reduce uncertainty
about the direction of the financial services
industry – but it is our hope that reading these
scenarios will have equipped decision-makers
to face that uncertainty with greater knowledge
and understanding.
These scenarios are not predictions.
Rather, their aim has been to raise awareness
of underlying issues, heighten sensitivity to early
signals of emerging trends, and paint a broad
picture of multi-dimensional challenges in which
current strategies can be located. After reading
these scenarios, a decision-maker in business
could consider the following questions:
• How can I translate insights from these
scenarios into business strategies?
• What would be the risks for my company
as each future world unfolds?
• How can I ensure that my company’s
strategy is robust and flexible enough to
promise sustainable profitability even in the
less attractive worlds?
• Which areas of innovation should become
the priorities in my company? Is
incremental innovation sufficient or is
fundamental innovation required?
• In which areas can my company create
sustainable competitive advantages?
Which areas present the most threat from
new players or most opportunity to
challenge incumbent players? Who are my
potential partners and competitors?
Not only businesses but governments and
international organizations have a crucial role
to play in shaping the future of the financial
services industry. Decision-makers in these
realms, too, can use these scenarios to reflect
on which future world seems most propitious
and which policies they could adopt to nudge
the existing world in their preferred direction.
While much is uncertain, what is certain is
that decisions made today will determine how
financial services evolve tomorrow. We hope
that these scenarios have contributed to forming
a common understanding and basis for dialogue
that can play a role in shaping the industry’s
future for the better.
76
7
Section
TechnologyandInnovationinFinancialServices:Scenariosto2020Section7:Conclusion
Conclusion
WSS_TIFS PROD_SRO:maquette Russia 20-12-05 13.2.2007 16:30 Page 76
3. We provide in this annex the following additional material:
1. Long list of key drivers for the future of Financial Services
2. Innovations in Financial Services
1. Long list of key drivers for the future of financial services
The following table lists the 68 drivers that were identified as key for the future of innovation in
financial services.
77
TechnologyandInnovationinFinancialServices:Scenariosto2020Annex1:AdditionalMaterial
Annex 1: Additional Material
Customer
1. Longevity
2. Migration
3. Urbanization
4. Corporations Gravity
Centre
5. Wealth
6. Technology Readiness
7. Government As
Customer
8. Decline of Cash
9. Power Shifts (Gender
And Inter-Generational)
10. Virtual Life
11. More Demanding
Customer
12. Digitally Comfortable
13. Do-It-Yourself Trend
14. Data Security versus
Privacy
15. Convenience versus
Security
16. Consumer Education
Around Security
17. Consumer Trust
Business
18. Globalization
19. Industry Concentration
20. New Entrants into FS
(Large Non-FS Players)
21. New Entrants into FS
(Niche Players)
22. Vertical Disintegration
23. Industry Collaboration
24. Legacy Systems
25. Leapfrogging
26. Organizational
Constraints
27. Revenue vs Cost
Focus
28. Security Concerns
29. Diffusion of Successful
Innovations
30. Innovation Drive of
Non-Banks
31. Harnessing Data
32. Security Infrastructure
33. Talent
34. Time to Market
35. Share of Wallet Government
36. Regulatory Response
to New Business
Models
37. Rising Cost of
Compliance
38. Local Markets
Opening Up
39. FS Interconnection
Protocols and
Standards
40. Internet Regulation
and Standards
41. IT/TC Standards and
Regulations
42. Anti-Money-Laundering
43. Defence Against
Terrorism
44. Taxation
45. Establishing Identity
46. Drive for New
Technologies and
Digital Inclusion
47. Investment in Physical
Infrastructure
48. Mandated Provision
Long List of Key DriversTable A1.1
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4. Innovation Short description
INNOVATIONS IN PAYMENTS
Smart Cards
A plastic card containing a computer chip that can store electronic "money”.
Digital Cash / e-Currencies Payment for goods or services by transmitting a signal between computers.
Electronic Wallet (e-Wallet) Software storing information (passwords, payment details) necessary for e-commerce transactions.
Converged Payment Clearing and Settlement
Merging and rationalization of clearing and
settlement systems into a single process using
common information standards, irrespective of payment type but likely limited by geography.
Converged Payment Execution
Gateway for centralized payment management. Provides a common set of services and
operational functionality across payment types. Payments Value Add Services
Data-rich services created via the reutilization of payment data and its integration with existing customer profiles and relationships. Can be used
to offer merchants more hindsight into their customers' shopping habits.
Mobile Payments Electronic payments via mobile phone, both between individuals and to merchants.
INNOVATIONS IN IDENTITY MANAGEMENT
Federated Identity Networks
A group of enterprises allowing consumers to access all their services using the same identity credentials.
User-centric Identity System allowing users to choose which identity credentials to present in response to each request.
Quantum Cryptography Complex, tamper-proof authentication mechanism harnessing the quantum behaviour of photons.
Biometric Identity Recognition Identity recognition through recognition of, for example, body geometry, iris or voice.
Intelligent Agents
Sophisticated software that will be able to
provide intelligent, highly personalized financial
advice.
Spatial Tracking
Camera system that increases branch efficiency by tracking movements of customers and employees and enabling footfall analysis.
Virtual Experts
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TechnologyandInnovationinFinancialServices:Scenariosto2020Annex1:AdditionalMaterial
2. Innovations in financial services
The table below lists the key innovations in financial services and provides short definitions.
Impact of Innovations on Financial ServicesTable A1.2
INNOVATIONS IN DISTRIBUTION AND ACCESS DEVICES
Short description
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5. 79
TechnologyandInnovationinFinancialServices:Scenariosto2020Annex1:AdditionalMaterial
Innovation Short description
Deposit ATMs
ATMs that allow the deposit of bank notes without an envelope, or the scanning and
acceptance of paper checks with immediate confirmation.
Business Process Management for Branch Front-office Applications
Structured approach employing methods, policies, metrics, management practices and software tools to manage and continuously
optimize branch activities and processes. Cyber-reality
Online bank branches and distribution channels in virtual worlds (e.g. Cosmos, SecondLife).
Modular Core Banking Systems
Architecture using “Lego-like” blocks offers greater flexibility and scalability than traditional architecture. Enabled by SOA technology.
Single Payments Platforms and Systems
Integrated platforms enabling unified consumer and business payments processing across geographical borders (e.g., SEPA).
Business Rule Engines
Software tool used to record, track, manage and revise enterprise business processes based on their set rules.
Automated Underwriting Tools Used by life insurers that want to automate underwriting decisions for simple types of cases
and focus their underwriters to focus on complex cases.
Dynamic Relationship Pricing Tools
Tools used to model account scenarios and dynamically bundle and price products and services for customers using variables such as
segment, profitability and risk. Product Configurators
Software that supports insurance product development activities, including pricing, product
modelling and testing, to improve product’s speed to market.
New Business Application Service Providers
Standardized user interface for new business submission for manufacturers that sell products through multiple life insurers.
Pharmaceutical Databases
Impact of Innovations on Financial Services (continued)Table A1.2
INNOVATIONS IN MANUFACTURING AND PROCESSING
Short description
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6. 80
TechnologyandInnovationinFinancialServices:Scenariosto2020Annex2:RecommendedReading
Annex 2: Recommended Reading
• Ananth, Bindu, "Financing Microfinance -
the ICICI Bank Partnership Model", ICICI,
March 2005.
• Andrews, White, "Enterprise Search
Interfaces Move to Dialogue-Style Results",
Gartner, 1 June 2006.
• Authors, John, et al., "Clearing the floor:
how a regulatory overhaul is helping rivals
to close in on the Big Board", Financial
Times, 14 September 2006.
• BAI, “Disruptive Innovation and Retail
Financial Services. Protecting the Franchise
but Giving Up the Growth”, December 2001,
http://www.bai.org/disruption/disruptive.pdf
• Bankable Frontier Associates, "The Enabling
Environment for Mobile Banking in Africa",
Report commissioned by DFID Department
for International Development, 2006.
• Baroudy, Kim et al., "Viable Retail Banking
Strategies in 2010-2015", McKinsey &
Company, 1 November 2005.
• Claburn, Thomas, "Peer-to-Peer Finance
Connects Borrowers and Lenders", May 2006,
http://www.informationweek.com/news/
showArticle.jhtml?articleID=187203312
• Datamonitor, "The Impact of the Markets in
Financial Instruments Directive (MiFID) on the
Financial Services Industry", December 2005.
• Enkels, Yves and Visalli, Stefano, "Banking
in 2020: The Implications of Global Forces",
McKinsey & Company, November 2005.
• Farahati, Nader et al., "Future Scenarios for
Financial Services", Mercer Management:
Journal 19, 2005.
• Finextra, "Data Security Top Risk Concern
in Outsourcing", 24 March 2006,
http://www.finextra.com/fullstory.asp?id=15097
• Friedrich, Roman et al., “Resilience Report”,
Booz Allen Hamilton, 22 September 2005.
• Giovannini, Elena, et al., "What do
Europeans want mobile banking for?",
Forrester, 17 March 2005.
• Goulde, Michael, "How Firms Should Work
with the Open Source Ecosystem", Forrester,
4 October 2005.
• Helms, Brigit, "Access for All". Consultative
Group to Assist the Poor, World Bank, 2006.
• Hunt, Robert, "Looking for State-of-the-Art
Core Banking? Try India", Tower Group,
May 2006.
• Indu, P., "ICMR Case Collection”, ICFAI
Center for Management Research, ICICI
Bank, Innovations in Microfinance, 2005.
• Ivatury, Gautam, “Using Technology to Build
Inclusive Financial Systems”, Consultative Group
to Assist the Poor, World Bank, January 2006.
• Lopez, Maribel D., "The US will not mandate
Net Neutrality", Forrester, 14 April 2006.
• McKinsey Global Institute, "$118 Trillions
and Counting, Taking Stocks of the World's
Capital Markets", McKinsey & Company,
February 2005.
• OECD, "Working Party on the Information
Economy, Online Payment Systems for
E-Commerce", 18 April 2006,
http://www.oecd.org/dataoecd/37/19/
36736056.pdf
• Owens, John and Bantung-Herrera Anna,
“Catching the Technology Wave: Mobile
Phone Banking and Text-a-payment in the
Philippines”, Chemonics, 2006,
http://www.chemonics.com/projects/
content/GCash.pdf
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7. 81
TechnologyandInnovationinFinancialServices:Scenariosto2020Annex2:RecommendedReading
• Park, Sean, "Through the Looking Glass",
Euroweek, 2005.
• Ponemon, Larry, "Trust in Online Banking:
Hard to Earn, Easy to Lose", 26 April 2005.
• Reserve Bank of India, “Globalisation: the
Role of Institution Building in the Financial
Sector, an Indian Case Study”, August 2003,
http://www.g7.utoronto.ca/g20/
20030831_cs_indi.pdf
• Ricci, Michael, “Win in the flat world: Vision
2020 – shaping the future of financial
services”. Working Paper, October 2006.
• Rippert, Donald J., "Accenture Technology
Vision: the Transformational Impact of Service-
Oriented Architecture (SOA)", Accenture, 2006.
• Schadler, Ted, "Sell Digital Experiences, not
Products", Forrester, 20 December 2005.
• Skinner, Chris, "The Technologies of the New
Asian Tigers", Tower Group, January 2005.
• Solo, Tova M., "Financial Exclusion: A New
Angle to Urban Poverty in Latin America",
World Bank, September 2005.
• Taylor, Graham, "Banking on Mobile
Phones: Proceed with Caution", Gartner,
20 March 2006.
• The Boston Consulting Group, "Renewing
Core Banking IT Systems: Open-Heart Surgery
for European Bank", BCG's Third Annual IT
Cost Benchmarking Study, May 2006,
http://www.bcg.com/publications/files/Rene
wing_Core_Banking_IT_Systems_May06.pdf
• World Bank, "Brazil Access to Financial
Services", 19 February 2004.
• Zittrain, Jonathan L., “The Generative Internet”,
Harvard Law Review: Vol.119, May 2006,
http://ssrn.com/abstract=847124
• Zittrain, Jonathan L., “Without a Net”. Legal
Affair, January/February 2006.
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8. 82
TechnologyandInnovationinFinancialServices:Scenariosto2020Acknowledgements
Acknowledgements
This publication is a result of substantial research
and a number of workshops and interviews held
during the last year. The project team thanks the
many people who responded to our invitation to
join and who gave so generously of their time,
energy and insights. They took up the challenge
to think hard about the future. We thank them for
their commitment, discipline and courage.
While it is not possible to acknowledge and
thank each of the hundreds of academic, social,
government and business leaders who have been
involved and offered their diverse perspectives
and insights, the project team would like to thank
the following organizations:
Industry Partners: Financial Services
& involved Investors
• ABN AMRO Bank
• Accel Partners
• AIG
• Apax Partners Worldwide
• Barclays Capital
• Citigroup Inc.
• Clayton, Dubilier & Rice Inc.
• Credit Suisse Group
• Deutsche Bank
• E*Trade Financial
• Goldman Sachs Group
• HSBC
• ICICI Bank Ltd
• JPMorgan Chase & Co.
• Lehman Brothers Inc.
• Lloyd’s
• Marsh & McLennan Companies Inc.
• MasterCard International Inc.
• Merrill Lynch & Co.
• Moore Capital Management
• National Bank of Kuwait
• New York Stock Exchange Inc.
• Permira Advisers Ltd
• Santander
• State Farm Insurance Group
• St Paul Travelers Companies
• SunGard Data Systems Inc.
• SWIFT
• Swiss Reinsurance Company
• Texas Pacific Group Ventures Inc.
• The Carlyle Group
• The NASDAQ Stock Market Inc.
• Thomson Financial
• UBS AG
• US Trust Corporation
• Visa International
• Zurich Financial Services
Industry Partners: IT/TC
• Accenture
• Akamai Technologies Inc.
• AMD (Advanced Micro Devices Inc.)
• Applied Materials Inc.
• Arrow Electronics Inc.
• Avaya Inc.
• British Telecom Plc
• BMC Software Inc.
• Cisco Systems Inc.
• Computer Associates
• Deutsche Telekom
• EDS (Electronic Data Systems) Corp.
• France Telecom
• Freescale Semiconductor Inc.
• Google Inc.
• Hewlett-Packard
• Infosys Technologies Ltd
• Intel Corporation
• Lenovo Group Limited
• Liberty Global
• Microsoft Corporation
• Motorola Inc.
• Qualcomm Inc.
• SAP AG
• SAS
• Salesforce.com
• Siemens AG
• Unisys Corporation
• VimpelCom
• Wipro Technologies
Knowledge Partners
• Accenture
• Deloitte
• Ernst & Young
• Forrester Research Inc.
• Gartner Inc.
• McKinsey & Co.
• PricewaterhouseCoopers
WSS_TIFS PROD_SRO:maquette Russia 20-12-05 13.2.2007 16:30 Page 82
9. Other companies and institutions
• A4Vision
• Acción International
• AlpInvest Partners NV
• Aptivaa Consulting
• Bank of England
• Bank of Tokyo-Mitsubishi Ltd.
• BMO Financial Group
• BT Radianz
• Card Technology Magazine
• Celent LLC
• CGAP: Consultative Group to Assist the
Poor, The World Bank
• D.E. Shaw & Co
• Daiwa Securities Group Inc.
• Deutsche Telekom
• Directorate-General Justice, Freedom and
Security, European Commission
• Doshisha University
• Euro Technology
• European Biometric Forum
• European Data Protection
• First Data International
• Galileo Global Advisors LLC
• Geer Risk Services LLC
• Global Village
• Globe Telecom
• Grameen Technology Center
• Institute for Financial Management and
Research
• Institute for the Future
• Japanese Institute of Energy
• Lazard LLC
• Linden Labs
• London School of Economics
• Markettrends
• Mercer Oliver Wyman
• Misys
• Mitsui Sumitomo Insurance
• Mobile ATM
• Morgan Stanley
• Nakamae International Economic Research
(NIER)
• New York University
• Oxford University
• Ripplewood Holdings LLC
• Semba Consulting
• Sevak Solutions
• Shinsei Bank
• Silicon Valley Bank
• Singapore Economic Development Board
• Sony Corporation
• Stanford University
• Tata Consultancy Services Japan Ltd
• The Cato Institute
• The Center for Internet Security
• The Financial Times Group
• The Institute for International Economics
• The World Bank
• Third Point LLC
• Toshiba Corporation
• Upek Inc.
• University of California, Berkeley
• Voltage Security Inc.
• World Federation of Exchanges
Special thank you
We would specifically like to thank the
following people and organizations for
their significant contribution and research
to the scenario project:
• Daniel Benton, Accenture
• Michael Drexler, Barclays Capital
• Soumitra Dutta, INSEAD
• Niket Kamdar, ICICI Bank
• Susan Landry, Gartner
• Sean Park, Private Investor and the author
of Park Paradigm
• Michael Ricci, Infosys
• Chris Skinner, Balatro Ltd
• Visa International
• Georg von Krogh, Swiss Federal Institute of
Technology Zurich (ETH)
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TechnologyandInnovationinFinancialServices:Scenariosto2020Acknowledgements
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10. Project Team Members
The development of the Technology and Innovation in Financial Services scenarios is the result
of a joint collaboration between the World Economic Forum Centre for Strategic Insight Scenario
Planning Team and the Centre for Global Industries. The project team includes the following
individuals, in alphabetical order:
Scenario Planning Team: Centre for Global Industries:
Julio Estrada, Global Leadership Fellow,
Project Manager
Chiemi Hayashi, Global Leadership Fellow,
Project Manager
Alia Karaouni, Associate Director,
Deputy Head Scenario Planning
Johanna Lanitis, Team Coordinator
Managing Director,
World Scenario Series: Ged Davis, World Economic Forum
Scenario Writers: Andrew Wright
Parveen Bansal
Editors: Bill Hinchberger
Nancy Tranchet, World Economic Forum
Creative Design: ComStone / EKZE – Geneva
Kamal Kimaoui, World Economic Forum
The World Economic Forum is pleased to also recognize our Knowledge Partners who generously
contributed seconded resources to this project: Accenture (Agnieszka Guzewska, Barney Wallace),
McKinsey (Josh Bell), and Thomson Financial (Ryan Terpstra).
World Economic Forum
www.weforum.org84
TechnologyandInnovationinFinancialServices:Scenariosto2020ProjectTeamMembers
Simon Mulcahy, Associate Director,
Head of IT Industries
Bernd Jan Sikken, Associate Director,
Financial Services Industries
Kevin Steinberg, Chief Operating Officer,
World Economic Forum USA
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