cote + banking   48

The Cost of Banking Is About to Go Up: What the Capital One Breach at Amazon Could Mean for the Industry
"The adoption of cloud platforms is a movement that will not be stopped," says Jerry Silva, research director, IDC's Financial Insights Group. "But there will be a slowdown as regulators step in to ensure that the security and resiliency structures that have always applied to banks directly are applied to the cloud providers with which they do business."
Idc  banking  cloud  security  links  via:Workflow 
4 days ago by cote
Financial services and cloud: Delivering digital transformation in a highly regulated industry
“The most difficult part of what was a 10-month programme of work was that we were working to transform the current application, which was manually built, on-premise, and converting that into infrastructure as code,” says Niculescu.

“So we essentially took what would be manually-built environments that would usually take us weeks and months and numerous contract amendments to essentially grow and scale environments, and transformed it so that we could do them within the day – but now we can do all of this within 40 minutes, roughly.”
Banking  modernization  hsbc  fintech  regulations  links  via:Workflow 
4 days ago by cote
Rich countries must start planning for a cashless future
These problems have three remedies. First, governments need to ensure that central banks’ monopoly over coins and notes is not replaced by private monopolies over digital money. Rather than letting a few credit-card firms have a stranglehold on the electronic pipes for digital payments, as America may yet allow, governments must ensure the payments plumbing is open to a range of digital firms which can build services on top of it. They should urge banks to offer cheap, instant, bank-to-bank digital transfers between deposit accounts, as in Sweden and the Netherlands. Competition should keep prices low so that the poor can afford most services, and it should also mean that if one firm stumbles others can step in, making the system resilient.
Banking  payments  cashless  book4  links  via:Workflow 
12 days ago by cote
IT outages in the financial sector: Legacy banks playing tech catch-up risk more outages, UK MPs told
said 65 per cent of outages are in retail banks. She said the regulator received 853 notifications of outages in 2018/19 "that is a huge increase on the previous year". However, she added some of those incidents were relatively minor, with part of the increase being due to a change in regulatory reporting requirements.
Banking  numbers  book4  legacy  links  via:Workflow 
23 days ago by cote
DBS Bank goes big on open source
“If we want to be truly innovative, we have to do experiments, of which some work and some don’t,” he said. “We have to accept failure and pivot fast – that has very much become a part of our culture of experimentation that enables us to be agile.”

...

“Our business and technology teams responsible for developing digital products that sit on each platform have joint KPIs [key performance indicators] and budgets that allow them to experiment and iterate,” Gledhill said. “We also need to learn and re-learn as no one knows everything about the latest technologies.”
DBS  pivotalcustomers  banking  agile  quotes  book4 
7 weeks ago by cote
Three Finnish banks, one core IT platform
But if core systems are less of an advantage to any bank, where does the advantage now come from in competitive banking? According to Niemi, customer experience is becoming the key differentiator.
Digitaltransformation  book4  banking  Finland  COTS  links  via:Workflow 
7 weeks ago by cote
Applications of data science and machine learning in financial services
There's a customer acquisition piece and then there's a customer retention piece. For customer acquisition, we can see that new technologies can really add value by looking at all sorts of data sources that can help a financial service company identify who they want to target to provide those services. So, it's a great place where data science can help find the product market fit, not just at one instance like identifying who you want to target, but also in a continuous form where you can evolve a product and then continuously find the audience that would best fit the product and continue to analyze the audience so you can design the next generation product. ... Once you have a specific cohort of users who you want to target, there's a need to be able to precisely convert them, which means understanding the stage of the customer's thought process and understanding how to form the narrative to convince the user or the customer that a particular piece of technology or particular piece of service is the current service they need
links  banking  book4  Datascience  finance  via:Workflow 
8 weeks ago by cote
Thousands of rejected migrants unable to return to their home countries Big three Dutch banks trail rankings, cost and service and issue
While 94% of the 14,000 people in the survey said they used internet banking and 66% used mobile banking apps, ING customers were unhappy about the decision to phase out the use of ‘tan’ codes for approving payments and require mobile approvals instead.

Read more at DutchNews.nl:
Surveys  Netherlands  banking  mobile  links  via:Workflow 
8 weeks ago by cote
Bloomberg
In the long run finance tends to proceed through logic and self-interest, but in the short run the computer systems cause a lot of frictions.
Banking  links  via:Workflow 
12 weeks ago by cote
Banking Young people and their phones are shaking up banking
In such scenarios incumbents risk ending up as “dumb pipes”, holding bloated balance-sheets and originating products such as mortgages and loans that someone else sells to consumers. If they were to lose the ability to build a brand and the transaction data needed to understand their customers and cross-sell, their wares would become interchangeable. Margins would be driven down, even as they continued having to abide by onerous banking regulations and hold balance-sheet risk.
Banking  disruption  onlinebanking  digitaltransformation  links  via:Workflow 
may 2019 by cote
We've detected unusual activity from your computer network
There is an old-timey model in which the key elements of banking are, like, having a local branch, looking customers in the eye and giving them a hearty handshake, knowing their parents, etc. But in modern banking the importance of having a website and a payments app and, uh, “keeping track of customer deposits” is relatively higher, and the handshaking is relatively less important. For big banks, this means that they are increasingly and self-consciously becoming tech companies, building apps and hiring developers and blathering about blockchain. For small banks, it means that they are increasingly and unhappily becoming franchises of tech companies.
Banking  fiserv  disruption  cases  links  via:Workflow 
april 2019 by cote
The platform play: How to operate like a tech company
One of the global leading banks created about 30 platforms. One such platform was payments, which consisted of more than 60 applications that previously had been managed independently from each other. The top team decided to bring the 300-plus IT people working on development and maintenance of payments together with the corresponding people on the business side. Under joint business/IT leadership, this entity was empowered to move quickly on priority business initiatives, to modernize the IT structure, and to allocate the resources to make that happen.

The team shifted its working model and started running the payments platform as an internal business that served all the different parts of the bank (think payments as a service). This approach made it clear where to focus specific tech interventions: removal of nonstrategic IT applications; modernization and accelerated shift of the target applications into the cloud; connectivity to enable swapping solutions in or out easily; and, most important, a major step-up in feature/solution development for the internal business clients. This platform-based way of running the business was then progressively rolled out across the group. Prioritization is set by the top team (because empowerment does not mean anarchy), and all IT interventions are run the same way, to ensure consistency and replicability.
Digitaltransformation  banking  cases  McKinsey  platforms  links  via:Workflow 
march 2019 by cote
HSBC chief architect: Why machine learning is accelerating cloud adoption
If you build it, you own it, big data ed.:

> “We got some value out of that but to be honest we found it hard to keep on top of, just hard to build skills at the pace required to integrate new technologies,” Knott says.

> “No matter how hard we ran there is always something new coming in that we wanted to get access to, but we couldn’t get there quite fast enough to have really finished deploying what we were deploying previously.

> “So it was hard to manage, hard to keep on top of, and also hard to scale. We had reasonable success but we were having these challenges.”

Also, it mentioned that they use Pivotal Cloud Foundry.
pcf  banking  pivotal  bigdata  HSBC  proofpoints  platforms  analytics  cases 
november 2018 by cote
Square expands its bank-like offerings, letting sellers charge customers in installments
Disrupters gonna disrupt, loans edition:

> This type of loan is typically reserved for retailers who bring in more than $1 million in revenue, and requires a lot of paperwork.
lending  square  loans  banking  digitaltransformation  disruption 
october 2018 by cote
Cloud Next 18 - HSBC to run business banking on Kubernetes in Google Cloud
“HSBC plans to build its all-new business banking service to run on a Kubernetes-managed container infrastructure using Google’s toolset.”
HSBC  googlecloud  cases  banking  cloud 
july 2018 by cote
Ride-hailing app Grab partners Maybank for mobile wallet launch
To be a little Friedman in a taxi here: when I was in Jakarta, you could see the huge banking expansion available in converting much of the country to cashless. All these merchants and buyers (people, if you will) who are purely cash based and don’t have bank accounts. And that’s just one (albeit it, giant) city:

Ooi Huey Tyng, MD, GrabPay Singapore, Malaysia and Philippines, says: "The whole industry needs to come together to make the cashless economy a reality in Malaysia. We are honoured to partner with Maybank which not only shares our vision of a cashless payments future, but also recognises Grab as ideally poised to help make this a reality.

"With GrabPay mobile wallet as the leading payment method on our Grab app, it will build an interconnected ecosystem of our services, thus making Grab an everyday app to complement consumers’ everyday lifestyle."

Also, I love this “cashless” term. So much better than “mobile payments.”
maylaysia  banking  grab  cashless  payments  mobile 
may 2018 by cote
The Sorry State of Digital Transformation in 2018
Organizations talk a lot about transformation, but their actions don't always back it up:

"To find out the state of digital transformation, we surveyed 1,600 business and IT decision-makers in North American and European enterprises. The answer? Sorry, I’m afraid. As you can see from the picture below, 21% of firms think their transformation is dusted and done. Really? Done? And another 22% are investigating or not transforming at all. And while 56% of firms are transforming, their level of investment and scope of transformation are still mostly small. For example, only 34% of banks and insurers are even bothering to transform marketing and only 45% are transforming customer care — a too-small percentage given consumers’ of mass adoption of mobile devices.

"Why? As one respondent put it, “It’s a war between old-school technophobe leaders and the technology innovation that represents a completely different way of doing business.”
surveys  digitaltransformation  banking  forrester  cloudnative  charts 
april 2018 by cote
Shaking up Scotiabank: Three exclusive insights into CEO Brian Porter’s revolution - The Globe and Mail
“We’re in the technology business. Our product happens to be banking, but largely that’s delivered through technology.”
Brain Porter, CEO, Scotiabank
proofpoints  banking  scotiabank  digitaltransformation  cloudnative 
april 2018 by cote
Inside Synchrony Financial's Innovation Lab
"One thing that was great to see was that cross-functional barriers went away" once the new lab was set in motion, Arghirescu said. "Innovation became an entity." People in the lab were given the authority to make decisions. A commitment was made to agile development.
proofpoints  pivotal  digitaltransformation  payments  cases  agile  banking 
april 2018 by cote
Fintech Has Grown Up
“Fintech has lost its direct-to-consumer ambition. Previous editions of Finovate have seen presentations by now established brands like Fidor Bank, eToro, Kabbage, rPlan, and Scalable Capital. Most of these startups have since shifted their business model from just direct to customers – consumers or businesses – to some form of B2B2C, working with incumbents as their distribution partners. That’s because despite all the claims about incumbents neglecting their customers’ needs, customer acquisition in financial services remains hard and expensive.”
startups  retailbanking  forrester  banking 
march 2018 by cote
API’s and Mainframes
“When looking at exploiting them from the web, if you let “imagineers” run away with what they “might” want, you’ll fail. You have to start with exposing the transaction and database as a set of core services based on the first application that will use them. Define your API structure to allow for growth and further exploitation. That’s what we successfully did for NatWest. The project rolled out on the internal IP network, and a year later, to the public via the Internet.”
banking  apis  mainframes 
january 2018 by cote
Goldman Sachs European Financials Conference 16 Juni 2015
ING savings from transforming to a more cloud-y IT setup: "Investment of EUR 200 mln to further simplify, standardize and automate IT: Decommissioning 40% of application landscape; Moving 80% of applications to zero-touch private cloud."
cases  proofpoints  ING  banking  cloud 
january 2016 by cote
Capital One Delivers 85% Of Software Through Agile
When Capital One started to roll out agile development in 2011, Wolfs said it amounted to just one percent of software that was delivered. Today, 85 percent of software is delivered by the agile method. With agile, Capital One now also releases approximately 400 product releases a month, has cut delivery times to three to six months while “cutting costs significantly” and has 95 percent of products meet expectations on the first release, according to Wolfs. That 400 releases figure speaks to the scale of the applications supported in large banks. Getting a handle on the population of custom written software (that is, NOT package software in use, but software the enterprise has written itself) is difficult, so tracers like this are helpful.
via:ifttt  from:tumblr  agile  cases  banking  numbers  momentum  integration  DevOps  customapps  link  tumblr:link 
april 2014 by cote
Institutional Apps: Money Managers Soon Will "Poke and Swipe" to Drill into Data
"But exploring large data sets has only gone so far -- adoption is only 10 to 20% of the audience in business intelligence because the response time was slow."
numbers  BI  mobile  banking  cases  MicroStrategy 
september 2012 by cote
Banks and information technology: Silo but deadly
I'm not keen on banking industry uses cases for general IT use cases - they've got so much cash to spend and such specific problems (e.g., high speed trading) that it doesn't apply easily to, for example, JC Penny's - but the ones in here are still good.
itmanagement  itmanagementguys  scenarios  uses  banking  crator  cases 
december 2009 by cote
How bank bonuses let us all down
"Indeed, the incentive system put in place by financial companies has produced the worst possible economic system mankind can imagine: capitalism for the profits and socialism for the losses.... No incentive without disincentive. And never trust with your money anyone making a potential bonus. "
abyss  banking 
february 2009 by cote
New banking code cracks down on out-of-date software | The Register
UK banks try to get out of security problems with fine-print requirements to secure your machine with AV and a firewall.
grc  banking  fraud  onlinebanking  uk 
april 2008 by cote
Beijing defends sovereign funds - "I'm shocked - SHOCKED! - that influencing is going on in this establisment!"
"Critics have suggested the rise of sovereign wealth funds such as Beijing’s $200bn China Investment Corp (CIC) may give their opaque state masters unprecedented influence over other countries’ commercial assets."
china  investing  sovereign  globo  banking 
january 2008 by cote
FundsXpress and Memphis Area Teachers’ Credit Union Announce Multi-Year Renewal and Expansion of Business Partnership
"In fact in just the past two years, our Internet adoption rate has increased by more than 35 percent and our number of bill pay users has grown by more than 78 percent."
fundxpress  banking 
may 2006 by cote
Finextra: FundsXpress releases anti-fraud system
"The fxSecurity suite provides the most comprehensive anti-fraud and risk analysis tools."
fraud  banking  fx 
may 2006 by cote
Second Thoughts on Second Factors
Lengthy article on new banking regulations requiring stronger authentication. Small FundsXpress mention.
fx  banking  security 
february 2006 by cote
Fiserv launches Indian operations
"We want to replicate the strategy of acquisitions in India. We are talking to bankers and acquisitions can be in the IT or BPO sector. Fiserv would look at companies with domain knowledge and CMM Level 5 processes."
offshoring  bpo  outsourcing  india  fiserv  banking 
january 2006 by cote
Banking on RSS
American Express delivering, well, junk-mail type stuff through RSS. It'll be more interesting when they deliver bills, transactions, etc.
rss  rss_security  banking 
july 2005 by cote

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