Challenger Banks are the new age banks that have come into existence riding on the waves of technological and regulatory enablement. These banks, in general, are completely digital and don’t have a branch, saving loads of money, which makes the entire process convenient and cost-effective for the customer. Every year, they are gaining more and more popularity and have already taken over some categories like payments and transfers.
Digitalization is a challenge for wealth management firms and will provide an inevitable change in the coming decade. It is an essential aspect of modern investors’ premium service to include high-quality digital tools. Wealth management firms are facing challenges such as addressing the threat of fintech challengers, measurable success metrics, KPIs, and the advantages of life after paper, which are essential elements of a successful digitalization plan.
Core (Centralized Online Real-time Exchange) Banking is a system that enables a group of bank’s branches to perform transactions between accounts in different branches and share the data in real time.
On-Premise SAP Human Capital Management (HCM) was considered one of the most powerful Human Resource Managements (HRMs) until the relevance and necessity of cloud-based SAP SuccessFactors came into the picture. The two most prominent reasons for the growing popularity of cloud-based (Software as a Service) SaaS applications are (1) changes in the Gen Y and Gen Z workforce at offices, and (2) the developing culture of remote work.
In the first blog in this series, I introduced the Digital Complexity Paradigm (DCP) – which, broken down in simple terms, attempts to capture the significantly increased complexity and speed at which digital transformation (and evolution) needs to be delivered. That complexity and speed are then compounded by the absolute need for unquestionable quality. In this next blog, we will look at technical complexity as it applies to the DCP.
Whether you agree or not, conventional businesses have become redundant by the advent of technologies like Artificial Intelligence, Big Data, IoT and ML. Today, rapidly changing customer needs are forcing enterprises to evolve, adopt and devise strategies where they can surgically strike offers to a segment of few rather than blast a shotgun of offerings to an uninterested many.
Major markets, such as the United States of America, Hong Kong, the United Kingdom, Japan, Singapore, and Australia, continue to follow the T+2 settlement cycle. However, in different jurisdictions, the talk about moving towards a T+1 settlement cycle is gathering momentum. In February 2021, the United States DTCC (Depository Trust & Clearing Corporation) released a two-year industry roadmap for shortening the settlement cycle for US equities to one business day after the trade is executed (T+1).
In recent times, customers are looking for a customized solution for their specific requirements and utilizing the digital features of banking as per their needs. Moreover, banks have realized the economic advantage of personalization which can bring in considerable cost reduction by providing diverse cutting-edge products with AI, ML, and big data capabilities. Banks are now trying to cater to customer personalization while meeting the larger organization goal.
