The 2023 banking industry crisis left a lot of us unsettled and more worried than ever about customer retention. We all want to feel confident our customers will continue to choose us, but how? Start by giving them a great experience. Business process management (BPM) can help you meet and exceed customer expectations while improving operational efficiency and managing regulatory compliance. If you're Googling "bpm in banking," you're not alone. It's an approach to improving organizational processes.

Of the many things one might take for granted, access to banking and financial services may not immediately come to mind. But as a thought experiment, imagine trying to buy a home or a car without the ability to take out a loan. Try depending on cash payments from your employer, or relying on alternative banking solutions like short-term payday loans, check-cashing services, and prepaid debit cards.

In today's dynamic financial landscape, threats are not only escalating but also rapidly evolving. At the same time, regulators impose stricter transparency and compliance requirements on financial institutions. So, how can decision-makers navigate this challenging environment, with relentless cyber threats coming at them from one side and rising regulatory demands from the other?

Over the past few decades, consumers increasingly accepted digital tools as they helped save time, manage funds securely, and track and control their finances efficiently, leading to the growth of Fintech companies. According to some reports, the Fintech Industry is projected to become $1.5 Trillion by 2030. NA has the largest share of the market in Fintech across the globe. US Fintech as a service market size is expected to grow at a compound annual growth rate (CAGR) of 17.5% from 2023 to 2030.

In the ever-evolving landscape of the financial services Industry, change is a constant and transformation is a requirement—to stay at pace with new regulations, risk mitigation, and the technological developments that support transformation. And just as financial services experiences its cycles, this time of year I find myself returning to the topic of cost reduction.

Banking is a critical but highly complex industry. It is a highly regulated environment, and banking applications must be developed in compliance with privacy and security standards of the region the bank operates. Credibility is an invaluable asset to any financial institution, so they can’t afford to let any bugs, even the most minor, slip into production and impact the user experience.

Financial professionals encounter periods of high activity throughout the year. Whether you serve as a CFO, specialize in taxation, or contribute to the team responsible for closing financial records and generating year-end reports, any time can become crunch time. These intervals demand long hours at the office (or working evenings from your home office) as you diligently tackle the extensive list of tasks that require immediate attention.

With the emergence of new creative AI algorithms like large language models (LLM) fromOpenAI’s ChatGPT, Google’s Bard, Meta’s LLaMa, and Bloomberg’s BloombergGPT—awareness, interest and adoption of AI use cases across industries is at an all time high. But in highly regulated industries where these technologies may be prohibited, the focus is less on off the shelf generative AI, and more on the relationship between their data and how AI can transform their business.

In the ever-evolving world of banking technology, the traditional core banking systems have long been the backbone of financial institutions. However, the limitations and challenges associated with these systems have paved the way for a paradigm shift towards coreless banking. Let us delve into the concept of coreless banking and explore how it is reshaping the banking industry.