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.

In the fast-paced and highly regulated world of financial services, software quality is arguably of utmost importance. To ensure financial products meet complex requirements and deliver seamless user experiences, robust testing methods are crucial. One such approach that has gained significant traction in the financial industry is Behavior-Driven Development (BDD) testing.

Bank turmoil associated with recent bank failures has highlighted the importance of due diligence for managing financial risk, growing revenue, and retaining jittery customers. Regulators will likely ramp up their scrutiny–even after hitting financial institutions with a jaw-dropping $2.7 billion in fines in 2021 for failing to meet compliance and due diligence standards.

The prevailing landscape of severe competition and heightened customer expectations affects every industry, including banking. Existing banks must address the constant evolution of customer demands to thrive. Furthermore, banks that make transformations to meet customer needs and adapt through necessary technological changes are the ones who will differentiate themselves and survive in this disruptive ecosystem.