The line between technology and non-technology companies is being blurred as businesses are looking more and more to create winning customer experiences through digital capabilities like AI, machine learning, and automation. The faster leaders recognize that every company, including theirs, is becoming a tech company, the faster they can begin their business transformation.
Discover the top five insights realized by IT leaders in financial services organizations as they undergo digital transformation.
For those of us who work in financial services, blockchain is the most interesting technology trend to emerge in recent years. Evangelists of this technology expose the decentralized nature of blockchain, and use phrases like “world computer” to describe the promise of this technology. While it’s true that blockchain has revolutionary potential, it’s important at this stage of the adoption cycle to investigate valuable use cases that will drive broader adoption.
Today, a company can spring up in a matter of weeks. Perhaps a new idea is planted overnight during a hackathon and germinated in a garage over a couple of weeks using unlimited cloud computing power, free developer tools and open APIs. Then, the startup might get watered by incubators and accelerators like Idealab and Y Combinator, helping to direct the young company toward the sunlight while sprinkling it with occasional funding to grow its products and team.
Across all industries, organizations are seeing traditional value chains being disrupted: how products and services are delivered is changing as new entrants create a wedge between incumbents and their customers. Nowhere is this felt more keenly than Banking, where FinTechs are disintermediating banks across the value chain in areas as diverse as lending and payments. And it is APIs, offering Banking as a Service, one Service at a time, that are driving this change.
How then can banks respond?
Financial Institutions (FIs) find that deploying PaaS and IaaS solutions within a private cloud environment are an attractive alternative to technology silos created by disparate server hardware, operating systems, applications and application programming interfaces (APIs). Private cloud deployments enable firms to take a software-defined approach to scaling and provisioning hardware and computing resources.
FIs face a number of challenges as they build out their private cloud and PaaS environments:
Financial services industry standards and file formats are unique and complex. There are different standards for low value payments, high value payments, international payments, bank statements, securities trades, derivatives, and stock custody transactions. In an effort to unify disparate formats based on geographic boundaries, industry utilities and market participants, the International Organization for Standardization (ISO) developed the ISO 20022 XML standard. The ISO 20022 standard was originally developed in 2004 and is an internationally agreed upon,
Financial services information technology (IT) has transformed from order taker to strategic business partner. As part of this transformation, IT organizations are finding they must address key challenges with legacy modernization, data management and digital transformation.
MuleSoft has launched a three-part white paper series discussing these challenges and how financial institutions are overcoming them. In the first installment in our Connected Financial Institution white paper series,
Financial services information technology (IT) has transformed from order taker to strategic business partner. As part of this transformation, IT organizations are finding they must address key challenges with legacy modernization, data management and digital transformation.
MuleSoft has launched a three-part white paper series discussing these challenges and how financial institutions are overcoming them. In the first installment in our Connected Financial Institution whitepaper series,
Financial services information technology (IT) has transformed from order taker to strategic business partner. As part of this transformation, IT organizations are finding they must address key challenges with legacy modernization, data management and digital transformation.
MuleSoft is launching a three-part white paper series discussing these challenges and how financial institutions are overcoming them. At the core of each of these challenges is the need for a new level of connectivity.
