Zubeir Syed

💡 Master Cloud Budgeting with Costimize 💡 Whether you're taking a top-down or bottom-up approach, Costimize empowers you with in-depth insights, real-time alerts, and clear visualizations of your cloud spend. With Costimize, you gain full transparency into every aspect of your budgeting, helping you make data-driven decisions that maximize ROI and reduce surprises. 📊✨ Stay on top of your cloud costs—start optimizing with Costimize today! #cloudbudgeting #costmanagement #cloudspend #Costimize #budgeting

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Another #generativeAI solution reported by FinTech Magazine! This time, the cloud banking provider Temenos is launching its very first "responsible" generative AI solution for core #banking, one piece of a larger Gen-AI infused banking platform integrating with the Temenos Core and Financial Mitigation (FCM). It aims to help banks change the way banks interact with their datasets to boost #efficiency, daily operations and product management. Another benefit is its ability to help banks analyze data and predict future investments. In this article, there is an argument made that the more banks step into utilizing generative AI in their workplaces, the more it normalizes the technology and we can transition from a place of AI discussion/hype into #AIApplication and direct action. But, are we ready for that yet? Let me know your thoughts.

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✍️ Dear banks, your regulator is not your adversary. This fiery panel is spilling all their hottest takes on why BaaS is facing regulatory headwinds, what banks should do, and how the North Star needs to be a BaaS solution that provides the optimal blend of tech and compliance. Tune in for a fun episode! 🔥 https://lnkd.in/ghJNssSp

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Why is an open ecosystem crucial for banking modernization? 🎙️ Join Backbase CEO Jouk Pleiter and Arjun Vir Singh on Couchonomics with Arjun for a lively discussion on raising the bar and overcoming challenges in digital transformation. Discover how powerful platforms empower financial institutions to adapt evolving customer expectations and implement strategic changes necessary to stay competitive. Don't wait—tune in to the full episode on YouTube, Apple Podcasts, Spotify, and all other relevant podcast platforms: https://lnkd.in/ece2AKF6 #DigitalTransformation #DigitalBanking #Fintechs

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#PaymentsSimplified The basic diagram can provide some methodology to build out from. SmartCard Marketing Systems Inc (OTC:SMKG) #PaaS #EmbeddedPaytech& #EmbeddedFinance with #DigitalPayments

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Don't forget to join Marsha Jones, President of the @TPPPA and the SFE today at 1:00 PM CT for a presentation on Third-Party Risk Management Requirements for Financial Institutions and Third-Party Payment Processors. Click on the link for more information. https://conta.cc/44DiXyv #paymentprocessors #payments #paymentprocessing #banks #financialinstitutions #thirdpartypaymentprocessing

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Temenos has announced the launch of its Responsible Generative AI solutions as part of its AI banking platform. The company launched its first generative AI tool in September last year, for automatically classifying customer banking transactions. This new wave integrates with Temenos Core and Financial Crime Mitigation (FCM). The solutions can be applied in customer and middle office operations or product development. Users can engage with natural language models to generate insights and reports. Temenos states this will enable banks to create products in real-time based on customers preferences. Temenos claims this generative AI is explainable and that this new solution can be verified by users and regulators. The company will initially release this product for Temenos Wealth and Temenos Digital. Prema Varadhan, president product and COO, Temenos, commented: “We all use AI in our daily lives and benefit from the personalised services and insight. Temenos Explainable AI offers transparent, auditable insights while our Generative AI infused platform delivers these insights instantly in an intelligent and personalised way. Temenos ensures responsible AI practices by providing explainability, security, safe deployment, and banking-specific capabilities. With our AI platform, banks can rapidly implement real-world use cases that enhance efficiency, boost profitability, and create hyper-personalised customer experiences.” Bola Rotibi, chief analyst, CCS Insight, said: “GenAI heralds a new era of efficiency and competitiveness in banking, with the potential to revolutionise customer experiences, streamline processes, and uncover actionable insights. Banks are naturally cautious in embracing generative AI to the full and want to ensure they do so responsibly. A proven track-record in delivering responsible AI will be vital for financial institutions to confidently experiment and deploy generative AI models for critical business functions across the enterprise.” https://lnkd.in/dKb6QMx3

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The Consumer Financial Protection Bureau (CFPB) proposed the Section 1033 rule to enhance consumer financial data rights and promote open banking. Here are some real-life advantages for customers: 1. Personal Financial data rights rule (Data Access and Control): Consumers gain the right to access and share their financial data. They can authorize third parties to access this data on their behalf, allowing for better financial management and control1. 2. Competition and Data sharing enabling Switching Providers: The rule simplifies switching to new financial services providers. Consumers can securely transfer their data, reducing bureaucratic hurdles and encouraging competition2. 3. Innovation and New Services: By sharing data with third parties, consumers enable the development of new and improved financial products and services. This fosters innovation and benefits consumers3. 4. Frictionless Consent: Data providers aim for seamless customer authentication and authorization. While balancing consent and friction, the goal is to capture unambiguous customer consent4. In summary, CFPB-1033 empowers consumers, promotes competition, and ensures secure data sharing in the evolving financial landscape. This is going to drive innovation and allow new type of product launches in financial space with seamless switching of providers or your main financial institution. Its expected to be finalized in Second half of 2024. However Financial Institutions need to assess their existing infrastructure and adapt it to comply with the rule's requirements. This involves evaluating data-sharing mechanisms, APIs, and digital interfaces. Additionally, it would put strain to Institutions who have to enhance their operational capacity to handle increased data requests and transfers. Navigating these challenges will be essential for successful implementation of the CFPB-1033 rule. The CFPB’s Section 1033 regulation is expected to be finalized in the second half of 2024, likely in the fall. This move toward open banking aims to empower consumers and foster healthy competition in the financial industry https://lnkd.in/gjghkv5S #OpenBanking #FinTech #CFPB1033 #AmericanBanker #FinancialDataRights

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👉🏼 The U.S. Faster Payments Council just dropped new insights on instant payments adoption and how ISO 20022 is boosting efficiency and data quality for U.S. financial institutions. 🔗 Get the Resources: https://lnkd.in/gSk2TPEb #payments #iso20022 #instantpayments #data #transactions

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Future of PaymentIntelligence : The FinTech market has not seen any southward journey or downward trend since early 2011. It’s still bound to its northward journey, and in fact, it’s increasing its speed and spreading its wings or roots to the west and east as well. The future of fintech is now accelerating at double speed after getting married to payment intelligence, became popular and understood firmly by Fintech of all sizes. #Payments intelligence, which keeps artificial intelligence, machine learning, blockchain, physics, and advanced data analytics (including exploratory data analytics) at its core, has great potential and future with the integration of embedded lending, investment, and insurance. #Fintech #AILabPage https://lnkd.in/dDb9SzGK

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Great to see the Curinos partner ecosystem expanding and there is no better time to offer deposit analytics to community banks at scale.

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Shekhar Mullatti, Chief Executive Officer of Integro Technologies, recently sat down with Chartis Research Director Anish Shah to discuss the evolving market dynamics and innovative technology solutions in the credit lending space. Integro was recognized as a category leader across all quadrants in Chartis’ Credit Lending Operations Solutions, 2024 report.  Check out their insightful conversation in this short video! #CreditLending #MarketDynamics #Research #TechnologySolutions

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A really good 🎙 interview by Jason Mikula with Moov founder Wade Arnold. Learn about: ❓ What does Moov actually do ❓ Why attend #fintechdevcon ❓ What is happening in the #payments space today https://lnkd.in/edxNRkZy

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IN CASE YOU MISSED IT: Galileo Financial Technologies' '24 Consumer Banking Report sheds light on how FIs can drive better customer & member ROIs. It’s all about driving engagement. Here’s the scoop: The report focuses on where consumers primarily conduct their banking activities, recognizing that most people deal with multiple providers. DIGITAL BANKS WIN ACCOUNTS BUT TRAIL ON ENGAGEMENT As of April ‘24: • Top 20 traditional banks = 2.7B customers  • Top 20 digital banks= 3.8B customers 🏆 Sure, digital banks acquired 41% more customers, but they’ve struggled to engage them. In fact, they’re at the bottom: % of respondents that report having their PFI relationship at various FI types: • Big 4: 38% • Super regional bank: 19% • CU: 14% • Community bank: 13% • Regional bank: 7% • Digital bank: 6% 👈 • Other: 3% USAGE BENCHMARKS Direct deposit continues to be a good signal for primacy, with well over 80% reporting they make direct deposits with their PFI. Regular use of digital banking, ATMs, credit monitoring services, & digital wallets (in that order) are also solid indicators of PFI status. How often respondents use different channels: • Mobile banking: 58% weekly | 72% at least monthly  • Online banking: 44% weekly | 66% at least monthly • ATM: 25% weekly | 56% at least monthly • Visit a branch: 9% weekly | 33% at least monthly CUSTOMERS & MEMBERS ARE CHEATING ON THEIR FIs  “People are curating a suite of financial services within & outside their primary FI, & the PFI probably doesn’t even know it.” This really stings: “Customers (& members) use other FIs for key services even when their PFI offers that same service.” 😳 WINNING REQUIRES TIMELY, HYPER-PERSONALIZATION “Banks & CUs that can’t recognize a customer’s or member’s immediate need miss a big opportunity to meet that need before a competitor does” In the good ol’ days, you could wait for someone to visit a branch to discover what they need. Not anymore. “60% of people said they prefer to do everything without human interaction. Being at the point of need requires data that can be used to create nimble, timely, hyper-personalized experiences.” ATTRITION CAN FEEL INVISIBLE “Customers might not leave your FI, but they might stop adding value and complete most of their financial activities elsewhere. FIs must offer their customers highly curated offers at the point of need & at exactly the right time. Only data-driven strategies will enable this.” 💡 See the full report: https://lnkd.in/g8C_fpjd Data gathered via Datos Insights #communitybanks #creditunions #digitalbanking #bankinginnovation

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Have you ever wondered why ATM transactions have grown globally in the past year? In my latest blog, we delve into the reasons behind this phenomenon and explore the latest trends and innovations in ATM transactions. By leveraging cutting-edge technology, the focus resides on enhancing the user experience while achieving operational efficiencies. Don’t miss out! Read the full article below! #ATM #Banking #CashAutomation #FinancialInclusion

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Banking AI: 3 tools to watch - Here are three banking AI tools to watch in the coming years. https://lnkd.in/gxcvmKE3

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Is Your Institution Ready for ISO 20022? The March 10, 2025, deadline for Fedwire Funds compliance is approaching fast. Assess your readiness with our comprehensive survey and ensure you’re on track! Why Participate? • Self-assess your compliance • Benchmark with industry peers • Receive expert guidance Ensure your institution meets the regulatory deadline with confidence. Start the survey today! #ISO20022 #Fedwire #Compliance #Banking #PersistentSystems

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Such an insightful interview! Prema Varadhan, President Product & COO of Temenos, sat down with Finextra TV to discuss the transformative potential of #AI in banking at #TCF2024. Learn specific use cases across banking operations, and get a review of the measurable value generative and responsible AI brings to banks in terms of innovation, customer centricity, and operational efficiency: https://lnkd.in/exkR6YyQ

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