Vishesh Kumar’s Post

Want the latest insights on the big topics affecting banking today? In our brand new series, produced in partnership with Mambu, we've gathered the experts to deliver just that. First up, it’s the one everyone's talking about. We’re looking at Gen AI in banking in a 2-part special. In Part 1, our expert panel discusses the latest myths around AI, some current use cases and the risks that Generative AI brings to the financial services industry. Tune in to find out how Gen AI can be an enabler, not a replacer, some key considerations banks need to make and more. We'll bring you Part 2 next week and much more from Mambu in the weeks to come. https://lnkd.in/eh_imm37 Richard Kalas GFT Technologies Microsoft Annette Harris VeriPark Kerim Alain Bertrand Kamalesh Rangasayee #fintech #finance #banking #paytech #payments #fintechnews #paymentsnews

Banking on the Future: How AI is Shaping Financial Frontiers In the fast-paced realm of finance, one name seems to echo louder than others in the AI arena: JPMorgan Chase. A recent report highlights how the banking giant is at the forefront of artificial intelligence adoption, setting a pace few can match. With thought leaders like Hani Hagras from Temenos making waves, it's clear that AI's impact on banking apps is nothing short of revolutionary. From enhancing fraud detection to transforming customer experiences, the potential for unique financial services is as vast as it is exciting. Amidst this technologically charged ambiance, there are whispers of a significant rise in productivity—a potential boost between 22-30%, thanks to AI innovations. Yet, as banks leap forward, they tread carefully, mindful of global AI governance. Governments and regulators worldwide are striving to establish robust regulations that ensure AI's power is harnessed safely and effectively. Meanwhile, community and mid-sized banks face challenges, outlined in the Jones Walker survey, which urges these institutions to refine their third-party practices. As the lure of AI promises continues to captivate, the bigger question remains unanswered: Can banks get their customers on board, and will innovation sail through regulatory waters? As banking giants like Citi embrace partnerships with tech leaders to migrate apps and adopt AI, and as public filings like Klarna's open up new avenues, the landscape ahead promises to be both challenging and exhilarating. The conversation on AI’s role in finance is just beginning. Will it lead us to a future where instant payments and comprehensive AI integration become standard? Only time will tell. Sources: Temenos- https://www.temenos.com #BankingInnovation, #AIinFinance

Banking functions are innately manual and consume massive amounts of resources.  Government regulations, compliance, and complex core banking workflows, such as cross-branch connections, loan amortization, etc., follow archaic and time-intensive processes. We partnered with a prominent Southeast Asian bank to help them optimize their internal bank operations with smartly designed tech solutions. We saw an opportunity to redefine how humans engage with banking systems, and our collaboration began with deep research to understand the granular insights that shape today’s financial processes. We set out to enable automation for existing workflows and build innovative, digital-first financial processes from the ground up. By re-architecting complex workflows, we helped financial institutions approach their SOPs in a smart, integrated, and automated ecosystem. Financial systems such as ledger mapping, transaction reverts, data migration, and employee onboarding were completely revamped, resulting in operational efficiencies beyond digital automation's limits. We designed our solution with a clear vision to transform business velocity while considering the inevitable increase in daily transactions and customers served. The new systems were consciously built on a scalable architecture that accounted for additional roles, added permissions, and higher processing. From 100% accuracy in ledger transactions to creating a scalable system that works seamlessly across multiple banks and branches, we deployed a solution that banks can truly bank on. Are you ready to redefine your product and accelerate your business? Get in touch with us and shape your vision into real-world solutions.  https://lnkd.in/dyJgxWY4 Linkedin: #Banking #Innovation #DigitalTransformation #FinTech #Bank #CustomerExperience #OperationalExcellence #AI #BankingTech #FinancialServices #Technology #Tech #Success #CustomerJourney #Growth #Strategy #Product 

Is it Already Too Late to Get Started with #GenAI? >> No, But the Clock’s Ticking >> https://buff.ly/3xnHBqi #tech #banking #fintech #banks #finance #payments #startups #leadership #digital #innovation #disruption #generativeAI #ArtificialIntelligence #finserv

How can gen AI be leveraged to redefine commercial banking? Here are five key strategies for success. "One lesson banks are learning every day is that people are at least as critical to the success of a generative AI program as the technology. " https://accntu.re/4bncAAZ #Banking #GenAI #Accenture

Is a centralized GenAI organization or a decentralized effort more effective? Based on the McKinsey survey, 70% of banking institutions have a centralized genAI organization driving transformation right now. It’s likely a result of a shortage of talent, and will decentralize over time as the organization upskills overall in GenAI capabilities.

💡 AI in Banking: Game-Changer or Just Hype? 💸 The financial world is buzzing, but is AI truly transforming banking, or is it another fleeting trend? Discover the real impact and future of AI in finance! 🏦 #AIFinance #BankingInnovation #FutureOfBanking #FinTech 👉 https://lnkd.in/eikJbVQd

What caught my eye this week is the FinTech Futures Banking Tech Insights: Limitless Banking panel and roundtable event which I had the pleasure to attend yesterday. It was an exciting and informative experience with excellent participation and great audience. ❗ What were the topics featured? ✅ How can we define Limitless Banking? ✅ What components does a modern backend need to enable limitless banking? ✅ How emerging technologies are shaping the future of financial services? ✅ What products and services do customers want from the bank of the future? ⚠ What are the main challenges on the path to achieve Limitless Banking? 👨🔧 Realigning customer needs and expectations to the evolution of technological advancements 👨🔧 Realigning the already existing legacy tech stacks to the new technologies 👨🔧 Constant adaptation of banks' internal structures to the rapidly changing technical environment 👨🔧 Constantly evolving products and services in search of best-in-class customer journeys 👨🔧 Enabling emerging technologies (GenAI) to seamlessly structure and build financial products and services ❓ What could be the potential solutions to achieve Limitless Banking? 1️⃣ Keep the focus on the banking core and the streamlined functionality 2️⃣ Prioritise personalisation for acquiring, retaining and frequently engaging customers 3️⃣ Explore the utilisation of agents and digital avatars when creating future products (but keep this under regulated framework and requirements) To sum up, enabling Limitless Banking will have its fair amount of challenges going forward but the closer we move on to achieving it, the better outcomes will follow for customers and financial players resulting in a win-win situation for both. Food for thought ... 💡 Dave and Dharm Demystify Dharmesh Mistry Dave Wallace Tanya Andreasyan Paul Hindle Ebrahim Daji Tim Silversides Chris Waring Joe Thompson Kam Chana 🦔 Malcolm 🦔 Seagrave Conrad Ford Giulia Anselmo Sarat Pediredla 🦔 #fintech #banking #tech #technologies #financialservices #financialproducts #financialservices #banks #bankingproducts #genai #financialinstitutions #personalisation #agents #digitalavatars #financialregulation #techstacks Credits: FinTech Futures; Informa; hedgehog lab

The future is here & now. Major banks and financial institutions are adopting scalable, unique use cases across business units/lines using GenAI’s expanding capabilities, resulting in a cost-effective, agile proposition at the core. #bankingoffuture #dataanalytics #aiforbanks #clientexperience

GenAI will not change the basics of banking, it will change everything else! In this recent #Forbes article, Accenture’s Michael Abbott explores the transformative power of #GenerativeAI in #banking. https://accntu.re/3P6ETeR