Zhenya Winter’s Post

The banking sector is constantly buzzing with new technological advancements. Here are some of the hottest trends in 2024: Generative AI: This is a powerful form of AI that can create entirely new content, like text, code, or images. In banking, it's being used to personalize experiences, automate tasks, and even generate financial reports. For instance, a bank might use generative AI to create custom financial advice documents for each customer. Cloud-first approach: Cloud computing has become essential for banks, allowing them to scale their operations easily and securely. This year, we're seeing a shift towards a "cloud-first" mentality, where cloud storage and applications are prioritized over traditional on-premise systems. Focus on Open Banking: Open banking uses open APIs to allow third-party developers to create new financial products and services. This fosters competition and innovation, giving customers more choice and flexibility. Advanced Payment Processing: New payment methods are emerging all the time, with a focus on speed, convenience, and security. Examples include contactless payments, mobile wallets, and real-time payment systems. #Banking #Bankingdevelopment #Bankingadvancement

Banks are throwing millions a year at cloud tech. They're hoping to use the cloud to improve better customer experiences and keep up with the high competition from fintechs. This report digs into how banks can use the cloud to transform digitally. Here are my main takeaways: 🔶 The rise of supercloud, AI, machine learning, and ISO 20022 is changing how banks operate and interact with customers. 🔶 Fintechs, backed with PSD2 and open banking, are pushing traditional banks to innovate and rethink their business models. 🔶 50 % of businesses now spend over $1.2 million a year on cloud services, with 45% choosing a hybrid cloud setup. 🔶 Shifting from old, bulky systems to flexible, composable architectures makes banks more agile and ready for market changes. 🔶 APIs are important for enabling open banking, embedded finance, and BaaS. These create new revenue streams and improve customer experiences. 🔶 Adopting a hybrid cloud strategy helps banks manage complexity and develop distributed applications. 🔶 Using API and microservices architectures makes sure banks meet regulatory standards like ISO 20022 while still innovating. 🔶 Fiorano's Unified API Banking Platform offers a strong framework that provides comprehensive API management and integration tools. Banks need to rethink their products and services around customer pain points and use data to provide personalised and convenient experiences. #Fintech #Banks #Cloud

Very nice White Paper on digitalization of banking and cloud's role in that, see below. Some thoughts: To be able to compete in the Age of AI, to not to embrace cloud does not appear feasible. AI at Scale would not be viable without extensive utilization of cloud computing and storage - be it about software, data or AI models. So, investments to eliminate technical debt are more than justified. Digitalization is prerequisite for AI deployment and technical debt is prone to turn into serious liability in the AI-defined competitive landscape. WP highlights one key concept: Gartner's Composable Business. Here's an excerpt: "Gartner's definition of the Composable Business: An organization that delivers business outcomes and adapts to the pace of business change through the assembly and combination of Packaged Business Capabilities (PBCs) and application building blocks that have been purchased or developed. An organizational-level construct with implications for business strategy, vendor sourcing, technology/architecture decisions, and organizational models that redefine the relationship between the business and IT. Central to delivering on the composable enterprise is adapting and changing applications in the portfolio. To do this, organizations need to evolve from their current state of inflexible, monolithic applications toward a portfolio that is modular and adaptable to business change." Excellent! In terms of achieving AI at Scale, modularity and decentralization are key enablers. Composable Business aligns perfectly with the vision of AI at Scale. Gartner does not explictly mention Operating Model but implies it strongly. Operating model design and deployment is the essential ingredient in achieving AI at Scale. Indeed, operating model emerges as one of the most essential strategic choices. #AIatScale #AITransformation #ComposableBusiness #OperatingModel #fintech

Digital banks, which function without physical branches, deliver financial services via digital channels like mobile apps and online platforms. This operational model not only cuts costs substantially but also empowers these banks to allocate resources towards enhancing technological capabilities. By leveraging cloud computing, digital banks achieve scalability and robustness, facilitating the seamless handling of extensive transaction volumes. The integration of AI and ML enables tailored banking interactions, advanced fraud detection, and predictive analytics. Consequently, the expanding global market for #AI in fintech reached $8.23B in 2021 and is anticipated to surge to $61.30B by 2031. At FortySeven Software Professionals we have developed tailored solution that can be used SaaS or on-premise for any digital payment system. The solution is build in unique way, you can choose what features you would like to use and what you don't need for your business. Curious to know more? Schedule a free consultation with our expert. https://lnkd.in/e8j-tP7y

The increasing focus on customer centricity in West Africa's banking sector, as highlighted at the West Africa Digital Leaders Summit, showcases a significant shift towards leveraging advanced technologies to meet evolving customer needs. This transition to cloud banking and SaaS not only enhances operational efficiencies but also drives financial inclusion by offering personalized and scalable solutions. These strategic initiatives are essential for fostering economic growth and positioning banks to lead in a digitally-driven market. Embracing AI, a data-driven approach, and other innovations is crucial for delivering superior customer experiences and staying competitive. https://lnkd.in/dcisuCZp #CustomerCentricity #DigitalTransformation #Innovation #AI #FinancialInclusion

By leveraging advanced analytics and machine learning, challenger banks can make faster, more accurate decisions, enhance risk management, and provide superior customer experiences As the financial landscape continues to evolve, the banks that can effectively utilise their data will be best positioned to thrive. One such institution leading the charge is Monzo Bank, a UK-based digital bank that has partnered with Google Cloud to build a robust data analytics ecosystem According to Suhail Patel, Senior Staff Engineer, Monzo leverages Google Cloud's BigQuery to process 19 petabytes of data, and uses advanced analytics and ML to enhance fraud protection, lending decisions and customer experiences "Since 2015 Google Cloud is proud to be a part of Monzo's journey to revolutionise banking through data-driven innovation,” comments Adrian Poole, Director, Digital Natives UKI, Google Cloud. “Our collaboration demonstrates the transformative power of cloud technologies in the financial services industry.” #FinTech #Technology #Monzo #GoogleCloud FinTech Magazine

Europe #Money2020 was a blast! Here is my selection of key topics and main takeaways: 1. Open Banking: —    Main challenge is how to get to the next level (adoption, breadth) —    Need to learn from card schemes —    Open Finance already under way with data at the center —    Different regional approaches: interoperability and regulations —    Commercial VRPs as a killer use case —    Combination with GenAI 2. #Ecommerce: —    Explosive growth in the gig and circular economy with 200+ mn new creators and sellers in 3 years —    It’s all about mass-personalization (big data, AI) —    Digital identity, AI and biometrics to address security and consumer trust —    LLMs for high-quality, multi-channel data on verticals 3. Artificial Intelligence (#AI): —    AI to enhance rather replace humans —    Predictive AI use cases already present, Gen AI on the rise —    It’s all about data and feeding the models —    GenAI is a game changer. Implementation, integration & scalability the key topics —    Europe needs to catch up vs Asia and US (i.e. Mistral AI, EU AI act) —    Intelligence at scale needs investment in AI factories 4. Digital Money: —    CBDCs and stablecoins to coexist rather than compete —    Adoption, integration and interoperability are key topics for CBDCs —    Swift as a blueprint for integrating CBDCs into existing FS infrastructure —    Public trust is a major success driver (fight skepticism and conspiracy theories) 5. #Payments: —    Real-time infrastructure is the name of the game —    Fraud a major challenge - global anti-fraud investment at $10 tr by 2025 —    Europe to compete beyond rails (Digital Euro, EPI with wero) - lots of challenges to solve (i.e. added value, adoption) —    Seamless, unified, personalized experiences that add value —    Embedded finance —    Subscription payments —    B2B models (i.e. B2B Pay Later) will win —    Digital wallets are critical infrastructure - adoption an opportunity for the EU 6. Personalization: —    One of the biggest cross-industry trends —    It’s all about mass-personalization —    Real-time (big) data analytics, cloud infrastructure and AI as key enablers —    Payments in the driving seat 7. Banking: —    Legacy systems and digital transformation are main challenges for incumbents —    Banks already rolling out GenAI use cases - 78% plan to increase AI investment —    Strategic partnerships as a key innovation enabler (i.e. chatbots) —    The biggest challenge to innovation is execution —    Sustainable financing at $2.6 tr in 2023 - projected to grow further 8. Blockchain: —    An alternative for traditional FS (speed, security, scalability) —    Ripple and Kraken examples of the evolution —    Robust infrastructure and system interoperability are key —    Regulation, data privacy and maturity of cross-chain use cases as main challenges —    Crypto becoming a legitimate asset class (i.e. ETH ETFs in the US) Analysis: Panagiotis Kriaris, Source: Money2020

Learn how mainframes are more relevant than ever for hybrid cloud optimization, AI innovation, and digital transformation financial services industry below.👇

#googlenext preview: AI for Banking: Streamline core banking services and personalize customer experiences https://lnkd.in/geWDs23u Really looking forward to this session with: Richard Heeley of Macquarie Group Mani Iyer of PayPal Massimo Proverbio of Intesa Sanpaolo Grace Lee of Scotiabank Zac Maufe of Google Cloud They'll cover how #GenerativeAI has the potential to transform the way we live, work, bank, and invest. In this session, we will share Google Cloud's perspective and specific use cases that can #boostproductivity and #operationalefficiency in banking. The session will also feature customer success stories and a discussion with banking executives at the forefront of using generative AI. #aibanking #financeindustry #genai #googlecloud #customerexperiences #personalization