SPECIALIST INSIGHT
adopting open APIs that unlock the potential to quickly onboard technology advancements and collaborate with partners through an open , cloudbased ecosystem .
Other innovations that will have a key impact on financial services over the coming years include open platforms , data and analytics and Generative AI .
An open development platform , such as Finastra ’ s FusionFabric . cloud , gives financial institutions faster access to FinTech innovation , enabling them to extend their core banking capabilities and layer services that add increased value to customers . The value of the platform is that everything comes pre-tested and fully integrated , dramatically speeding up the time to market .
HARGE IN NOLOGY S same time , customer demands and expectations have never been greater . Everyone wants access to much more personalised services , and they want it 24 / 7 , on-demand and at a low cost . As a result , banks and financial institutions need to be nimble and agile . They need to be able to respond quickly , manage disruption rapidly and take advantage of opportunities fast .
Agility requires systems that are designed to be open and that can easily integrate with the outside world . This takes a combination of broad banking functionality and open , cloud-based technology because banking is evolving and becoming more flexible . They need to be able to tap into Banking as a Service offerings which can help to orchestrate and compose new banking experiences . These services should delight customers – from nudge-based savings tools to crypto dealing services .
This brave new world of banking can seem daunting – especially when the solution
to an uncertain landscape is to do more , for more customers . But evolution in technology and ways of working is making this possible at scale and with greater operational efficiency . The combination of sophisticated functionality and advanced technology – incorporating increased automation , data analytics and generative AI – is creating unimaginable potential . The only limit is the imagination of the financial institution . Those that thrive in this environment will be the institutions that can foster and harness agility in the years ahead .
Finastra is known for its marketleading core banking and digital solutions . Could you share some key innovations or advancements within these areas that you believe will have a significant impact on the financial services industry ?
Digital transformation and a cloud-first approach are essential for banks seeking greater agility and flexibility . This means evolving away from legacy code and
Technology advances are also helping banks unlock the power of their data , using advanced analytics to gain deeper insights into customer behaviour , preferences and market trends . Now more than ever , banks can leverage data analytics and automated workflows to make better and more informed credit decisions and deliver increasingly personalised services to customers .
The use of Generative AI , meanwhile , offers huge potential across the board . As well as enabling financial institutions to personalise customer experiences at the front end of their services , it can also support efforts to streamline the customer onboarding process and to reduce financial crime ; for example , in relation to Know Your Customer ( KYC ) or Anti-Money Laundering ( AML ) purposes . These are just two examples , but the opportunities will be far-reaching .
As a transformative leader , how do you balance the need for innovation with the inherent challenges and risks associated with introducing new technologies , especially in the dynamic and regulated environment of financial services ?
No organisation can afford to stand still . Innovation and the ability to adapt to changing customer needs are crucial to long-term success . This is especially true in the fast-moving world of financial www . intelligentfin . tech
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