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Building for the future: How legacy core banking companies are preparing for new-age digital assets.

Building for the future: How legacy core banking companies are preparing for new-age digital assets.

The last decade has seen the rise of many new-age digital assets, such as cryptocurrencies, security tokens, and non-fungible tokens (NFTs). These offer several advantages over traditional assets, such as increased transparency, faster settlement times, and lower transaction fees, and are also seen as a diversification option. The global Cryptocurrency market cap stands at over a Trillion and is expected to grow further in the coming years.

Some incumbent core banking companies have been around for decades, providing customer services worldwide. Many core banking systems have evolved, giving various functionalities and services, including wealth management, trade finance, etc. They must also adapt and embrace new-age digital assets to stay competitive and meet customer expectations.

This, however, requires multiple changes in the legacy software.

Changes required in legacy software:

Various changes are required to make legacy software compatible with new-age digital assets, depending on the specific features of those assets. However, some general considerations include the following:

  • Adding support for new standards: New digital assets, such as ERC-20 for Ethereum-based tokens, may require further measures. Legacy software may need to be updated to support these standards.
  • Updating protocols: Legacy software may use outdated communication protocols incompatible with new digital assets. Updating these protocols can help ensure compatibility.
  • Introducing new data structures: Digital assets often use new data structures that legacy software may not be able to handle. Introducing these data structures can help the software manage the recent acquisitions.
  • Enhancing security measures: New digital assets may require additional security measures not present in legacy software. Enhancing security measures can help ensure the safety and integrity of the assets.
  • Improving integration: Digital assets may need to integrate with other systems, such as wallets, exchanges, or blockchains. Improving integration can help ensure seamless communication between the software and these systems.
  • Updating user interfaces: Legacy software may not have user interfaces optimized for managing digital assets. Updating the user interface can help users manage the assets more efficiently.

Overall, updating legacy software to handle new digital assets requires a holistic approach that considers the specific needs and requirements of the assets, as well as the overall architecture and design of the legacy software. It may also require collaboration with third-party providers, such as wallet or exchange providers, to ensure seamless integration with other systems.

Challenges:

In addition to making essential software changes, traditional core banking products also encounter challenges in keeping up with new investment options and adapting their offerings for digital assets.

  • Regulatory uncertainty – Digital assets are still a relatively new and unregulated asset class, and there is a lack of clarity around how they should be treated from a regulatory standpoint. Strict regulations are expected to be enforced on these assets. To avoid legal or reputational risks, core banking companies must navigate this regulatory uncertainty carefully.
  • Another challenge is the lack of standardization and interoperability between digital asset platforms. Digital assets are issued and traded on various platforms with standards and protocols. This can make it difficult for legacy core banking companies to integrate these assets into their existing systems and workflows.
  • Providing ongoing support: Digital assets constantly evolve and may require constant updates and maintenance to ensure compatibility with legacy software. Providing ongoing support can help ensure that the software remains compatible with new digital assets as they emerge.

Remediation Strategies:

Below are some steps that legacy software firms should take to stay abreast of the latest trends and developments in the digital asset space. Many of these have been adopted by the leading core banking product companies.

  1. In addition to hiring experts in blockchain technology, smart contracts, and cryptocurrency markets, traditional product companies can team up and invest in fintech firms to tap into the specific knowledge, technology, and resources required for digital assets. A few examples seen in recent times:
    • Temenos has partnered with Taurus, a Swiss-based digital asset infrastructure provider, to enable banks to offer their clients digital asset products and services. The partnership integrates Taurus’ digital asset infrastructure with the Temenos Transact platform, allowing banks to manage digital assets alongside traditional banking products.
    • Infosys Finacle, part of EdgeVerve Systems Limited, and R3, one of the fastest-growing blockchain software companies in the world, have partnered to collaborate on blockchain solutions.
    • Avaloq invested in METACO, a provider of hardware wallets for digital assets, which also offers digital asset custody solutions.
  2. Legacy product companies should invest in technology infrastructure to support digital assets and develop solutions.
    • Oracle, apart from their banking solution FLEXCUBE, has created the Oracle Blockchain Platform, allowing the creation and management of blockchain networks.
    • TCS’s Quartz™ for Markets offers services around tokenized securities and its proven TCS BaNCS.
    • Infosys Finacle, a leading core banking software provider, has developed blockchain-based solutions Trade Connect for trade finance and Payments Connect for real-time payments.
  3. Wealth management products should offer a seamless user experience for clients who want to manage their digital assets alongside traditional assets. This includes offering intuitive user interfaces, mobile apps, and other tools to help clients manage their portfolios.

Conclusion:

Despite the challenges, legacy core banking companies are well-positioned to play a vital role in the digital asset space. They have existing customer relationships and regulatory expertise that can be leveraged to offer digital asset services. By adapting and evolving, these companies can remain relevant in the new digital age and continue to provide value to their customers.

New-age digital assets will continue to play a vital role in the financial industry, and legacy core banking companies must adapt to this new digital landscape to remain competitive. Legacy core banking companies can embrace digital assets and provide unique and innovative customer services by forming partnerships with fintech startups, investing in cutting-edge technology, and developing solutions.

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The Power of Right-Sized Partnerships in BankTech

The Power of Right-Sized Partnerships in BankTech

In today’s rapidly evolving financial landscape, the power of right-sized partnerships between fintech companies and financial institutions (FIs) is becoming increasingly evident. These strategic partnerships are characterized by niche-technology skills, domain specializations, and a strong commitment that tech providers contribute to the success of FIs. Smaller-size tech providers are agile, flexible, unbureaucratic, and relationship-focused, enabling them to learn faster in the marketplace and deliver innovative solutions tailored to the specific needs of their FI partners.

Maveric’s Right-Sized Partnership Edge

Maveric began as an independent testing provider, then transitioned into quality assurance, then transformed into a multi-competency provider, and changed course yet again as banking solutions specialists with a hyper-focus on areas like CX, Digital Operations, Data, and Regulatory Tech. Maveric has grown its presence consciously, keeping in mind undiluted client commitment and the expertise of ‘niche’ tech domains.

Importance of Niche-Technology Skills and Domain Specializations

Right-sized partnerships are increasingly common and valuable because they provide FIs to access specialized expertise that may be available in various ways. Fintech companies often focus on specific technologies or industry segments, such as AI, blockchain, mobile payments, or robo-advisors, allowing them to develop deep expertise in these areas. By collaborating with such tech providers, FIs can leverage their niche skills to enhance their product offerings, optimize operations, and deliver better customer experiences.

For example, a partnership between a traditional bank and a fintech specializing in AI-driven chat interfaces can result in personalized customer service and improved engagement. Similarly, collaboration with a blockchain-focused fintech can enable the bank to streamline cross-border payments and enhance security.

Recent Illustrations for Right-Sized Partnerships

NYMBUS: NYMBUS, a leading provider of cutting-edge financial technology solutions, recently raised $70 million in a Series D funding round. With strategic investments from clients like ConnectOne Bank and PeoplesBank, NYMBUS empowers FIs to embrace modernization and thrive in the evolving market. Their cloud-based solutions and diverse product portfolio are driving transformational change in the financial services industry, enhancing growth and delivering value to their clients.

Morgan Stanley: Morgan Stanley actively seeks partnerships with tech vendors focused on cloud, data, and AI. Their tech strategy concentrates primarily on buying rather than building, as they recognize the value of collaborating with specialized tech providers. Using a three-part framework to evaluate potential vendors, they can efficiently identify the best-fit partners and accelerate the testing and onboarding process. This approach has enabled Morgan Stanley to tap into the vast pool of tech startups, including AI-focused companies like OpenAI, to drive transformative change within their organization and enhance their wealth management business

Agility, Flexibility, and Relationship-Focused Approach

Right-sized tech providers offer several advantages to FIs due to their size and approach:

  • Agility and Flexibility: Smaller tech providers can respond quickly to market demands and changes, enabling FIs to stay competitive. They can adapt their solutions to specific FI requirements, ensuring a tailored fit and faster implementation.
  • Unbureaucratic Operations: With fewer layers of hierarchy, smaller tech providers have streamlined decision-making processes, leading to faster project execution and reduced time-to-market for new products and features.
  • Relationship-Focused: Smaller tech providers prioritize strong relationships with their FI partners, resulting in personalized attention, ongoing support, and continuous improvement based on feedback.
  • Learning Faster in the Marketplace: Smaller tech providers are more open to experimentation and innovation, allowing them to learn and adapt quickly from their experiences to customer needs and market trends
  • Ecosystem building: Banks are actively cultivating ecosystems through collaboration with FinTech partners. This strategic approach aims to provide customers with a comprehensive suite of financial services tailored to their needs, ultimately offering a convenient one-stop shop for all their financial requirements.

Strategic and Tactical Advantages of Right-Sized Partnerships

Right-sized partnerships offer FIs several strategic and tactical advantages, including:

  • Access to Niche Expertise: Partnering with specialized tech providers gives FIs access to cutting-edge technologies and domain knowledge, enhancing their capabilities and expanding service offerings.
  • Reduced Time-to-Market: Agile tech providers can rapidly deploy solutions, enabling FIs to launch new products and services faster, gaining a competitive edge.
  • Cost-Effectiveness: Collaborating with the right-sized tech providers allows FIs to leverage external expertise without significant investments in developing in-house capabilities.
  • Innovation and Market Differentiation: By partnering with innovative fintech companies, FIs can differentiate themselves and attract new customers with unique solutions and enhanced customer experiences.
  • Risk Mitigation: Smaller tech providers are often more adaptable to regulatory changes, enabling FIs to navigate strict regulations and compliance requirements more effectively.

Conclusion

The power of right-sized partnerships between fintech companies and FIs cannot be overstated. The niche-technology skills, domain specializations, and commitment of tech providers offer strategic advantages and flexibility that traditional banks can leverage to drive innovation, enhance customer experiences, and stay competitive in the rapidly changing financial landscape. Effective partnerships rely on a clear understanding of each partner’s responsibilities, goals, and anticipated outcomes, coupled with transparent and open communication.

About Maveric Systems

Started in 2000, Maveric Systems is a niche, domain-led BankTech specialist that partners with global banks to solve their business challenges through emerging technology.

Our 2750 technology specialists and proven frameworks help our customers navigate a rapidly changing environment, enabling sharper definition of their goals and measures to achieve them.

We accelerate digital transformation in retail, corporate & wealth management lines of business. We have specialized competencies across Data, Digital, Core Banking, and Quality Engineering, and a global presence spanning across 3 continents with delivery capabilities in India, Netherlands, Poland, Singapore, UAE, UK, and US.

Maveric’s ecosystem-led solution approach is based on consciously contextualizing ever evolving banking landscape, comprehensive competencies built across various vendor transformation environments, and a committed organizational culture focused on accountability, all nurtured and developed over two decades of singular focus on the banking domain.

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GCCs in India – Navigating the Dynamics of Innovation

GCCs in India – Navigating the Dynamics of Innovation

a 4-minute read by Nivedha Ganeshan, Sales – Customer Engagement, Maveric Systems.

The contemporary landscape of GCCs in India

In the expansive landscape of GCC (Global Capability Centers) market, India boasts a remarkable presence with over 1,700 GCCs and GICs (Global In-house Centers) which operates as IT operations, and Offshore Development Centers (ODCs), accounting for nearly 55% of the GCCs globally.

With the rapid growth of the GCCs in Indian geographies, concentrated on 6 major cities of India (Bengaluru, Delhi NCR, Hyderabad, Chennai, Pune, & Mumbai), a few more are expected to emerge in Tier-2 cities (Ahmedabad, Coimbatore, Kolkata, & Thiruvananthapuram). As the global business setting evolves, by the end of 2023, the number of GCCs in India will elevate to 1790+ and reach 2590+ by 2030, with the rate of 115 new GCCs per year.

Source: NASSCOM, GICs In India: Emerging Centers of Excellence.

        

A path to progress – Championing change & innovation 

Initially, these centers primarily focused on cost-effective, back-office operations such as IT support, finance, and customer service. They leveraged India’s abundant talent pool and lower labor costs to provide significant cost savings for parent companies.

But in the last 3 to 5 years, the GCCs in India have undergone a remarkable evolution from their humble beginnings as low-cost operation centers to now positioning themselves as innovation hubs. Over the years, these centers have invested in nurturing their workforce, emphasizing upskilling and reskilling initiatives to equip employees with emerging technologies and industry trends. This strategic approach has enhanced the team’s technical expertise and encouraged a creative and entrepreneurial mindset, sparking innovative thinking across various functions. This shift of GCCs driven by digital transformation and globalization can be credited to various factors,

  • Strong focus on continuous learning and development
  • Organization’s commitment to fostering a culture of advancement
  • Sustained growth and innovation
  • Abundance of talent across domains
  • Evolving market dynamics, and
  • A stable business environment

These attributes collectively are now making India an appealing destination for MNCs seeking to establish innovation hubs and expand their global business.

The crucibles of innovation undoubtedly bring expected gains, but what do they ask for in return? – Collaboration for accelerated innovation

GCCs in India collaborate closely with their parent companies and other R&D centers to foster knowledge exchange, encourage diverse perspectives, and ignite creativity. Moreover, GCCs frequently partner with other service providers, fintechs, startups, local universities, and research institutions to create an innovation ecosystem.

  • A prime example to this is a prominent IT service company has established its Co-Innovation Network that collaborates with startups, universities, and research institutions. Through this program, they partner with external entities to drive research, innovation, and co-creation of solutions.
  • Another compelling example is one of the leading global banks joined forces with a fintech innovator specializing in blockchain technology to revolutionize cross-border payments, aimed to significantly improve the efficiency of international transactions within their financial ecosystem.

These partnerships benefit both the parent companies and contribute to the development of local technology landscape and enhancing capabilities in areas like AI (Artificial Intelligence), Automation, Blockchain, Big Data Analytics, IoT (Internet of Things), and Sustainable Banking (ESG – Environmental, Social, and Governance principles).

Recently, the GCCs in India have been reframing their strategies to build solid partnerships and advance their capabilities. These partnerships will enable the GCC player to accelerate the development of innovative solutions and address complex challenges.

 The road ahead – Unleashing innovation’s full potential

 This impressive growth path highlights India’s role as an emerging focal point for GCCs, underlining its strong and promising future position in this domain. With rapidly evolving technological landscape, innovation is crucial for future-proofing the organization. The GCC’s ability to embrace emerging technologies and adapt to market changes ensures its relevance and sustainability over time. Through continuous efforts to stay ahead of the curve, the GCCs in India are emerging as a dynamic and forward-thinking hub that drives operational efficiency and brings in pioneering technological breakthroughs, making it a significant catalyst for the organization’s future success.

While GCCs demonstrate their potential as innovation hubs, challenges remain to overcome. Data security, intellectual property protection, and talent retention remain critical considerations for GCCs expanding their R&D capabilities. Addressing these challenges requires robust risk management strategies and a commitment to nurturing a conducive and stimulating collaboration environment.

Reshaping the role of GCCs

GCCs will no longer continue to operate as back-office operational centers but fully position themselves to be pivotal in driving innovation and transforming industries. By embracing a collaborative mindset and leveraging the diverse talent at their disposal, companies can unlock the full potential of GCCs as hubs for R&D, securing their place at the forefront of innovation in this digital age.

About the Author

Nivedha Ganeshan has established herself as a skilled Technical Consultant with an impressive 6-year track record. Currently positioned as the member of India NN team, she plays a pivotal role in acquiring new clients and expanding the company’s reach. Nivedha’s expertise is rooted to her background in working closely with global clients paired with strategic thinking and effective communication skills. Her dedication to innovation and ensuring client satisfaction makes her an invaluable contributor to any endeavor.

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Engagement Banking by Leveraging Technology

Engagement Banking by Leveraging Technology

In today’s rapidly evolving banking landscape, flexibility in engaging with customers has become paramount. Banks face the challenge of meeting their customers’ ever-changing demands and expectations while staying ahead of the competition. This requires a shift in how banks engage with their customers, adopting flexible engagement models allowing personalized experiences and tailored solutions.

Conscious Contextualization 

A scan of the banking landscape reveals the technology strategy adopted by most of the FIs – they are adopting Engagement Banking, a customer-first approach to banking that focuses on building solid and meaningful customer relationships. It leverages technology and data to personalize banking experiences and offers relevant products and services to deliver tailored digital experiences with consistent customer journeys across all touchpoints. 

Engagement Banking aims to go beyond transactional relationships and actively engage customers through proactive communication, tailored financial advice, and convenient digital tools. This approach helps banks better understand customer needs and preferences, build trust, and deliver a superior customer experience.

This blog explores three critical approaches of Engagement Banking that most Banks adopt across geographies and customer segments. The underlying question, however, remains: how to create a more seamless and personalized customer experience?

1. Personalized Digital Experience across all touchpoints

This is a customer-centric approach where banks create meaningful and personalized customer experiences across various touchpoints. It involves leveraging technology and data analytics to understand customer needs, anticipate preferences, and provide tailored financial products and services. Engagement Banking aims to build strong relationships with customers by delivering seamless and engaging digital experiences, ultimately driving customer satisfaction and loyalty.

By adopting this approach, banks can create seamless and intuitive customer experiences, enhancing customer satisfaction and retention. For example, banks can use AI-powered solutions to analyze customer data and provide personalized financial product and service recommendations.

A central European bank implemented an end-to-end integration of data, analytics, content, and orchestration, resulting in shortened lead-processing times, personalized messaging, and the creation of more than 30 new triggers to identify customer needs.

Advantages:

  • Improved customer experience and satisfaction
  • Increased customer loyalty and retention
  • Enhanced cross-selling and upselling opportunities

2. Agility and Flexibility in Technology

This emphasizes the importance of agility and flexibility in technology for banks in the digital age. To meet the challenges of the digital age, banks need to be agile and adaptable in their technology infrastructure. Engagement Banking necessitates banks to leverage scalable and flexible technology solutions that quickly adapt to changing customer needs and market demands. This allows banks to stay ahead of the competition and deliver innovative products and services.

As a recent illustration, a bank that adopted flexible technology solutions experienced increased agility, allowing them to improve speed to market and execution.

Advantages:

  • Faster GTM for new products and services
  • Improved operational efficiency and cost-effectiveness
  • Respond quickly to market changes and customer demands

3. Data-Driven Insights and Personalized Service

Data is a valuable asset for banks, and leveraging it effectively can drive personalized service and deeper customer relationships. By incorporating AI and advanced analytics, banks can uncover insights from customer data and deliver bespoke solutions. Banks can provide tailored recommendations, anticipate customer needs, and deliver personalized experiences.

Recently, a bank implemented predictive modeling and a full 360-degree customer view, resulting in optimized cross- and up-sell leads and retention alerts, leading to revenue growth.

Advantages:

  • Deeper customer relationships and increased customer satisfaction
  • Improved cross-selling and upselling opportunities
  • Enhanced revenue growth and profitability

Comprehensive Competencies with Maveric Systems

Maveric offers comprehensive competencies across retail, corporate, and wealth management ecosystems, from adaptable product development teams that problem solve through multiple modes – dedicated teams, fixed bid, time & material models to variable teaming options, including Agile Software Development – small collaborative groups with sprint expertise across planning, standups, releases, and review cycles. 

The various engagement models help Banks focus on product delivery with a predictable capacity for unpredictable needs. From co-located, distributed, or blended, there are many hybrid combinations and teaming options that Maveric’s clients benefit from. Maveric is well-versed in multi-vendor multi-geography complexities.   

Conclusion

By leveraging technology, Engagement Banking offers numerous benefits for banks and their clients. By adopting personalized digital experiences, leveraging agile and flexible technology solutions, and harnessing the power of data-driven insights, banks can meet their customer’s evolving needs and expectations. This approach enables banks to deliver superior customer experiences, drive customer loyalty and retention, and stay ahead in the competitive banking landscape.

In an era where customer-centricity is crucial, Engagement Banking empowers banks to build stronger relationships with their clients and provide tailored solutions that meet their individual needs. By embracing this, banks can position themselves as leaders in the industry and drive sustainable growth in the digital age.

About Maveric Systems

Starting in 2000, Maveric Systems is a niche, domain-led Banking Tech specialist partnering with global banks to solve business challenges through emerging technology. 3000+ tech experts use proven frameworks to empower our customers to navigate a rapidly changing environment, enabling sharper definitions of their goals and measures to achieve them.

Across retail, corporate & wealth management, Maveric accelerates digital transformation through native banking domain expertise, a customer-intimacy-led delivery model, and a vibrant leadership supported by a culture of ownership. 

With centers of excellence for Data, Digital, Core Banking, and Quality Engineering, Maveric teams work in 15 countries with regional delivery capabilities in Bangalore, Chennai, Dubai, London, Amsterdam, Warsaw, Dallas, New Jersey, and Singapore.

About The Author 

As the SVP & Business Head of Temenos Services at Maveric, Anand manages the overall relationship and services and directs joint-go-to-market solutions with Temenos. A veteran of 25 years in the banking technology services universe, Anand draws his deep expertise from the diverse banking-IT roles of service delivery, program management, product selection, infrastructure management, digital channel launch, maintenance, and support.

 

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Top 10 Digital Corporate Banking Solutions Trends to Watch in 2023

Top 10 Digital Corporate Banking Solutions Trends to Watch in 2023

Corporate banking differs significantly from retail banking, as it caters to the financial needs of businesses, corporations, and institutions. The scale, complexity, and specific requirements of corporate clients demand unique technological considerations for corporate banking solutions. The landscape in the US and Europe is witnessing rapid digital transformation, presenting challenges and opportunities. In this article, we will explore the top 10 digital corporate banking solutions trends to watch in 2023 while understanding the nuances of corporate banking, the regulatory landscape, and the vital role of niche technology in supporting these solutions.

Enhancing Digital Corporate Banking Solutions

Partnering with niche BankTech partners like Maveric that offer innovative digital transformation expertise across geographies and vendor ecosystems is a way to stay conversant with the top corporate banking solutions. 

 Banking Transformation Services

1.      Tailored Digital Platforms

Corporate clients expect personalized experiences tailored to their unique financial needs. In 2023, leading corporate banks will invest in advanced digital platforms that offer customized services, streamlined workflows, and data-driven insights, enhancing the overall client experience.

2.     Open Banking Initiatives

Open banking initiatives are gaining traction in the corporate banking sector. APIs (Application Programming Interfaces) enable seamless integration of third-party services, facilitating faster and more secure data exchange. This trend will empower businesses to access various financial services on a single platform.

3.     Real-time Payments

Real-time payment capabilities are crucial for corporate clients, who often engage in high-value transactions. In 2023, corporate banks will continue investing in real-time payment infrastructure to offer immediate fund transfers, improving business cash flow management.

4.    Data Analytics and AI-driven Insights

Advanced data analytics and artificial intelligence will play a significant role in corporate banking. Banks will leverage AI to analyze vast amounts of data, providing actionable insights to businesses for informed decision-making and risk management.

5.     Digital Trade Finance

Trade finance is a critical aspect of corporate banking. In 2023, we expect a surge in digital trade finance solutions, leveraging blockchain technology to streamline trade processes, mitigate risks, and enhance transparency in international transactions.

6.    Enhanced Security Measures

As cyber threats evolve, corporate banks must prioritize robust cybersecurity measures. Biometric authentication, multi-factor authentication, and blockchain-based security solutions will become mainstream, ensuring the protection of sensitive financial data.

7.     ESG (Environmental, Social, and Governance) Integration

ESG considerations are gaining prominence among corporate clients. In 2023, corporate banking solutions will integrate ESG principles, allowing businesses to align their financial strategies with sustainable practices.

8.    Cloud-based Solutions

Cloud computing will be instrumental in driving flexibility and scalability for corporate banks. Cloud-based solutions will enable seamless data management, operational efficiency, and faster service delivery to clients.

9.    RegTech Solutions

The increasingly complex regulatory landscape poses challenges for corporate banks. To navigate these requirements efficiently, banks will adopt regulatory technology (RegTech) solutions that automate compliance processes, ensuring adherence to the latest regulations.

10.  Artificial Intelligence in Customer Service

AI-powered chatbots and virtual assistants will continue to enhance customer service in corporate banking. These AI-driven solutions will offer real-time support, address client queries, and streamline communication, freeing human resources for more complex tasks.

The Regulatory and Compliance Landscape in Corporate Banking

The corporate banking sector faces many regulatory and compliance challenges driven by a growing emphasis on financial transparency, data protection, and risk management. Both the US and Europe have witnessed the implementation of stringent regulations, such as the General Data Protection Regulation (GDPR), Anti-Money Laundering (AML) directives, and the Foreign Account Tax Compliance Act (FATCA).

Meeting these regulatory requirements demands robust compliance systems and strict adherence to data protection measures. Compliance failures can result in hefty fines, reputational damage, and loss of customer trust. As corporate banks adopt digital solutions, ensuring the security and privacy of client data becomes paramount.

Technology’s Role in Supporting Corporate Banking Digital Transformations

Niche technology supports the top 10 digital corporate banking solutions trends. For instance, blockchain technology ensures secure and transparent data exchange in digital trade finance, while specialized AI algorithms analyze complex data sets to deliver actionable insights. Additionally, cloud-based infrastructure provides the agility required for rapid service deployment and scalability.

Conclusion

In 2023, the corporate banking sector will significantly shift towards digitalization. Tailored digital platforms, open banking initiatives, real-time payments, and data analytics will redefine how corporate banks interact with their clients. Alongside this transformation, the importance of security, ESG integration, and RegTech solutions will rise in response to the changing regulatory landscape. Niche technologies, such as blockchain, AI, and cloud computing, will provide the critical support needed to enable these top digital corporate banking solutions, helping corporate banks stay ahead in the competitive financial landscape and deliver exceptional value to their clients.

About Maveric Systems

Starting in 2000, Maveric Systems is a niche, domain-led Banking Tech specialist partnering with global banks to solve business challenges through emerging technology. 3000+ tech experts use proven frameworks to empower our customers to navigate a rapidly changing environment, enabling sharper definitions of their goals and measures to achieve them.

Across retail, corporate & wealth management, Maveric accelerates digital transformation through native banking domain expertise, a customer-intimacy-led delivery model, and a vibrant leadership supported by a culture of ownership.

With centers of excellence for Data, Digital, Core Banking, and Quality Engineering, Maveric teams work in 15 countries with regional delivery capabilities in Bangalore, Chennai, Dubai, London, Poland, Riyadh, and Singapore.

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