Viewpoint Archives - Maveric Systems

Revolutionizing Banking CX: Actionable Intel for Corporate, Retail, Wealth banking leaders

In today’s rapidly transforming banking industry, staying ahead requires more than just traditional strategies. Maveric’s Banking EDGE CX Report’ emerges as a crucial guide for business leaders navigating an ever-dynamic business and consumer behavior landscape. It illuminates the latest developments and successful approaches in customer experience, emphasizing why an informed, adaptable strategy is vital for thriving in the Corporate, Retail, and Wealth Management sectors. This report is thus an essential reading for banking executives looking to align with current trends, innovate, and maintain a competitive edge in a dynamic global market.

Why Read the Report:

In-Depth Market Analysis: Comprehensive analysis of CX in banking sectors across North American, UK, European markets; focusing on digital adoption, fintech impact, politico-regulatory environment, and socio-economic factors
Sector-Specific Trends: Insights into Corporate, Retail, Wealth Management banking – their unique challenges and emerging trends.
Strategic Competitive Edge: Guidance on enhancing customer satisfaction, loyalty, and revenue through innovative CX strategies backed by several success stories and relevant case studies

Value for Business Leaders:

Data-Driven Decision-Making: Leverage the latest research and market data for strategizing and actioning CX
Technological Innovations: Explore how AI, Blockchain, data analytics, BI and other CX Tech/ Platforms are transforming customer interactions and operations.

Embrace the future of banking with strategic and actionable insights from Maveric’s Banking EDGE CX Report – your key to navigating and excelling in a rapidly evolving industry!

To get more updates, subscribe to our ⁠⁠Monthly Newsletter

View

ESG & Alternative Assets – Impact on Wealth Management Investment Strategy

Changing Business Environment Economic headwinds in the US, UK, and EU – high interest rates and liquidity tightening – have impacted the wealth management (WM) industry. After years of sustained growth, global AUM saw its first decline (10%) in 2022, driven by falling markets. New business flows, and average Client Business Volumes (CBV) also declined in 2022.

This decline coincides with a surge in US investor preference for passive investments, further eroding the fee-based income. WM firms are eyeing diversification into new offerings with better margins to counter shrinking growth and profitability. This strategy aligns with evolving customer demand for newer asset classes, such as ESG-compliant investing and alternative assets.

Diversification Into New Asset Classes

ESG-Compliant Investment: Driven by rising social consciousness and the potential for regulatory risks with non-compliant businesses, Environmental, Social, and Governance (ESG) compliant investing is emerging asn a key priority for investors. Significant advances in energy transition to clean energy sources have also opened new avenues for profitable investment.
Research reports indicate that institutional investors plan to significantly increase their ESG holdings, with global ESG investing set to exceed US $53 trillion by 2025. Two-thirds of HNW investors consider ESG scores before making investment decisions. require specialized platforms for launching ESG related products & offerings and keeping track of ESG investments. They also need to acquire capabilities for ESG investment opportunities related data collection, analysis, identifying investment opportunities, risk measurement & tracking in terms of ESG performance, and regulatory & client reporting.
Alternative Assets: assets like Private Equity, Private Credit, Private Real Estate, and Digital assets like Cryptocurrencies, NFTs, and Tokenized Passion assets (Art, Wine, Nature) etc. – are emerging as a preferred investment option to Ultra High Net worth & High Net Worth investors seeking diversification. While carrying high risks, they provide significantly higher returns for investors with deep pockets & a higher risk appetite. Globally, alternative assets now account for over a fifth of total AUM, contributing half of the industry’s revenues.
Within Alternative Assets, Private equity has been popular following the recent liquidity-driven repricing and valuation corrections. While digital assets like cryptocurrencies remain volatile, interest in safer tokenized real-world assets (RWAs) is growing.

Alternative assets are inherently complex—liquidity, regulation, and pricing create unique challenges for WM firms. They’ll need specialized advisor talent and the technological infrastructure to manage this asset class and address client expectations effectively.

Acquiring ESG & Alternate Assets Investing Capabilities

While diversification into these new asset classes through organic growth is an option, considering the specialized talent and technology platforms required to advise on & manage these asset classes, and time to market, WMs are looking at Mergers & Acquisitions (M&A) as a serious alternative. Both in the US & Europe there is increasing interest in acquiring additional capabilities, customers & markets through M&A. M&A activity surged in 2021-2022 in both the US and Europe as firms targeted the capabilities, clients, and markets to accelerate their diversification.

Some Examples include:

investment capabilities presents an opportunity to WM firms to grow their business & also avenues for increasing fee income.

To get more updates, subscribe to our ⁠⁠Monthly Newsletter

View

What systematic risks are regulators now observing?

Regulators have faced heightened risk to the stability of the financial market and a loss of confidence in the banking system in the first half of 2023 after the collapse of multiple Financial institutions. While regulators globally are increasing efforts to assess financial stability via the liquidity and capital adequacy levels of Financial institutions, which was on expected lines, we have also observed a robust regulatory focus on the non-financial risk profile of individual institutions.

Growing complexity, scale, and plausible system-wide impact of non-financial risks gain regulatory attention on Financial institutions and the supply chain.

The increased reliance on technology and interconnectedness with third parties and technology partners in the new financial ecosystem has meant that the non-financial risk profile of individual institutions has changed multifold in terms of its scale and complexity.

Non-financial risk is increasingly being viewed as a potential threat to pose a systematic risk to the operational resilience of the financial system itself. Solid and coordinated supervision efforts are observed right from consultation, rulemaking, standard setting, and enforcement across legislations especially in Europe.

We observe new regulations covering information and communications technology (ICT) risk management, third-party risk management strategy, scenario planning, operational resilience, and technology governance. New regulations and wider remit of regulators cover information and communications technology (ICT) risk management, third-party risk management strategy, scenario planning, operational resilience, and technology governance. Crucially, these regulations will have an enterprise-wide impact and reach out to third-party suppliers.

Supervisory reports, industry consultations and surveys in both the US and Europe continue to highlight the potential impact of non-financial risks. Policy responses are also in line, providing standards, rules, and guidance.

Consistent risk management standards designed to avoid system-level disruptions

Newer emerging technologies, newer participants, and interconnectedness of various market participants mean that any operational resilience failure of individual organizations can quickly spread across the eco-system, thereby causing systematic risk. Therefore, it is not sufficient to assess and monitor the operational resilience of individual organizations; instead, regulators are now adopting a holistic system view of non-financial risks in the eco-system.

A detailed study of the new and proposed regulations highlights supervisors promoting consistency in risk management practices among Financial institutions via regulatory frameworks on technology governance, regulatory standards, toolkits, and guidelines.

The maturity profile of NFR Risk management usually differs significantly between Financial institutions. These common standards are expected to align NFR Risk management and reporting practices similar to financial risk management and reporting pathways.

This consistency is critical for efficient supervision while enhancing the industry’s ability to mitigate and recover from any system-level ICT-related disruption.

To get more updates, subscribe to our ⁠⁠Monthly Newsletter

View

Unlocking ROI: Mastering Hyper-Personalization in Wealth Management

With the rise of advanced analytics and digital capabilities, firms can now deliver real-time, personalized insights and meet clients’ increasing demand for tailored experiences. Hyper-personalization is thus a critical imperative in today’s competitive market, but its implementation is fraught with challenges – from understanding client personas to tech requirements and data privacy. Our unique, industry 1st, framework helps address these challenges and provides a roadmap for delivering impactful client experiences, whether through real-time personalization or product-persona-journey interventions.

Our Industry-First Framework Our framework is rooted in proprietary principles and a unique methodology, and is committed to revolutionize client experiences.
ROI Impact Our framework isn’t just about enhancing experiences; it’s about driving tangible business outcomes. For e.g.: A minor shift in metrics (1% point in open rate, 0.4% point in click rate) can lead to a significant increase in AUM (USD $1.14mn) within 6-8 months, showcasing the power of our approach.

In Conclusion In an industry marked by evolving client expectations, our framework emerges as a game-changer. It’s not just a tool; it’s a strategic intervention set to reshape the wealth management landscape.

Dive deeper into our framework and its transformative potential by listening to our Podcast on the same topic here.

Maveric’s thought leadership series – E.D.G.E (Experiences Delivered by Global Experts) – handpicks the game-changing technology ideas and pressing functional questions Banks and financial institutions must solve today.

These features – reports, whitepapers, podcasts, flyers, blogs, and infographics – are for Banking leaders and Technology evangelists to apply profound trends, the latest opinions, and transformational analyses to boost the performance of their organizations.

To get more updates, subscribe to our Monthly Newsletter

View

Scoring with Core Banking

With millions of dollars spent on them, core banking systems CBS are the heart and sinew of today’s banking. These back‐office systems process and post daily transactions to accounts and constitute the deposit, loan, and credit processing capabilities with interfaces to general ledger systems and reporting tools.

As cloud, digital banking, APIs, and Big Data and AI-led solutions gain wider acceptance, Banks rely on their CBS’…

That is a CV for a modern-day Superman.
“Core is Forever”

Today, BankTech experts consider core modernization as a continual WIP investment. With the current paradigm shifts in banking, this is justifiably so. From the resurgence in retail branch banking to experimental success in Metaverses, leveraging data for the hyper-personal experiences, collaborating with the disruptors-Fintechs, and transitioning to green money, Banks are doing more than doling loans and collecting cheques – they are solving customers’ financial problems.
What’s the way for banks to accelerate to their next?
Ultimately, for Banks to modernize their CBS and launch innovative digital services, the solution comes from domain contextualization built on emerging deep tech glued with a foundational QE rigor.

Learnings from the field.

Constructing the Core so Banks Can Care More

To get more updates, subscribe to our Monthly Newsletter

View

Cloud and DevOps in Banking

Digital entrants eroding market shares across BANKING SEGMENTS, ECOSYSTEM COLLABORATIONS REWRITING PLAYBOOKS, AND HIGHER ESG COMMITMENTS are central themes for leading FIs.

Fifteen years of original McKinsey surveys report that less than one in three companies pursuing transformations in the past five years have been successful. For the few that achieve their targets, there is a disparity between performance and outcomes.

While growth spirals are unique for each of the BFSI players, there is consensus around what constitutes ‘bold banking innovation’: reinvent core businesses through digital and analytics, acquire or create new revenue streams and rehaul operating models that capture speed to the market.

AGAINST THIS BACKDROP, ENTERPRISE ADOPTING MULTI-CLOUD STRATEGIES – A MIX OF CLOUD ENVIRONMENTS AND PROVIDERS – CONTINUES TO PROLIFERATE.

As enterprises move their application and data workloads, hybrid and distributed cloud environments quickly become the norm. An hbr analytic survey talks about 85% percent of respondents using at least two clouds and a quarter using five or more.

The Problem Statement

Embracing greater agility via such expanding ecosystems necessitates accepting more complex architectures. This has evolved in the form of microservices, event-driven and serverless. Furthermore, other jigsaw pieces – application and data architectures, infrastructure, and development methodologies – have significantly modernized.

However, ‘traditional operations’ remain silos of applications, data, and infrastructure. Consequently, enterprises are challenged to maintain and operate cloud workloads cost-efficiently without sacrificing reliability and availability.

What’s the way for banks to accelerate to their next?

Engineering-led operations that refine Cloud-work management strategies are the next step to reduce the Cloud’s complexity and accelerate innovation that keeps pace with customer expectations.

Banks must invest in consistent means to determine the place, timing, and mechanics to run their cloud workloads to capture the Cloud benefits. This comes from the ability to contextualize consciously.

Whether supporting data storage and analytics solutions, unleashing employee productivity, or automating AI/ML and CRM systems, decision-making that contextualizes tech with business strategy is non-negotiable. The downsides of poor (or absent) decision-making show up in two ways – paying for redundant services and plugging security holes.

So, how does contextualization reflect in Cloud for Banking?

Said simply, prioritizing the FIs goals of operational efficiency, cutting expenses, increasing productivity, and boosting security by streamlining spending and usage.

The DevOps Advantage for Banks

Not the strongest or the most intelligent, but the most sensitive (and adaptive) to change will come through as the winners.

Just as every activity in modern banking is fuelled by digital applications, guided by advanced analytics, or augmented by automation, calling DevOps the new management science for technology delivery is not out of line.

While the GOAL of DevOps (improve the flow of an idea to customer value via multidisciplinary teams), BENEFITS (increased quality and frequency of deployments and improved innovation & risk-taking), and PRACTICES (continuous-integration, testing, delivery, and operations) are well-known, this article highlights the three-dimensions (people, process, and technology) necessary for successful DevOps.

Learnings from the field.

For FIs to create substantial competitive advantage and outthink the competition, they must operate and deliver at a speed more significant than the pace of incoming disruption. While CloudOps and DevOps will drive value with accelerated GTM, superior quality, and reduced costs and waste—the enterprise-wide adoption of these methodologies can get complicated:

BFSI organizations must invest in scalable digital operations that integrate multi-channel customer interactions through front, mid, and back-office solutions to meet customer expectations.

After all, Banking in the new normal is about operating through a data-driven digital mindset bolstered by a foundational-quality rigor.

To get more updates, subscribe to our Monthly Newsletter

View

« Older Entries

Latest Blogs

Banking on Success: Customer Experience Leaders Show the Way in Maveric’s Banking EDGE CX Report

The banking sector is undergoing a seismic shift. Customer expectations are evolving rapidly, and financial institutions are upping their game to deliver exceptional customer experiences (CX) that extend beyond just transactions. Today’s customers demand seamless, personalized, and socially conscious interactions. Our latest CX Insights report sheds light on this transformation, meticulously analyzing success stories from […]

Banking CX in Focus: Why Customer Experience Is More Crucial Than Ever?

Today, banking isn’t just about financial transactions; it’s about building lasting relationships. In this digital era, where choices are abundant and switching costs are low, customer experience (CX) has emerged as a vital differentiator for banks in the Retail, Corporate, and Wealth Management sectors. This blog explores why CX is more relevant than ever in […]

Strategic Decision-Making in Banking: Leveraging CX Insights from Maveric’s Banking EDGE CX Report

In today’s rapidly evolving banking sector, CXOs face a daunting task of making decisions amidst uncertainty and disruption. Maveric’s Banking EDGE CX Report offers vital insights for these leaders, specifically in Retail, Corporate, and Wealth Management banking. This blog delves into how CXOs can leverage these insights for strategic decision-making. Utilizing CX Insights for Strategic […]

Why Maveric

Life@Maveric

Brand Promise

Think NXT

I am Maveric

Retail Banking

Corporate Banking

Wealth Management

DataTech

Digital Transformation

Core Transformation

Quality Engineering (QE)

About Us

Insights

Overview

Partners

Leadership

Awards and Recognitions

Statutory Disclosures

Blog

Success Stories

Videos

Whitepaper

Brochures

Flyer

Infographics

Webinar

Customer Experience

Connected Core

Regulatory Compliance

Digital Operations

Why Read the Report:

Value for Business Leaders:

Diversification Into New Asset Classes

Acquiring ESG & Alternate Assets Investing Capabilities

Consistent risk management standards designed to avoid system-level disruptions

That is a CV for a modern-day Superman. “Core is Forever”

Learnings from the field.

Constructing the Core so Banks Can Care More

The Problem Statement

What’s the way for banks to accelerate to their next?

So, how does contextualization reflect in Cloud for Banking?

The DevOps Advantage for Banks

Learnings from the field.

Latest Blogs

That is a CV for a modern-day Superman.
“Core is Forever”