The Strategic Edge of Internal Development Teams in Banks
In this digital age, financial institutions are increasingly reliant on diverse applications that need to seamlessly work together. Whether it’s extracting data from the core to propel your new marketing campaign or processing new loan data back into the core, or generating actionable reports based on the reliable data delivered from several systems – these, and almost any other new system deployment requires some degree of integration between various systems.
5 Keys to Successful Bank Core Integration Projects
In this digital age, financial institutions are increasingly reliant on diverse applications that need to seamlessly work together. Whether it’s extracting data from the core to propel your new marketing campaign or processing new loan data back into the core, or generating actionable reports based on the reliable data delivered from several systems – these, and almost any other new system deployment requires some degree of integration between various systems.
AI in Banking
AI in banking can help drive efficiency, enhance security, and improve CX and revenue. Chatbots handle inquiries, while fraud detection reduces risks. Credit scoring benefits from machine learning algorithms. AI analytics anticipate trends in customer behavior and risk, but challenges like tech limitations, regulations, compliance, data privacy, and costs demand robust strategies and management.
Open Banking and APIs
The advancement and adoption of API technology by core banking vendors and application providers is fostering significant evolution within the industry. By offering APIs that handle core transactions, loan processing, user management, and card network interactions, these providers are enabling a whole new level of integration and automation capabilities.
Automation in Banking
Automation in banking has been a key driver of operational efficiency, accuracy, and improved customer experience. It involves using technology to perform tasks that would otherwise require human intervention, often repetitive and routine tasks. Automation can range from simple rule-based scripts to more complex AI-driven decision-making systems.
Real-Time Customer Authentication
Real-time customer authentication helps banks and credit unions verify a customer by using an out-of-band method (SMS text) to send a unique, numeric code that allows for instant, customer authentication. It can be part of a bank's multi-factor authentication process to help minimize fraudulent identity risk.
Case Study - Backend Support System Drives Wearable Pay Ring
The Pay Ring is an innovative payment technology that allows bank customers wearing the ring to conveniently wave their hand near a contactless terminal to make retail purchases. It's like tapping a credit or debit card, and can be used worldwide at any payment terminal that accepts contactless payments. Key to its deployment was significant development to integrate systems, streamline the operational processes and implement the safeguards necessary to both deliver the rings and to ensure their usefulness once deployed.
Case Study - Innovative Programming Leads to New Bitcoin Product
Innovative products are key to a bank's success as demand grows from consumers and businesses to address their ever-changing needs in this dynamic market. This case study highlights what can be done when a bank wants to develop a new product and uses innovative, custom programming to accomplish this goal.
8 Benefits of APIs in Banking
The pace of technological evolution in financial services has been accelerating at a meteoric pace. With banks and fintech companies developing new products and services at breakneck speed, customer expectations continue to grow. Given the constant digital innovation, such as ...
10 Uses For RPA in Community Banks
Community banks play a critical role in their local economy, and the bank’s leadership position in the community is second to none. To maintain this position, community banks of any size must ...
BankWise Technology Introduces Happy Banker
BankWise Technology™ has introduced Happy Banker, a software solution for banks and credit for use with their core processing system and their daily banking operations. These modules help banks ...