iSAP Exchange FZCO’s Post

The BaaS Revolution: Disruption and Opportunities in Financial Services - by Twimbit 📈 BaaS growth opportunities -BaaS is expected to grow customer base for banks by 50% by 2024 -BaaS represents a USD 7 trillion opportunity by 2030 -As of 2022, more than 30% of customer transactions occur outside the bank’s platform -Banks could cut costs by up to 30% with BaaS adoption. -BaaS is projected to increase banks’ CASA by approximately 5% to 10% by 2024 -Banks leveraging BaaS can attain a CAC as low as USD 5 to 35 per customer, versus the traditional of USD 100 to USD 200 per customer ☑️ 6 steps to successfully implement BaaS 1. Customer-centric approach Keep the end customers in mind while designing the BaaS offerings. Focus on delivering seamless and personalized experiences to enhance customer satisfaction for both partners and end-users. 2. Ensure regulatory compliance Ensure compliance with all relevant financial regulations and data privacy laws. Collaborate closely with legal and compliance teams to navigate the regulatory landscape and address any potential challenges. 3. API design and development Develop robust and well-documented APIs that are easy to integrate and use. Prioritize security to protect sensitive customer data and transactions, while adhering to industry-standard encryption and authentication protocols. 4. Infrastructure and scalability Invest in a scalable and reliable infrastructure that can handle increased API traffic and ensure high availability. Consider cloud-based solutions that offer flexibility and scalability. 5. Partner onboarding and support Establish a streamlined onboarding process for potential partners, making it easy for them to access and integrate the APIs. Offer comprehensive developer documentation, training, and support to assist partners during the integration process. 6. Continuous API performance monitoring Track API usage, partner engagement, and customer feedback with comprehensive analytics. Monitor API performance for continuous improvement. Foster an innovative and flexible culture and adapt BaaS offerings based on feedback and market trends. 👉 https://lnkd.in/e42gF-fw #Fintech #Bank #BaaS

🚀 Why Choose GigaSpaces for Payment Processing? 🚀 In the fast-paced world of financial transactions, choosing the right technology to power your payment processing system is crucial. Here’s why GigaSpaces Technologies stands out as the ideal solution: 🔍 Real-Time Processing & Low Latency: With GigaSpaces’ in-memory data grid, transactions are processed in real-time with ultra-low latency. This ensures your payment system can handle high volumes of transactions instantly, meeting the demands of modern financial services. 🔒 Enhanced Fraud Detection & Security: Our platform integrates seamlessly with advanced fraud detection algorithms, providing real-time validation and security. This helps in minimizing fraud and ensuring safe transactions. 📈 Scalability & High Availability: GigaSpaces offers unparalleled scalability and high availability, allowing your payment system to grow with your business. Whether it’s handling peak loads or ensuring continuous uptime, GigaSpaces has you covered. 🔄 Seamless Integration: GigaSpaces effortlessly integrates with existing banking systems, payment gateways, and third-party services, ensuring a smooth and efficient payment processing workflow. 📊 Real-Time Analytics & Monitoring: Gain insights into transaction flows and system health with our real-time analytics and monitoring dashboards. Stay ahead with performance metrics and proactive system management. 💾 Embedded Queues & Memory-Based Storage: Our platform includes embedded queues and memory-based storage, ensuring high-speed data access and orderly transaction processing. This enhances overall system performance and reliability. 🔗 Comprehensive Ecosystem Support: From data replication to transaction management, GigaSpaces supports a wide range of ecosystem components, ensuring a robust and versatile payment processing system. GigaSpaces XAP provides a comprehensive solution that not only meets but exceeds the requirements of modern payment processing systems. Experience the power of real-time data processing, enhanced security, and unmatched scalability with GigaSpaces. 🌟 Ready to revolutionize your payment processing system? Discover how GigaSpaces can transform your business. Contact us today! #PaymentProcessing #Banking #FinTech #GigaSpaces #RealTimeData #Scalability #Security #Compliance

The banking industry in 2024 will be transformed by AI, which is set to boost productivity by up to 30% and drive new revenue streams. Cloud technologies are finally being fully leveraged, and digital channels are optimized to maintain meaningful customer interactions. These innovations are shaping the future of banking, making technology an integral force for progress. #Banking #AI #CloudComputing #DigitalTransformation #FinTech #Innovation #Accenture

[STRATEGY] Next-Gen Banking Architecture: Meeting Key Business Challenges Last week, I participated in a thought-provoking debate on next-gen banking architecture, organized by Qorus (thanks Lukas for the invite!). The discussion between business and technology experts was insightful, and I’d like to share my key points from a business perspective. I hope you find them useful. 🔴 1. WHY: Defining Modern Banking Architecture Traditional banking architecture balanced customer needs with risk management and regulatory compliance. It was reliable but rigid. Today, modern banking faces additional challenges: data monetization, evolving competencies, and dynamic partnerships. Modern architecture differs from classic in key ways: ✅ Optimized for personalization, even hyper-personalization. ✅ Nimble across the system lifecycle, from development to decommissioning. ✅ Open and secure, enabling the fluid exchange of services and data in B2B2C models. 🔴 2. WHAT: Top Issues based on state-of-play in Poland We’re seeing a shift toward modern architectures, but several key challenges arise: ✅ Building omnichannel platforms that balance digital growth with shrinking traditional channels. ✅ Managing patchwork architectures, including local, group systems, and Banking-as-a-Service (BaaS). ✅ Monetizing data platforms beyond traditional data warehouses with AI and machine learning. ✅ Advancing open and embedded finance. ✅ Addressing cybersecurity in the ongoing cloud vs. non-cloud debate. 🔴 HOW: Strategies to Tackle These Challenges Here are some strategies to navigate these challenges: ✅ Stay agile and always eager to learn, especially with data. ✅ Scale platforms to meet strategic goals. ✅ Embrace failure, though less freely than fintechs. ✅ Phase systems out based on cost-effectiveness. ✅ Encourage business-technical collaboration. Teach tech teams business KPIs and vice versa. Cost-to-income (C/I) ratios can be both an ally and a challenge. What do you think? How do you see banking architecture evolving? I’d love to hear your thoughts! #strategy #banking #businessmeetstech PS: graphics by AI, but thoughts my own, not the other way round.

Banks are embracing APIs and Event-Driven Microservices to modernize operations, boost agility, and improve scalability. By breaking down core functionalities into independent microservices like KYC, AML, and payments, they ensure better resilience and seamless customer experiences. This innovative approach accelerates innovation and delivers superior value. #Fiorano #Banking #APIs #Microservices #DigitalTransformation

The independent microservices sitting on top of core monolith engine gives space for seamless enhanced experience for client. This allows hybrid estate where microservices lives on top of monolith apps. This is helping every bank to onboard current digital transformation journey…

Another #generativeAI solution reported by FinTech Magazine! This time, the cloud banking provider Temenos is launching its very first "responsible" generative AI solution for core #banking, one piece of a larger Gen-AI infused banking platform integrating with the Temenos Core and Financial Mitigation (FCM). It aims to help banks change the way banks interact with their datasets to boost #efficiency, daily operations and product management. Another benefit is its ability to help banks analyze data and predict future investments. In this article, there is an argument made that the more banks step into utilizing generative AI in their workplaces, the more it normalizes the technology and we can transition from a place of AI discussion/hype into #AIApplication and direct action. But, are we ready for that yet? Let me know your thoughts.

💡 How Technology is Transforming Decision-Making in Banking In the fast-paced world of banking, making informed decisions quickly is critical. Advanced technologies like AI, Data Analytics, and Cloud Computing are empowering banks to make smarter, data-driven decisions in real-time. From fraud detection to credit risk assessment and personalized customer experiences, tech is helping banks optimize operations, minimize risks, and improve customer satisfaction. The future of banking lies in leveraging these tools to stay agile, innovative, and competitive. #DigitalBanking #AI #DataAnalytics #FinTech #DecisionMaking #BankingInnovation

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

In a fast-paced market, it’s important that banks don’t lose sight of customer needs.     This article from CIO Online explores how banks can differentiate by improving user experience.     The examples it cites from Trust Bank Singapore include real-time notifications and month-long birthday specials. It may sound simple, but with 70% of its new customers coming from referrals, it clearly works!    This is a good look at an institution combining software, cloud, and gen AI with more traditional approaches to innovatively monitor and meet customer demand at speed. Take a look.     #CustomerExperience #Banking #Finance #Growth #GenerativeAI