This week in BFS: Cloud-native solutions & personalized banking are key growth drivers of the BFS market post COVID-19

Latest Industry Insights from Draup Braindesk

Evolution of Banking Ecosystem: The adoption of digitization and automation technologies have evolved banking operations from physical consultations to online services with world-class features for customer satisfaction and efficient business response  

Digital Banking: The transformation of traditional services available in brick-and-mortar branches to personalized digital banking services has served as a key growth driver of the BFS market post COVID-19  

  • Digital Banking platform enables customers to access banking products and services with value-added services.

  • The significant benefits of digital banking include automated services, advanced security, and 24*7 availability.

  • The digital banking market has experienced additional growth in the COVID-19 pandemic, as banks are using advanced technologies to digitize traditional operations for safer customer engagement.

RBL Bank: Collaborated to migrate from on-premise deployment to a modern Cloud Native Computing Foundation (CNCF) ecosystem to accelerate digital banking capabilities with automated and self-service solutions with private cloud architecture.

Mastercard: Collaboration to move from on-premise deployment to a contemporary Cloud Native Computing Foundation (CNCF) ecosystem to speed the development of digital banking capabilities with automated and self-service solutions built on a private cloud architecture. 

Neo Banking: Neo Banks, unlike digital banks, have no physical presence and count on bank partners to provide banking license and are the emerging future of the banking industry.  

  • Neo Banks are virtual banks, that run entirely online instead of any physical branches and offer the full experience of virtual banking through smartphone apps.

  • These banks are customer-centric and offer personalized services that differentiate them from traditional banks and drive market growth.

  • The global neo banking market was valued to be 34.8 Bn in 2020. The features such as fast servicing, healthy interest rates, and cost-effective banking are considered as the key drivers for market growth.

Northmill Bank, Swedish neo bank, chose AWS to accelerate the launch of online banking services by leveraging ‘AWS Elastic Beanstalk’ for web applications development, ‘Amazon S3’ for customer data storage, and ‘AWS Lambda’ to automate processes for IT security regulations.  

Volt – Partnered to develop ‘Vault 2.0’, a BaaS3 platform with secure data storage and advanced analytics capability based on Microsoft Azure and support machine learning and real-time notifications to deliver enhanced customer services and sub second card transactions. 

Latest Reports Published in Draup

National Australia Bank Limited Account Intelligence Report:  NAB focuses on cloud and RPA technologies for solving customer-related banking queries and bring real-time analytics. Read More>>
Equifax Account Intelligence Report: Equifax focuses on mobile solutions, automation, and assisted systems to improve safety and security across its banking operations. Read More>>

Key Funding Alert

Forter raises USD 300 Mn in Series F to invest in fraud prevention tech  
The Series F comes just six months after the company completed its USD 125 Mn Series E round, and the firm claims it is now the world’s most valuable privately held fraud prevention company. Read more>>

Startup Spotlight

Company – Wishleaf
HQ Location – Bhubaneswar Area, India
Total Funding – USD 16.25 Mn
Year of Inception – 2020
About: Wishleaf is a digital insurance company that offers customized solutions for general insurance. Read more>>

Key Insights and Signals in Banking & Financial Services

Akbank selects ThoughtWorks to deliver its cloud modernization program to strengthen its future-readiness  
The work will involve modernization of the bank’s infrastructure and engineering practices to improve further operational resilience and ability to respond swiftly to changing customer needs. Read More>>
Singapore Fintech pPartners BNP for Impact Investment  
AI-driven fintech GreenArc Capital and BNP Paribas have been awarded a proof of concept grant by the Monetary Authority of Singapore’s Financial Sector Development Fund. Read More>>
GoCrypto partners with Global Payments, marking the start of a new era of payments  
GoCrypto is a payment solution by Eligma that enables merchants to accept cryptocurrencies. It was just integrated into one of the latest Global Payments s.r.o. products – the GP tom mobile application. Read More>>
GSS and ICICI Bank partner to facilitate loans for Indian Jewelers  
GSS(Godrej Security Solutions) claims to be the first brand in India to provide such a program to help the jewelers community in India and encourage them to invest in new-age security solutions for their store. Read More>>

Mergers and Acquistions
Italy’s Banca Ifis buys Aigis Banca business unit 
Italy’s Banca Ifis has purchased a unit of specialist lender Aigis Banca at a symbolic price of 1 euro (USD 1.22), which was being liquidated following its exposure to Greensill Bank AG. Read More>>
Citizens Financial agrees to acquire 80 US branches from HSBC   
Under the agreement, Citizens will acquire USD 9.0 Bn in deposits and about USD 2.2 Bn in loans for a 2.0 percent premium paid on deposits at closing. Read More>>

Executive Movement
Isabelle Loc appointed chief executive officer of BNP Paribas Leasing Solutions   
Loc has been the head of real assets, EMEA at BNP Paribas CIB since 2018. She will report to Thierry Laborde, chief operating officer of the retail banking division of the BNP Paribas Group, and will be responsible for pursuing the growth and development of BNP Paribas Leasing Solutions.  Read More>>
Sam Maybrey joins CACEIS as head of depositary     
Maybrey has 23 years of experience in financial services and will be central to developing CACEIS growth plans. Read More>>
Canara Bank appoints Brij Mohan Sharma as Executive Director  
Sharma joined Oriental Bank of Commerce in 1983 and later worked with Punjab National Bank as the Chief general manager. Sharma has experience across verticals, including branch banking, corporate credit, retail credit, and inspection. Read More>>
Deutsche Bank hires top Credit Suisse ECM banker Stephane Gruffat        
Gruffat joins the German bank’s equity capital markets for Europe, Middle East and Africa after over two decades at Credit Suisse. Read More>>

Deal and Deal Renewal
Bahrain-based Eazy signs Discover deal  
Following this agreement, both Discover and Diners Club International and network alliance cardholders can use their card at 95 percent of point-of-sale merchants and 100pc of ATMs in Bahrain.  Read More>>
Sodexo wins 10-year contract as a venue partner for Hampden Park       
The agreement will see Sodexo and the Scottish FA form a strategic upweighted commercial partnership, with Sodexo taking the lead on driving Hampden’s revenues as a venue, investing in facilities, branding, hospitality, and sales and marketing.  Read More>>

Center Setup and Expansion
Brooklyn Nets, American Express debut contactless, frictionless store at Barclays Center
A recent American Express survey on digital payments found that 70% of merchants said that customers have requested more contactless payment options since the coronavirus pandemic broke out. Read More>>
HSBC Malta’s new flagship branch represents ‘new way of banking’  
The new branch is among the first branches in the HSBC Group to have the group’s new ‘look and feel’ customer experience and HSBC Malta’s largest branch. Read More>>
Fintech company Klarna to open a technology hub in Madrid  
With the boost of the Madrid hub, Klarna will significantly expand the size of its current office, as it will be transformed into a global product development center. Read More>>
Rakbank celebrates the launch of a new RAKelite center  
The location offers Rakbank’s valued Elite and Wealth Management customers easy and instant access to a wide range of financial solutions and their dedicated Relationship Managers. Read More>>

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