This week in BFS: The industry focuses on core business functions to maximize scalability and versatility for banks

Latest Industry Insights from Draup Braindesk

Core Banking Cloud Enablement Transition

Cloud technology is a key enabler in Banking and Financial Services organizations’ digital transformation journeys, allowing them to adapt quickly to customer needs, minimize operating costs, and improve the front-end user experience.

Establish a Development Environment  

The use of cloud technologies by the BFSI industry will offer a much more stable infrastructure than banks can manage independently.

Customer-facing bank apps that manage vast numbers of users and whose use fluctuates and surges at different times and sometimes unpredictably, such as mobile banking, payments, and trading applications, offer functionality like re-use, swift upgrades, elasticity, and scalability.

Simple Application Migrations

BFSI companies rely on technology migration and off-the-shelf technologies across non-critical back-office applications such as ERP, HR, email, and collaboration tools/platforms, where rewriting for the cloud does not make good business sense.

Component Rearchitected or Replacement   

To have greater scalability and versatility for banks, BFSI industries focus on market functions from the heart, such as consumer, catalog, pricing, and analytical processes. A platform approach to core banking allows a bank to be more open to change and take advantage of emerging business opportunities.

Core Modernization

Banks are looking to migrate their legacy core systems to the cloud and abandon the mainframe. As banks shift toward a streamlined and stable new core processing engine that runs in the cloud, BFSI plans to invest heavily in core modernization.  

Migration of systems

Bank of Asia moved its core banking infrastructure to the AWS Cloud, resulting in a 50% reduction in IT costs for the core banking system, which has stayed low considering the increased manpower needed to transition from outsourcing to an in-house approach.

Cloud Powering

Capital One uses AWS to power agile DevOps processes that enable it to deliver new features and goods to market in weeks rather than months or years. To curate capabilities and controls, Capital One used both people and technologies to create a cloud governance function, including risk managers and cloud engineers.

Digital Transformation

HSBC has partnered with Amazon Web Services (AWS) to invest in stable and innovative solutions to improve consumers’ digital banking experiences.

Latest Reports Published in Draup

Swedbank Account Intelligence Report: Swedbank is keen on adopting technologies such as IoT, AI, ML for enhancing its banking operations. Read More>>
Northwestern Mutual Account Intelligence Report: Northwestern Mutual uses AI, ML, and NLP to improve customer support and insurance operations activities. Read More>>

Key Funding Alert

Sequoia and PayPal-backed Pine Labs completes the first close of USD 285 Million funding round from new investors  
Pine Labs currently serves more than 1.5 lakh merchants across Asia and the Middle East. Its payment acceptance and merchant commerce solutions including enterprise automation systems such as inventory management and customer relationship management.  Read more>>

Startup Spotlight

Company – EarnUp
HQ Location – San Francisco Bay Area, US
Total Funding – USD 25 Mn
Year of Inspection – 2015
About: EarnUp is a consumer-first fintech platform that intelligently automates loan payments for more than 200 million Americans with debt. Read more>>

Key Insights and Signals in Banking & Financial Services 

American Express taps Tink for open banking integration   
The partnership will see Tink’s open banking services used by American Express in France, Germany, Spain, Sweden, the Netherlands, Norway, Finland and Belgium. Read More>>
IRIS Software Group and Western Union partner to serve global payroll & payments worldwide  
This partnership will serve the growing demand for world-class, cross-border payroll and currency payments for organizations with a global workforce. Read More>>
BlackRock has entered a strategic partnership with FlexTrade System Inc. 
The partnership is committed to further integrating FlexTrade’s capabilities with the Aladdin platform and jointly creating enriched experiences for their clients in the Aladdin community. Read More>>
IOOF partners with Invesco for passive mandates  
IOOF has partnered with Invesco to manage USD 23.1 Bn in index investments within the former ANZ pensions and investments business acquired by IOOF last year. Read More>>
Rakuten partners with Pi Mobile on mobile payments  
Rakuten’s new cashless service would be available at supermarkets, convenience stores, department stores, pharmacies, and online stores. Read More>>
Mergers and Acquistions
Moscow Exchange announces acquisition of INGURU   
According to the official announcement, the Moscow Exchange aims to facilitate customers’ selection of insurance and banking services through the latest partnership. Read More>>
Bank trade groups aim for VyStar-Heritage deal    
If approved, the acquisition would make VyStar the 13th-largest credit union in the U.S., with $12.5 billion total assets, 88 branches, and a membership of more than 850,000 customers, according to the credit union. Read More>>
Transaction Data Systems announces acquisition by BlackRock long term private capital from GTCR  
With a large and growing installed base of customers across the United States, TDS supports the country’s largest network of independent and community pharmacists. This network enables TDS to help connect the ecosystem of patients, providers, payors, and manufacturers through these critical pharmacies and the pharmacists who often provide the first line of care to patients across the United States. Read More>>
Executive Movement
Fidelity hires sustainability director   
Gabriel Wilson-Otto will further integrate sustainability considerations into Fidelity’s investment process, working closely with the research unit on proprietary sustainability ratings. Read More>>
Goldman Sachs hires Uber tech executive to run consumer bank after a string of defections   
With more than 20 years of experience in technology, financial services, and retail, Peeyush Nahar has been at the forefront of building some of the most innovative businesses across industries. Read More>>
Deal and Deal Renewal
DTCC wins approval to provide security-based swap data reporting   
This is an essential step in completing derivative surveillance in the United States under title VII of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank). Read More>>
IMF reaches staff-level agreement with Honduras, proposes more support       
Higher IMF financing and flexibility under the Fiscal Responsibility Law (FRL) will help the authorities contain short-term risks and provide resources for much-needed pandemic-related spending and reconstruction. Read More>>
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