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From Imperative to Opportunity – Migrating to TEMENOS T24 to optimize Core Banking

From Imperative to Opportunity – Migrating to TEMENOS T24 to optimize Core Banking

A financial institution’s strength and agility depend on its fundamental banking infrastructure. Legacy core banking systems have provided many top international banks with a solid platform for achieving extraordinarily effective and efficient operations. However, many outdated systems today require replacement for various reasons, including poor scalability, insufficient functionality, and loss of vendor support. Regardless of the cause, obsolete core banking systems make it increasingly difficult and costly for banks to keep up with the complex, fast-changing banking environment in which they operate.

As with any complex platform, T24’s usefulness depends on the quality of its implementation and interaction with a bank’s existing systems and business processes. Maveric Systems provides comprehensive T24 implementation services that enable banks to maximize the benefits of a legacy system migration. By collaborating with Maveric Systems, banks can do more than replace their present platform; they can establish a core banking system environment that is less complex, more efficient, highly flexible, and responsive to the dynamic banking sector.

The future of banking is strongly driven by cloud migration, putting T24 at the heart of digital core transformation.

Methods that combine increasingly relevant, data-driven services tailored to the individual are at the core of all approaches to an evolving industry landscape. Going digital improves efficiency, agility, and competitiveness, and putting the cloud at the center provides benefits across multiple areas.

The first is data. Banks collect and store large quantities of data, necessitating ever-increasing computing power to operate programs that extract its value. It is not viable to expand on-site data lakes and analytics. Becoming a data-driven bank at scale requires leveraging the cloud’s elastic storage and computing capabilities to circumvent technical limits and unleash limitless analytics.

The second component is time to market. Standard cloud services enable banks to quickly deliver digital products and services to customers and capitalize on new income opportunities. The third is exponential innovation, which refers to occasionally building something entirely new, such as creating a neo bank, instead of simply updating the present firmly. Startups know that public cloud solutions make launching digital business lines less expensive and more efficient.

Another advantage is the transformation of the cost curve. Our experience indicates that the cloud can reduce hardware, software, and support expenditures by up to forty percent.

Temenos T24 Client Journey

Conclusion

Like other parts of modern life, modern banking necessitates advanced technology. Your organization needs an intelligent core banking solution to handle operations from both the back end and the front end while also satisfying the requirements of both internal and external users. However, adopting a Temenos Transact (previously Temenos 24 or T24) core banking solution is a complicated process fraught with numerous risks and obstacles.

To achieve total confidence in a successful Temenos implementation, it is essential to perform robust software testing and quality assurance procedures to identify and prevent faults and failures. Obtaining enterprise-level quality assurance is a task in and of itself, requiring specialized expertise and digital technologies. With a system like Temenos Transact, manual software testing is too time-consuming and wasteful for a project of this nature.

About Maveric Systems

Starting in 2000, Maveric Systems is a niche, domain-led Banking Tech specialist partnering with global banks to solve business challenges through emerging technology. 3000+ tech experts use proven frameworks to empower our customers to navigate a rapidly changing environment, enabling sharper definitions of their goals and measures to achieve them.

Across retail, corporate & wealth management, Maveric Systems accelerates digital transformation through native banking domain expertise, a customer-intimacy-led delivery model, and a vibrant leadership supported by a culture of ownership.

With centers of excellence for Data, Digital, Core Banking, and Quality Engineering, Maveric Systems teams work in 15 countries with regional delivery capabilities in Bangalore, Chennai, Dubai, London, Poland, Riyadh, and Singapore.

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The Impact of Technology on Corporate Banking

The Impact of Technology on Corporate Banking

Corporate clients account for 56 percent of banks’ annual global revenue, or approximately $1.85 trillion. Banks that have begun digital transformations have seen favorable results, including 10 percent revenue growth in digitized products and 20 percent cost reductions in various corporate banking value chain segments. 

In a delicate and tight economic environment, banks should assist their customers more than ever by introducing innovative IT services by teaming with credible systems integrators like Maveric Systems.  

Big data and analytics play a role in this change, while improved connectivity drives sales and onboarding efficiency and effectiveness. With the help of technology, leading banks have pushed to provide clients with multichannel access, thereby cutting cost-to-serve and enhancing customer-centricity. Automation of procedures reduces mistake rates and shortens processing times.  

A Clear Case for Technology for Corporate Banking 

Today’s economic environment is characterized by rapid inflation, rising energy, and commodity costs, and increased default risks; equities markets reflect these concerns. The situation opens up a clear strategic path for technology deployment.  

The business case for B2B APIs in cash management, payments, invoice reconciliation, and working capital finance is very apparent. The platforms being rolled out globally by regulators, such as unified payment systems in India, enable banks to exploit API platforms more effectively. 

Leveraging Technology for Differentiating from Competition 

Most bankers are persuaded to alter their treasury offerings and create customized solutions for client companies. It can serve as a point of differentiation. As most banks are universal providers of financial services, they cannot differentiate themselves beyond pricing and networking. They are confident that development will come from transaction banking business lines so long as they equip their services with ready-to-use IT solutions for corporate customers. It involves upgrading their IT tools, even though uptake is sluggish. To cherry-pick services, these technologies are APIs, mobility, advanced analytics, cloud computing, AI, and open architectural platforms. 

Expanding the Supply Chain Finance Portfolio 

Corporate banks will derive up to 10% of their revenue from supply chain finance products such as factoring, supplier finance, receivables finance, and buyer-led programs. These unique business lines are intriguing and assist banks in spreading risk throughout their SME customer portfolio. Many of these items may be made available through a technology platform with minimum relationship management and active engagement. Partnering with a supply chain finance platform within an ecosystem might be highly profitable for corporate banks since it attracts digitally-originated, scalable businesses. 

Corporate Banking Priorities

Learning from Retail Banks 

Some retail banks have been so successful with digital transformations that they might serve as global examples of successful digital transformations. To be successful, corporate banks must be as ambitious as their retail counterparts in seeking comprehensive reforms. Corporate banks worldwide should provide customers with more sophisticated advice on their day-to-day business operations and fulfill their more complicated banking product and service requirements. 

To do so, they must improve in two key areas: first, by developing analytics capabilities at scale to achieve a new level of customer understanding and targeting, and second, by applying digitization at scale to deliver a nearly seamless integration of banking services into corporate clients’ daily business activities. These endeavors will necessitate considerable modifications to the operating model and the development of an entirely new set of capabilities.  

Conclusion 

Digitization is transforming corporate banking. Digital has become the sine qua non of practically every action, from basic corporate procedures to how clients engage and trade. However, digitization in corporate banking is still in its early phases. More significant changes will occur as it matures, enabled by the unfettered flow of data among banks, their clients, and other parties. The ensuing “ecosystems” will stimulate new operating paradigms and cause extraordinary disruption. 

About Maveric Systems 

Starting in 2000, Maveric Systems is a niche, domain-led Banking Tech specialist partnering with global banks to solve business challenges through emerging technology. 3000+ tech experts use proven frameworks to empower our customers to navigate a rapidly changing environment, enabling sharper definitions of their goals and measures to achieve them. 

Across retail, corporate & wealth management, Maveric accelerates digital transformation through native banking domain expertise, a customer-intimacy-led delivery model, and a vibrant leadership supported by a culture of ownership.  

With centers of excellence for Data, Digital, Core Banking, and Quality Engineering, Maveric teams work in 15 countries with regional delivery capabilities in Bangalore, Chennai, Dubai, London, Poland, Riyadh, and Singapore. 

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Core Banking – Definition, Characteristics, and Benefits

Core Banking – Definition, Characteristics, and Benefits

Banks need to investigate the chances and possibilities that intelligent aggregation provides thoroughly. One worry is that this strategy would allow rivals to invade treasured client relationships and significantly reduce service margins. Security, privacy, and the lack of clarity surrounding how to profit from and create value from externalizing data assets are the other apprehensions.

What is a Core Banking System?

A back-end system that conducts daily banking transactions and posts updates to accounts and other financial data is a core banking system. Core banking systems frequently have connections to general ledger systems and reporting tools, as well as the ability to process deposits, loans, and credit.

Characteristics and Benefits of Core Banking Systems

Core banking systems must allow current and potential consumers with more control over their account activity. The advancement of technology has made transactions safer, quicker, and less onerous. Core banking systems are now an essential feature of banking because these transactions may be carried out remotely from anywhere in the world.

Partnering with global banking technology solution providers such as Maveric Systems allows leading FIs significantly reduce their operating expenses and the personnel needed for implementation. Additionally, core banking provides for greater customer accountability. Core banking systems today streamline and encourage banks to be more user-friendly. The advantages of core banking systems are numerous and include keeping up with a rapidly changing market and extending the reach of banks to remote locations.

Core Banking System

What constitutes core banking operations?

The capacity to maintain strict deadlines and plan flawless delivery is essential for core banking. Any worthy core banking solution suite must bring tailored tools for efficient channel management. The crucial solution differentiators include:

  1. Design and develop core banking software
  2. Testing accuracy and automated testing
  3. Enhancing applications and high-touch maintenance support.

What are the business benefits of a world-class core banking system?

To better interface with various internal and external services and systems, new core banking systems leverage cloud and digital technologies and employ open API-based architecture. New core banking systems have advantages like lower costs, quicker time to market, and more straightforward integration with different services that can improve client experiences.

Conclusion

Financial institutions must adopt a partnership-driven and collaborative approach to stay relevant today while developing their capabilities to foresee and respond to tomorrow’s market needs in the face of Fintechs and other nonbanking competitors’ accelerating digital disruption.

About Maveric

Starting in 2000, Maveric Systems is a niche, domain-led Banking Tech specialist partnering with global banks to solve business challenges through emerging technology. 3000+ tech experts use proven frameworks to empower our customers to navigate a rapidly changing environment, enabling sharper definitions of their goals and measures to achieve them.

Across retail, corporate & wealth management, Maveric accelerates digital transformation through native banking domain expertise, a customer-intimacy-led delivery model, and a vibrant leadership supported by a culture of ownership.

With centers of excellence for Data, Digital, Core Banking, and Quality Engineering, Maveric teams work in 15 countries with regional delivery capabilities in Bangalore, Chennai, Dubai, London, Poland, Riyadh, and Singapore.

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What Are The Options For Corporate Banking?

What Are The Options For Corporate Banking?

In many large commercial banks, the corporate banking section is a crucial link between the commercial banking group and the capital markets/investment banking teams. Corporate banking departments offer major firms financial services such as cash management, payment processing, credit products, and hedging techniques. The majority of these businesses are traded publicly.

What does the present look like for Corporate Banking?

Corporate Banking is fast getting a makeover that attracts the best-in-breed practices. Leading FIs today focus on how the corporate, commercial, and SME banks are moving away from the challenges of 2020 to growth in 2030. The overhaul is being felt in areas ranging from widespread self-financing to popular subscription models and ecosystems to impactful sustainability leadership.

Insights that are driving the landscape shifts in the world of Corporate Banking

  1. Tech behemoths and massive platforms are expanding their banking services as more large businesses self-finance their operations and extend loans to suppliers.
  2. Corporate Banks are evolving to become clients’ go-to advisors, actively using data to influence clients’ future business plans.
  3. In the era of ecosystems, corporate banks are putting together integrated networks of dependable suppliers to promote client growth.
  4. More customers are asking for sophisticated corporate treasury, legal, risk management, and other services as banks broaden their offerings beyond banking.

Corporate and Institution Banking

Technology as a significant transformation agent for corporate banking

A prominent NTT Data study into the global future of Corporate banking highlights four key technology impacts. It reinforces the value seasoned banking technology organizations like Maveric systems have been offering for over a decade.

  1. The proportion of corporate clients who prefer using APIs for communication as opposed to those who prefer email or face-to-face interactions is three times more.
  2. 85% of banks are attempting to streamline their online portals. The principal justifications focus on client-centricity and customer experience: 53% and 57%, respectively.
  3. 57% of banks are enhancing their KYC and AML processing with AI. Banks are making investments worldwide to streamline and digitize client-onboarding procedures.
  4. 39% of banks choose to purchase a third-party solution, while 61% decide to build their internal cash forecasting The region most likely to buy an off-the-shelf solution is LATAM.

Conclusion

Banks that provide services to corporations, businesses, and SMEs have made incremental transformation investments over the past five years that have only partially addressed changes in client expectations for better service options and more robust digital experiences. Other initiatives are centered on streamlining compliance and addressing specific operational difficulties. Today, there is a more considerable argument than ever for an industry-wide overhaul. Clients now want more value-adding services and more profound experiences than traditional products that may be irrelevant now. The numerous disruptions foreshadow future events and demonstrate the need for a bold vision from leaders of tomorrow. This will entail establishing a mission, creating offerings that support it, and relentlessly putting the customer’s needs first by utilizing data and analytics to offer simple-to-use digital goods and services.

About Maveric

Starting in 2000, Maveric Systems is a niche, domain-led Banking Tech specialist partnering with global banks to solve business challenges through emerging technology. 3000+ tech experts use proven frameworks to empower our customers to navigate a rapidly changing environment, enabling sharper definitions of their goals and measures to achieve them.

Across retail, corporate & wealth management, Maveric accelerates digital transformation through native banking domain expertise, a customer-intimacy-led delivery model, and a vibrant leadership supported by a culture of ownership.

With centers of excellence for Data, Digital, Core Banking, and Quality Engineering, Maveric teams work in 15 countries with regional delivery capabilities in Bangalore, Chennai, Dubai, London, Poland, Riyadh, and Singapore.

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Is DevOps Beneficial to Banking and Finance?

Is DevOps Beneficial to Banking and Finance?

Compared to other economic sectors, the financial industry has historically been at the cutting edge of innovation and technological development. Customers in today’s highly connected and digitalized society want to be able to access and manage their money wherever they happen to be, whenever they want, with the help of straightforward mobile applications, all while keeping sensitive information like their credit card details safe.

DevOps refers to integrating development and operations teams to improve product quality, speed up time to market, and reduce operational costs. DevOps is a viable path at all three levels of financial institutions, for global financial companies bracing for post-COVID challenges, a regional bank looking to improve performance, or a microfinance app looking to update. Maveric is the most suited to help you access a wide range of technologies and a pool of technologists throughout a wide range of projects.

DevOps is bringing the edge in Banking and Finance

DevOps has positively affected 99% of respondents, as per the Atlassian Survey 2020.

  1. The quickness of service: Businesses worldwide that have adopted DevOps are much more likely to make modifications, enhancements, and upgrades than those that have not. Following the implementation of DevOps best practices, the failure rate decreases. Also, embracing DevOps increases the likelihood that a development team can recover from failure more quickly. By encouraging DevOps approaches like a delivery pipeline, the code can open up a new universe of features and capacities while enforcing good discipline.
  2. Conformity with Security Standards: In financial matter, security is a matter of top conern. Data related to investments, transactions, and other activities handled by financial services providers must be safeguarded at all times. To accomplish this, a top-tier software application that conforms to stringent cloud-based safety guidelines is needed. Development security operations, also known as DevOps as security compliance, is an essential practice that must be implemented before adopting DevOps.
  3. The Cloud can be adopted and integrated more easily: Many banks are migrating their non-core banking applications to the Cloud, despite security and compliance concerns still preventing them from fully realizing the benefits of cloud services. Banks can reap the benefits of DevOps’s agility and scalability while enhancing the client experience across all channels. As a result, financial institutions may now employ data analytics and insights to create user-friendly mobile apps for their customers.
  4. Updating Outdated Computer Technology: While the concept of online banking dates back to the 1980s, it was in 1994 that the first dedicated online bank was launched. Since then, the majority of banks have moved their operations online. It’s safe to assume that by the 2010s, most of their infrastructure had become hopelessly dated and insufficient. On the other hand, a significant financial institution must do more than throw out all of its old technology and start over. DevOps is designed specifically for situations like this. By following these guidelines, an aging system can be modernized in a programmatic fashion.
  5. Researching and appraising markets and assets: In addition to a growing number of input feeds and databases, these functions require many calculations. Many businesses can create asset valuation formulas by combining a wide variety of industry-specific data, insights, processes, and analyses. Financial institutions that seek to differentiate themselves in the marketplace through the generation of novel insights will also need to master the art of rapidly scaling up novel data-driven formulae.

Conclusion

To improve teamwork and accelerate the rollout of new software and products, leading banks are adopting “DevOps”—a set of techniques at the intersection of operations and IT development. Operations and IT development teams have vastly different goals, but DevOps aims to bring them together. Maintaining dependable systems is paramount to the work of the operations team. The focus of development teams, in contrast, is on constant evolution. They are responsible for developing new software or modifying existing programs to serve end users and customers better.

About Maveric Systems

Starting in 2000, Maveric Systems is a niche, domain-led Banking Tech specialist partnering with global banks to solve business challenges through emerging technology. 3000+ tech experts use proven frameworks to empower our customers to navigate a rapidly changing environment, enabling sharper definitions of their goals and measures to achieve them.

Across retail, corporate & wealth management, Maveric accelerates digital transformation through native banking domain expertise, a customer-intimacy-led delivery model, and a vibrant leadership supported by a culture of ownership.

With centers of excellence for Data, Digital, Core Banking, and Quality Engineering, Maveric teams work in 15 countries with regional delivery capabilities in Bangalore, Chennai, Dubai, London, Poland, Riyadh, and Singapore.

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