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Two things will determine success in this metamorphic era: data and trust.
The authors in this edition have crafted their viewpoints based on the many years of education and experience they have in designing and deploying solutions for financial services organizations worldwide. They take you through how the industry will expand into new territories, with partnerships, to create an open ecosystem of products and services, which may just not be related to the financial services domain alone.
Artificial intelligence in asset servicing: Financial institutions are faced with a unique challenge when they automate asset servicing processes as the twin objectives that this is expected to bring in the form or reduced operational risk and costs can be easily derailed due to many other factors affecting the business. This is where AI comes in.
Blockchain: Leveraging architectural principles: The journey of blockchain adoption is visibly underscored by strong collaboration amongst all players in the value chain, quite unlike the traditional model where organizations have been known to compete with each other. Know how the principles of co-existence, integration, and interoperability can accelerate blockchain adoption.
RegTech (Regulatory technology): At the crossroads of fintechs and regulatory compliance: RegTech can help custodians fulfil their mandatory reporting requirements related to most prevailing regulations by managing available data in an effective manner, thereby helping them derive maximum value. Blockchain and artificial intelligence technologies are evolving in RegTech and slowly gaining acceptance and proving to be reliable, whereas biometrics, APIs, cloud computing are in a mature stage.
Understanding data privacy in the financial services world: As customers become wary of the data security risks, this could also be seen as a key differentiator for banks as they look for growth opportunities. The focus on data privacy will definitely be a key factor in winning customer trust.
Application of data analytics in capital markets: When implemented in its entirety, big data can help institutions go beyond improving risk management, reporting compliance, and operational efficiency, but also in devising better pre-and post-trading methodologies.
Viewing connected things through a security lens: Consumers and enterprises have fast realized the need for trust as a currency, and products/services teams need to build systems of high reputation and brand value, but how?
Swipe LeftSwipe RightDigitization of the global economy is progressing at a furious pace. Large parts of the economic supply chain, which were manual, are now getting automated; and, those already automated are getting autonomous. At the core of the digital wave, lie data and networks. The ability to leverage data and the power of networks are crucial to those who wish to ride the digital wave or derive sustained economic value, as traditional business value creation chains are constantly getting disrupted.
Venkateshwaran Srinivasan
Global Head, TCS Financial Solutions