Strategic Review of Retail Banking Business Models

| December 18, 2018

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The accelerating pace of change from regulatory and technological developments brings unprecedented potential to transform retail banking. In our Progress Report, we noted that historically the market shares of the major banks have been high and stable, and that the personal current account (PCA) and branch network have been a key competitive advantage.

Spotlight

Xactly Corp

Xactly delivers a scalable, enterprise platform for planning and incenting sales organizations, including sales quota and territory planning, incentive compensation management, and predictive analytics. Using this powerful sales performance management (SPM) portfolio, customers mitigate risk, accelerate sales performance, and increase business agility. Combined with Xactly Insights™-- the industry’s only empirical big data platform, Xactly empowers companies with real-time compensation insights and benchmarking data that maximize the bottom line. With an open, standards-based architecture, Xactly seamlessly integrates within an enterprise’s existing infrastructure, with the ability to work with any ERP, CRM, or HCM application, while meeting the highest enterprise standards in security, reliability, and privacy.

OTHER ARTICLES

COVID-19 and its Impact on the Banking Industry

Article | March 26, 2020

European central banks have little ammunition with which to deal with the COVID-19 pandemic. Governments will soon be forced to balance the health of their citizens with economic stability and their own debt. After more than a decade of unprecedented economic growth, the world is facing another global economic recession. Since the 2008 crisis, governments have had time to accumulate enough wealth to prepare for the next crisis.

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Cash in the time of Covid: why we need to listen to the experts to protect this vital payment method

Article | March 26, 2020

Covid-19 has had a huge impact on almost every area of our lives: from travel to shopping, the economy to health services. Understandably, these are emotive issues – things that we previously may have taken for granted are now being put under enormous pressure at a time when people are very anxious. Amid the uncertainty, there is a danger that some topics may be sensationalised without any real basis in scientific evidence. One of these is the use of cash as a payment method. In recent weeks, several newspapers have questioned whether cash is still safe to use during the pandemic, with some retailers restricting its use.

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FINTECH

Benefits Of Outsourcing Software Development To The Fintech Industry

Article | March 26, 2020

Introduction In the ongoing technological era, the outsourcing software development company transports their valuable resources to their core business model and helps businesses to save a lot of time and money. To survive the digital era for financial institutions helps to drive efficiency in Fintech companies. Moreover, software development outsourcing companies offer solutions that enable financial institutions to manage bulk data, tech products, and much more to build an efficient environment with their tech services. The financial service industries are becoming a leader in software development and corporate new strategies for fintech businesses. Many companies are planning to use this working model that is specialized in all processes and seek more agility and quality. Outsourcing software development to the fintech industry can bring many gains to companies, so, in this blog we’re going to look at them closely. According to research, investments in fintech are expected to reach $40 billion in 2021. Additionally, software outsourcing companies makes the development process smooth and improves the quality of data analytics in the industry. Read on to know the benefits of outsourcing software development to the fintech industry and achieve the dedicated digital transformation goals of your business. What Are The Benefits Of Outsourcing Fintech Software Development? Expand your business development The benefits of outsourcing software development services creates a pleasing and commending condition for the fintech industry. It becomes easier to execute actions and plan for the company’s expansion if the management focuses on the core business and internal quality processes. Additionally, the development service provider also helps to sustain the growth of the operation without investing huge investments in infrastructure and technology. Economies of scale If you’re planning to internally develop a software application requires both money and time. And not everyone has an extended IT team with dedicated developers. In such situations, software development outsourcing companies become your partner. The services provided by software outsourcing agencies for fintech development helps businesses to achieve economies of scale and allow them to invest more time on core competencies and perform critical tasks. However, software development outsourcing offers competitive advantages to fintech industries by minimizing costs, better customer service, and maintaining product quality with an affordable budget. Optimize time for dedicated professionals and managers Hiring outsourcing software development services helps businesses a practical and sensible optimization of the time of professionals and managers. If your business is planning to enhance the process of professionalism. To such a degree, fintech industries can directly help to increase the capital and implement strategic tasks and analyze surveys that collaborate to make the right decisions. Thus, outsourcing software development helps to monitor indicators and supervise the possibility of risk to the company. Risk Management/ Critical-path method IT outsourcing software development service providers carry a lot of risks. So to grab the absolute advantages, an organization should build effective risk management plans. Reducing the number of data breaches is one of the most important challenges faced by many fintech industries. This challenge is even more critical when you consider the information type such as salaries, credit card information, social security numbers, and much more which can be used by criminals for gaining profit. Various components and operations help to reduce risks and provide a successful path for outsourcing when you know the challenges and tackle the situation. Increased profits through data analytics Finance is the leading data collection and analytics industry that helps to increase software profit via data analytics. Popular investment banks like Goldman Sachs and JPMorgan have employed specialists who analyze data when issuing trading futures. These fintech software development industries are now identifying customer data and helping them to increase sales and promote customer loyalty. To analyze creditworthiness and provide services to each customer they use credit scores and demographic data that also helps them to build analytics software with the Python programming language. Reduce software server load via cloud computing To implement cloud computing technology, the fintech industry has been reluctant to use web-based storage for bulk data which is vulnerable to hackers. There are few improvements in data security that have led banks to begin integrating modern technology into their core business functionalities. To store sensitive business information related to accounting and communications, many banks are using cloud computing. In recent years, it is reported that the SaaS model is one of the best models that is implemented by fintech software enterprise to store emails, contact lists, and other important information online. Faster product development Hiring software outsourcing companies helps fintech industries to start your projects quicker and complete them before the deadline. The outsourcing enterprise implements traditional hiring processes for software development projects and instructs those dedicated developers to perform critical tasks who can start product development without investing much time on the hiring process. The dedicated team of developers working at any outsourcing companies help to shorten the fintech software development lifecycle and work on multiple projects to quickly resolve common problems and reduce the overall length of the software. The Verdict The fintech enterprise is investing millions of dollars to build custom software according to their business requirement to survive in the new data-driven marketplace. Leveraging a fintech software development service is much bigger than just launching a system that enables the creation of innovative fintech solutions in the future. Many of these companies are switching to fintech software development that provide a dedicated development team to perform critical and complex tasks of any software and reach their goal without distracting from their core missions.

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Coronavirus — How Fintech Helps

Article | March 26, 2020

The effects of Coronavirus on humanity, and what it is doing to the health and well-being of those around us, is very clear. We see the devastating effect it is having on people’s lives, and the level of fear is growing each day. I do not wish to add to this with another article based on the risks posed to people if they go outside. For me, it is important to discuss ways in which life can be improved during this moment, and I hope to do just that. However, before I do, I would like to extend wishes of health, peace of mind, and give my thoughts and prayers to those who are dealing with the difficulties we are all facing together as human beings.

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Spotlight

Xactly Corp

Xactly delivers a scalable, enterprise platform for planning and incenting sales organizations, including sales quota and territory planning, incentive compensation management, and predictive analytics. Using this powerful sales performance management (SPM) portfolio, customers mitigate risk, accelerate sales performance, and increase business agility. Combined with Xactly Insights™-- the industry’s only empirical big data platform, Xactly empowers companies with real-time compensation insights and benchmarking data that maximize the bottom line. With an open, standards-based architecture, Xactly seamlessly integrates within an enterprise’s existing infrastructure, with the ability to work with any ERP, CRM, or HCM application, while meeting the highest enterprise standards in security, reliability, and privacy.

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