Banking Transformed: How Emerging Technology is Revolutionizing the Finance Industry

Four senior executives of the banking industry were asked to share their views on the key trends driving the banking space and their significance. As technology is the major driving force behind the changes in the banking industry, these experts discussed the impact of various technological advancements on the banking world. Prakash Pattni, Managing Director of Financial Services Digital Transformation at IBM, emphasized the importance of adopting a hybrid cloud approach to support the secure modernization of the banking industry. He believes that fintech should partner with established technology providers to explore the adoption of industry cloud platforms that help remove barriers within partnerships that restrict agile innovation.

Prema Varadhan, Chief Product and Technology Officer at Temenos, believes that composable banking, where services are broken down into specific capabilities, enables freedom, speed, and flexibility while connecting with an ecosystem of third-party offerings that further increases choice and boosts innovation. According to Adam Lieberman, Head of AI and Machine Learning at Finastra, evolving technology in the field of private AI has allowed banks to solve pressing financial problems together, without the need for physical data set shares, moving data, or manual partner agreements. Private AI and the suite of privacy-enhancing tools (PETs) are driving the future of collaboration and innovation in financial services. Abhishek Bhattacharya, Group Vice-President at Publicis Sapient, believes that modern, cloud-based core banking systems are facilitating a move towards coreless architectures, which in turn will drive innovation and transform customer experience in the banking world. Banks running legacy CBSs need to transition to a coreless architecture as their top priority for 2023.

Thursday, 07 December 2023
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