Banking IT services and solutions

To be done right, banking IT transformation must stand on these five pillars:

● Continuity. Avoid interrupting your business processes during transformation. Your banking software solutions have to be continuously maintained and updated afterward
● Collaboration. Involve all stakeholders in devising the digital transformation strategy. It has to include a sound assessment of the project scope, costs, and timeline
● Standardization. Avoid data silos, a fractured digital ecosystem, and incompatible goals by standardizing your systems and eliminating the complexity of legacy systems
● Governance. Establish the responsibility for digital transformation efforts and introduce clear goals and objectives that align with your organization’s mission and vision
● Expertise. Partner with an expert in digital transformation and banking software services. Their domain-specific expertise will help you avoid common pitfalls and get a solution corresponding to your needs

Yes, our IT services for banks include hybrid cloud migration services for banks that envision switching to Hogan, a core banking solution. Hogan allows banks to get the best of public and private clouds.

We help clients switch to this hybrid cloud solution with as little friction as possible, all while maximizing their return on investment. In our process, we thoroughly analyze and address the client’s key challenges, such as:

● Enabling remote or hybrid work
● Digitizing documentation
● Supporting cardless transactions
● Digitalizing branch activities and workflows

The following four trends are to define 2024 in banking:

● Customer engagement and experience: In 2024, the acceleration of enhanced onboarding is anticipated, with a particular emphasis on digital experiences and the "consumerization of corporate banking," incorporating methods such as personalization, embedded servicing capabilities, and intelligent contact centers, as illustrated by a bank's reimagined corporate onboarding focusing on "moments that matter" for clients and servicing teams.
● Open banking: In response to the rise of open banking, embedded finance, and banking as-a-Service (BaaS), 75% of global banks have articulated a clear engagement strategy for the open ecosystem, with major banks now actively participating in digital B2B markets and platforms to provide financial services, while emphasizing the importance of robust risk frameworks and proactive engagement with regulators in the evolving landscape.
● Cards and payments: Banks navigating challenges in cards and payments, including compliance issues and cost pressures, must prioritize substantial improvements, embrace ISO 20022 for comprehensive financial messaging, deploy AI across the payment life cycle while addressing conflicts of interest, and swiftly adapt to emerging forms of money, discerning their client value and integration into propositions.
● Product and capability innovation: Leveraging small-business banking data for actionable insights, banks should evolve into trusted advisors, emphasizing customer-centric workflows beyond traditional banking, while in trade services, the evolving technology landscape demands enhanced data-oriented capabilities for improving treasury operations and working capital, transforming cash management data to foster more advisory treasury relationships.
● Emerging technology: As generative AI becomes a consumer service, banks are transitioning from exploration to proof of concept, harnessing its potential to combine artificial intelligence with human intelligence for content generation, quick problem-solving, and improved decision-making, while the private sector outpaces central banks in developing digital money, and there is a call for awareness and understanding of quantum computing programs in the corporate banking and tech sectors.

You need to embed resilience in the bank’s strategy and day-to-day operations. Ensuring it means revisiting and strengthening risk management, stress testing, liquidity management, and capital planning.

A core banking solution helps organizations address all of the above with the help of advanced data aggregation and analytics.

For example, a Temenos health check can aid in identifying and fixing any potential issues that may become a disaster if unaddressed. As a result, banks receive not only a list of issues but also ways to resolve them.

Does it align with your interests? Zoreza global is a certified Temenos services partner with an experienced team of senior Temenos experts. Contact us to discuss how a Temenos health check can help you build resilience in your banking operations.