An afternoon of Japanese open innovation and karaoke

Whilst everyone else went to immerse themselves in the latest PFM technology – or is it robo-advisory this year – at Finovate Europe, I decided to head to NTT DATA’s Open Innovation Contest Finalist Pitch Day hosted by Innovate Finance at nearby Level 39. NTT DATA not only operates in the banking and finance space but also realises projects such as the digitalisation of the Vatican library.

The contest is open to business ideas and applications related to the challenges posted by NTT DATA group companies across the world. Challenges which are not only related to FinTech as I found out later. The winner of the London contest will move on to the global round in Japan in March. Given that NTT invests $1.8 billion annually in R&D, certainly a good place to be.
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Flexibility is killing

Over the last couple of years I’ve had the opportunity to look at a variety of core banking solutions. What strikes me is that more and more these solutions are similar, not only in coverage – which we can assume they have to be to support the variety of banking functions needed – but also in construct. Service oriented architecture, frameworks, agile development, multi-tier architecture, enterprise architecture approach, etc are the main buzzwords. Also it seems that the focus is placed less on the banking functions themselves – as most solutions present similar coverage – but more on the flexibility of the solution.
This must be good news for bank CIO’s, right?
Well unfortunately, not really …
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The 4 C’s of core banking – Part 4

A bit overdue, but here’s the final installment of the 4 C’s of core banking.

Finding the best way to tackle legacy core systems has re-emerged as a key topic of debate among banks, from top tier global players to smaller, domestic institutions. With their vast, fragmented architectures, banks’ legacy systems are typically cumbersome and lack the agility required to adapt to today’s business and market needs. Factors such as evolving customer expectations, new regulations and the need to enter new geographies or launch new products require banks to have flexible systems that can continually adapt to support their evolving business needs.

With legacy systems so far having failed to address these changing requirements, banks should consider four crucial aspects to make their core banking systems more efficient this year: componentisation, going back to the core, compliance and customer centricity.

So let’s continue with the final C: customer centricity.
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