Digital Banking Services - Transforming Core Banking Systems
The Banking and Finance industry has seen more changes and transformations in the last decade due to regtech solution. Needless to say, the COVID-19 pandemic has accelerated up the process of digitization. Thus, easing the access to digital banking services while having a robust compliance management system. The change was a part of the multiple transformations of the core banking system. The wave of digital transformation in banking hit each and every institution. To stay afloat during the lockdown it came up with varied conversational core banking solutions.
Listen to an informative session by the International Business Podcast which covers the journey of technology in the core banking system. Even though hesitant at first, this industry had eventually opened up it’s working for banking technology to take over. Starting from identity theft, customer onboarding process to Anti Money Laundering, every action that earlier used to happen manually, now happens with the help of technology now.
Leonardo Marra converses with Shub Nandi, CEO and Co-Founder of PiChain to know how Regtech solution is an evolving client onboarding process. How did the digital banking services provided by these tech firms help to find the ideal balance between the world of finance and technology? How is the banking tech solution leveraged to grow and expand faster?
The podcast covers how using Artificial Intelligence in Banking and Neural Networks, the whole business is transforming into an intelligent framework. The core banking solutions learn from customer actions, analyzes and provide better customer onboarding services. Blockchain is another disruptive technology that is seeing a lot of use in transaction validation and compliance management system. Its immutability characteristic makes it an important part of core banking software.
Artificial Intelligence is providing undisputable help to the fraud detection system associated with the finance industry. Starting from detailed customer verification to digital banking services, it has proved to be a much better solution than manual compliance management. AI in banking is helping to manage regulations and policies automatically. The decrease of human intervention in the security system and automated client onboarding solution has created a robust framework for these organizations and institutions.
Is your organization making the best use of an automated core banking system? Are you equipped to work in the finance industry which is now backed by technology? Listen to this podcast to find out what is to be expected with this major change brought by AI in financial services.