Radha Pillay, regional sales director for Asia Pacific at SmartStream, shared his views on the evolving technology requirement of financial institutions. He discussed the growing shift towards cloud, the ability to monetise data and utilise artificial intelligence to streamline processes.
The surge in mobile transactions and shift to remote operations along with the need to rapidly scale to meet the evolving customer needs have accelerated the digital transformation across financial institutions. The payments landscape has progressed with speed towards real-time contactless payments while cross-border payments adopt the new message standard of ISO 20022. All of these have driven the institutions to rethink their underlying technology infrastructure to meet their future needs.
Pillay said, “We have seen an increased uptake in our software as a service (SaaS) solution based on cloud deployment and managed services. Clients have been trying to expedite how they can monetise the data and achieve better analytics by utilising technologies in artificial intelligence (AI) and machine learning to improve customer service”.
Pillay added banks have increasingly used AI to generate stronger customer insights for a better user experience. It identifies gaps and streamlines processes such as reconciliations and exception management, as well as operations automation. The company’s focus in 2022 is on AI, machine learning, cloud computing and moving clients into a cloud-first platform. It enables a more seamless operations team that can be deployed remotely, while bringing a better user experience.
The following key points were discussed:
- SaaS solution and managed services witnessed an increased uptake during the pandemic
- Utilising AI to monetise the growing volume of data and streamline the transaction life cycle management process
- Companies will shift focus towards utilising AI, cloud and distributed ledger technology