5G, IoT, Cloud, Microservices and APIs have begun to flow together (literally). If industry findings are any indication, then by 2027, this high-tech combination will be common place in many mid-sized and some small enterprises. Large enterprises will be more focused on perfecting this quintet. Most will have achieved ‘adoption’ milestone close to 2025.
Each of these has either been in the making or in existence close to (or over) a decade.
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2021 might as well be referred to as the year of ‘Great Expectations’. From finding immunity against COVID-19, to re-starting global economy, to taking stock of all that has been lost in prior year to doing a temperature check of businesses – 2021 is expected to be a year of great resets and overhauls.
Enterprises are going through their own renaissance period, now commonly referred to as ‘digital transformation’. According to us, ‘digital transformation’ refers to systems, processes and organizational change management that can upend existing technology status-quo with an operationally superior product that is technologically advanced. However, one of the biggest impediments to realizing successful digital transformation is sunk costs incurred due to unplanned, strategically tone-deaf technology replacements. Financial-first approach, backed by corporate strategy fundamentals is still the most efficient way to realizing successful digital transformation.
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An API is a set of routines, protocols and tools for building software applications. In other words, an API specifies how software components should interact. Financial Institutions, specifically banks, are either outsourcing their own IT staff (developers, to be precise) to either build an API or an aggregator to compile incoming data and create services to better serve customers, or, they (banks) are striking partnerships with marketplace APIs and indirectly with third party applications that these APIs support.
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NeoBanks, FinTechs and Financial Institutions have an excellent opportunity to undo some mistakes of prior years and be proactive in their approach to the youngest cohort, Generation Z (16-24 years of age) that is now joining the workforce. Banking to address needs of Millennials and Generation X, still comes across as an afterthought; a paradigm shift in banking in the wake of advancement in technological landscape, rather than a change in banking due to altered tastes and preferences of the demographics.
Consequently, both, Millennials and Generation X have been only somewhat responsive to digital banking and overall reception and acceptance has dragged on, since at least 2009, if not even before.
However, as technology pervades just about every aspect of life and is increasingly being viewed as an extension of real life; youngest cohort, Generation Z, is offering important insights into their relationship with technology, their opinions on societal changes and most pressing economic and cultural aspects.
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In old days, a kingdom would showcase it’s might to a feuding kingdom or a perceived threat by parading it’s battalion of men, herd of elephants, stable of horses and gladiators. Today, countries parade their aircrafts, submarines, tankers, drones, fighter jets, and other arsenal on their national day, to display their might. Same intent: to clearly convey to their hostile neighbors, that they shouldn’t even entertain the thought of any sort of transgression.
Similarly, in the world of banking, investment in cutting edge technology has become the new firepower.
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Alipay, since it’s inception in 2004, has drastically upended payments world through it’s platform’s seamless integration across various third party services. It was initially launched for e-
commerce, but now it’s the preferred mode of payment, operating across
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