5G, IoT, Cloud, Microservices, APIs – Quintet Brings High-Tech to Mid-Sized Enterprises

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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Embedded Finance Bubbles: Countering or Enabling Bias?

Traditional large banks (such as Industrial and Commercial Bank of China, JPMorgan Chase & Co., Wells Fargo, Japan Post Holdings Co. Ltd., etc.) are diligently investing in high-tech. Under very similar precepts, community banks are focusing on mergers and also investing in high-tech to counter strong disruption currents. When speaking of high-tech, large and smaller regional community banks, alike are dedicating significant percentage of operating budget and forethought towards self-disruption. According to Statista, global IT spend in banks and Securities sector is anticipated to be 547.82 billion USD by 2021. In terms of percentage, in 2020, North American banks spend up to 40% of their IT budget in new technology and 30% in Europe.

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2021 Enterprise Solutions Stats, 2025 Projections & Digital Transformation Cost-Benefit Model

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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Spotlight Discussion: AI-Enabled AML-Reality versus Hyperbole

Anyone familiar with the banking industry knows that money laundering, financing of terrorist / suspicious activity issues never abate. Regulators periodically issue new decrees, introduce reforms to combat these pesky yet very expensive violations that can cost banks, anywhere from millions to billions in penalties.

Wachovia, now part of Wells Fargo was accused of facilitating Mexican drug cartels through accidental wiring of more than $400 billion over 2004-2007 period. According to original estimates by United Nations Office on Drugs and Crimes, 2%-5% of global GDP or $800 billion USD to $2 trillion is laundered each year across the globe.

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BaaS, IaaS, Open Banking: Ground Reality for Actualization of Optimal Financial Products

Just as leading financial executives were beginning to warm up to digital first strategy, Application Platform Interface (API) and Open Banking, IT service and solution providers have moved the needle further ahead to ‘Banking-as-a-Service (BaaS)’, ‘Platform-as-a-Service (PaaS)’ and  ‘Infrastructure-as-a-Service (IaaS)’. Touting these as must haves to truly modernize legacy banking infrastructure since anything less than this is just blase.

For long, executives have been told that every company is a tech company, including those within Financial Services industry. Now this concept has been further expanded such that according to experts, every company is in the business of hardware, computing, storage, cybersecurity and AI, who just so happen to offer financial products.

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