Banking & Financial Services
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The banking and financial services business is undergoing fast transformations, with fintech companies serving as the driver. Customers, more impacted by technological improvements in other domains and social media, have begun to demand improved customer experience and convergence in financial services, and traditional banking goods, services, and channels are losing relevance.

The changing regulatory environment, as well as macroeconomic indicators has contributed to making this a once-in-a-lifetime opportunity for banks and financial institutions to embrace and use digitization. Partnerships with fintech firms can assist banks and financial services firms in leveraging digital technology, advanced analytics, and customization to develop cutting-edge solutions that improve client experience.

Advanced Analytics, Digital revolution, and AI are transforming the BFS industry. Are you ready for it?

Use Wake Advisor key technology strengths to propel your company forward and stay ahead of the competition.

Customized online banking portal and mobile banking app

Asset management application for individuals and institutions

Social media banking
 

Custom application for credit scoring

Mobile wallets for credit scoring
 

Risk management and compliance programs

Unleash Innovation Across the Value Stream

The wealth and asset management business is under more regulatory oversight as well as new competition from fintech startups and their innovative services. Multiple factors have led to increased volatility, including sluggish growth in industrialized economies and strong development in developing ones. Investment management firms that implement plans to anticipate demographic transitions, improve efficiency and decision-making with technology, and stay up with regulatory changes will likely be ahead of the pack. Firms are undergoing a digital transformation as a result of the fast-changing environment, which necessitates smooth digital channels of communication and access to portfolio management. Some of the rising trends include a greater emphasis on cybersecurity, the use of artificial intelligence (AI), and analytics.
How can we help?
  • We use big data analytics and AI to deliver insights and analysis, as well as investment selection.
  • We reduce costs by using scalable technology to replace expensive human analyst personnel.
  • We assist in the development of AI-assisted investing decisions and asset allocation algorithms.
  • We assist in the streamlining of front- and back-office processes, as well as the automation of important tasks.
  • We assist in duties such as customer onboarding and regulatory compliance by reducing manual intervention.
Banks have been using core banking technologies for the past decade to make their services faster, easier, and more accessible to a bigger client base. Traditional banking goods and methods have seen massive changes in recent years, mostly as a result of customer demand. The rapid popularity of the internet and mobile banking has resulted in fewer clients queuing at branches to open accounts or apply for loans. Service quality is no longer the deciding factor.
Financial institutions are distinguished by providing an excellent client experience at every touchpoint that is efficient, convenient, personalized, and streamlined. Banks and financial institutions face a difficult task in reinventing themselves to solve consumers' pain points while guaranteeing a pleasant experience at all times.
How can we help?
  • For a great user experience, cutting-edge technology is used to create bespoke online banking interfaces and mobile banking applications.
  • The use of IoT applications to bring financial interfaces together
  • Big Data, Advanced Analytics, and Business Intelligence enable more personalization and channel optimization.
  • Predictive analytics is used to improve consumer engagement.
With the influx of technology, demographics, and regulatory dynamics, the global payments industry is undergoing a fundamental transformation. While innovation in the customer-facing section of the value chain continues to grow, service providers are still battling with back-end infrastructure upgrades.  
New opportunities in the payments industry in terms of API adoption, growth in digital payments, innovation in cross-border payments, and challenges from the entry of alternative service providers are all having an impact on the industry in terms of fostering competition, nurturing innovation, and improving process and system-related efficiencies.
How can we help?
  • Payment solutions that is real-time or instant to help you run your business
  • Cross-border digital remittances
  • Security and authentication services have been improved.
  • In e-commerce and m-commerce, frictionless consumer experience is key.
  • Credit scoring and loans to the unbanked are based on loan and card payment history, risk category, and other factors.
In 2016, there were significant upheavals in the worlds of ethics, risk management, and compliance, reinforcing the need to shift away from a compartmentalized approach to risk management and toward an integrated and uniform enterprise-wide framework. The compliance function's role is evolving as well. Compliance experts are increasingly responsible for developing and sustaining strong and ethical corporate cultures, as well as protecting firms from financial, legal, and reputational risk, in addition to adhering to rules and regulations.
To manage cyber and data-related risks, a focus has been placed on regulatory filings and reporting, greater due diligence, and surveillance. Organizations are on the verge of a compliance failure due to the pace and unpredictability of around-the-clock news and social media.
How can we help?
  • A dynamic, timely, and ongoing enterprise risk management solution that gives dynamic, timely, and ongoing insights into the risks that matter.
  • Real-time analysis of transaction data for early risk detection
  • Monitoring and surveillance of written and vocal communication in order to spot any security flaws
  • To avoid a data leak, use social media analytics.
  • Analytics and big data are used to integrate and evaluate data from a variety of internal and external sources in order to predict risk and exposure.
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