Open Banking fosters an increased competition within the financial services market to accelerate financial inclusion by acquiring and addressing the financial needs of the unbanked, underbanked and ‘unhappily-banked’ populations. It acts as a catalyst for digital transformation while bringing in more innovation to the traditional banking practices and makes the financial offerings affordable to the unbanked community. As the term suggests, Open Banking believes in democratising access to banking services and making them available in real-time to the customers so that they can better manage their finances.
According to the research data published by World Bank, it is estimated that the banks could generate over $380 billion by acquiring the unbanked population only around the MENA region, as almost 69% of adults continue to remain unbanked. Globally, 1.7 billion adults (or 31% of adults) are estimated to not have even a basic transaction account. The transition to the new open ecosystem builds a profound opportunity to forecast a surge in the bank’s revenue. The perks of adopting a well-defined Open Banking platform extends beyond the scope of monetisation to re-engineer the bank’s portfolio and business model to accelerate into new market space by automating the customer onboarding, digital KYC/AML verification and real-time transaction monitoring processes.
Open Banking has the potential of promoting financial inclusion to the unbanked population by making it seamless for them to create an accurate and reliable financial profile which in turn makes them eligible to access the mainstream financial products and services. For the banks, it aids in widening the pool of potential customers by having a deeper understanding of the prospect’s financial history in a quick and effective manner significantly reducing the operational expenditures.
Open Banking strives to remove the barriers that exclude people from participating in the banking services. Thus, Financial inclusion built on sustainable business models such as open banking embraces a more inclusive financial culture and brings all categories of individuals and small businesses into an ecosystem where they can further integrate and flourish as a broader economy.
With Macro Global by your side, Transformation into Open Banking is no more a ‘Big Bang’ or ‘Rocket Science’ for the banks. Click Here, to know more about how MG empowers the banks with its “ Tavas- Open Banking Product Suite and Solutions ” to be both transparent and secure when engaging with third-party providers (TPPs) in their journey of Open Banking transformation. Macro Global has several use cases around this and can assist FIs to implement with right combination of APIs and technologies leveraging from existing OB ecosystem to achieve the desired business results.
To discover more on how Macro Global with its subject matter expertise can help you address the challenges, please reach us out on firstname.lastname@example.org (or) +44 0207 993 2009
Do you agree with the fact that integration of proliferating data takes a prominent role in driving digital transformation?
Organisations need to collect, organise and analyse the siloed data across multi & hybrid cloud and data lakes platforms. Data integration is helping businesses to make faster and more accurate decisions, by eliminating the distort and knowledge-gaps that have plagued interoperability for decades. Institutions to thrive continuous business excellence and to have a competitive edge in the industry, it is imperative to being paradigm leveraging the data integration by adopting transformational technologies like Artificial Intelligence and Machine Learning to stay innovative, flexible, and scalable.
Machine learning is the best-fit for process efficiency and extracting real intelligence from heterogeneous data sources to multi-model data. Our Machine Learning tools and unique models gather and process the unstructured data automatically and migrate them to structured format helping the organisation to make informed decisions facilitating business stakeholders to get closer to the unbiased, fully data-driven decision-making by showcasing both better outcomes and clear recommendations.
Artificial Intelligence with natural language processing enables analysts with the ability to distinguish patterns, trace suspicious behaviours and respond to malicious threats with greater confidence and agility. Artificial Intelligence enables multi-layered security to identify fraudulent and suspicious transactional activities. In addition, Rule-Based Machine learning (RBML) algorithms have the potential to analyse millions of data points to detect fraudulent transactions that go unnoticed in the core fraud prevention detection systems, helps in improving the precision of near real-time notifications for approvals and reduce false-positive results.
Are you rely heavily on data and documents?
Do you want to outsmart the competition?
Is your target aims to mitigate the financial risk?
If the answer is YES for the above questions, then Click Here to know about the Macro Global “Enterprise Document and Workflow Management System ” which might be a right fit for resolving the above challenges to handle data discovery, streamlining the workflow, increase productivity, and make more data-driven decisions.
To discover more on how Macro Global can help you to monitor, manage and mitigate the above challenges, please reach us out on email@example.com (or) +44 0207 993 2009.
Banking post-pandemic has profoundly disrupted and has pressed a reset button as 56% of the global population are intended to avoid branch banking. The new thinking to adapt to the new normal for the banking and financial services stipulated the digitisation of customer onboarding and deposit-taking.
A smooth customer onboarding journey is becoming the norm rather than a differentiator. Fenergo, a digital transformation fintech firm states that about 70% of the millennials demand a frictionless integrated onboarding experience across all banking channels and one in three (36%) financial institutions have faced customer abandonment due to inefficient onboarding. To support the market conditions, customer needs to be combined with cost-effective business operating model with an increased demand for digital interaction, banks are accelerated to invest in fintech solutions to avoid the tedious application process with an all-round service offering – fast processes – easy banking – any time and from anywhere.
Digital Customer Onboarding improves customer experience with intuitive navigation by aggregating their data to make the process smoother or even effortless. The digital platform provides reliable online identification services that help the banks to quickly verify the customer data and subsequently accelerate the customer’s access to the banking products and services.
Financial Institutions are striving hard to leverage innovative technologies ranging from Artificial Intelligence, Behavioural Biometrics to Machine Learning to improve their existing mechanism of data capturing, KYC validation and due diligence checks while onboarding the customer.
Robust eKYC Validation
Enhanced customer due-diligence checks using AI & ML techniques reduces KYC risks for the banks and real-time integration of eKYC offered by third party API Services along with customer onboarding workflow substantially improves the process of AML monitoring and fraud detection & control.
Augmented Customer Experience
Intuitive user interface for onboarding with real-time notifications, gives the customer an instant gratification than the paper-based application forms.
Digital Onboarding empowers the banks to build a data-driven customer acquisition strategy with machine learning using statistical models and historical data of the customer. Banks can explore the behavioural analytics of the customer to offer them more tailored offerings improving customer satisfaction & retention rate.
AI-powered digitisation techniques entail the banks redesign the existing customer onboarding process and deliver high-quality products and services with minimal overheads optimising the onboarding time.
Operational efficiency achieved through digital onboarding along with AI/ML-based Straight Through Processing (STP) eliminates manual data entry and processing errors with exponentially better customer service.
Macro Global PERA delivers an enormous value proposition as an integrated platform for customer onboarding and deposit-taking by enabling the banks to accelerate their customer acquisition in a simplified and streamlined manner to optimise the operational cost alongside ensuring regulatory compliance. To discover more on how Macro Global with its subject matter expertise can help you address the challenges, please reach us on firstname.lastname@example.org (or) +44 0207 993 2009.
More than 50% of the employees are still working remotely and on a semi-permanent basis even after one year of Covid-19. This will require banks and financial institutions to look for online applications that can be accessed from anywhere.
These online applications not only provide the capability for an employee to work remotely but also provide them secure access to all the records and facilitate collaboration tools.
Challenges faced by Banking Industries in this “new normal”:
Especially for banking industries, security is the foremost concern in dealing with sensitive data while working remotely. Banks need to spend an awful amount of time and effort to build their security monitoring capabilitiy on top of spending on digital tools. Also, it is not easy for banks to build all the necessary tools on their own as building and expanding core business is more critical and need substantial energy and focus.
Building the digital tools with high-security standards will be the heavy-lift even for major banks that have their well-equipped internal IT teams.
Unable to build Future Banking solutions – It is very hard for the technology teams to visualise the current and future scenario of the outside world. IT teams can build the customised software based on the current operational needs of the bank; however, it generally fails in predominate of the cases to address the future operational needs that restrict the bank to look for a real consumer-centric digital transform for better ROI.
Did you ever think of cost-effective, secure solution that helps you to handle the new-normal?
To address the above key challenges, Macro Global provides future-proofing platforms across the entire business pipeline with great ROI and endless business benefits. Our solutions release the customers from complex people and systems management to growing the business.
Our FinTech products are intuitive and cost-effective as most of the functions are well thought out adopting customer battlefield challenges and run on straight-through processing engines.
Being a Microsoft Cloud Partner, Macro Global launched its RegTech & FinTech products in secure Microsoft Azure Cloud Platform so that the customers can choose and /or upgrade to “Cloud Only” or “On-premises with Cloud adoption” to address BCP and Cost constraints.
Our Cloud Technology enables a “Fully supercharged, highly secure Cloud Platform” so that the application can be accessed from “Anywhere, Anytime on Any device”.
As a SaaS model, the Cloud option enables our customers to pay just one set of fees for the entire solution including Hardware, Operating System, Development Framework & Product and top of all everything managed by us. Customers can have complete peace of mind with the confidence that all take care of by us.