CeleritiFinTech kicked off 2018 with their Banking Innovation Summit in Marco Island, Florida. The event demonstrated CFT’s unique commitment to the financial services industry by bringing together global financial executives, industry analysts, and fintechs. The three-day Summit was packed with networking opportunities, as well as discussions on pressing industry challenges and how to adapt to them.
With the goal of helping banks extend and sustain legacy platforms while modernizing business environments and customer engagement channels, the event provided insight into the latest innovations – from Core Banking, Payments and Lending to interactive demonstrations by fintech partners.
Many banks are moving from old and stable IBM mainframes to new, distributed Linux based environments. This approach offers the same basic functionality and lays down a foundation of modernization to more easily enable microservices and API-based services. These efforts help reduce costs and bring the technology platforms forward to the current generation of engineering talent, which most likely has no interest in learning how to develop Mainframe applications that use Assembly and COBOL.
There was quite a bit of discussion around early resolution systems. These types of systems were designed for smaller volume and never anticipated the fallout from the 2008 Financial Crisis. In recent years, they have been augmented to support improved workflow orchestration, reducing bottlenecks, and enabling bank personnel to deliver superior customer service. In most cases, doing a better job at finding alternate resolutions for homeowners and reducing the administrative burden on the customer.
Consistent theme expressed by these banking leaders was “how do we adapt our systems and processes to improve our customer experience?” One of the banking institutions attending the Innovation Summit, with plans to triple its deposits over the next three years, has already completed robust development of ReST (Representational State Transfer) based API services around its core banking platform.
With these enhancements, banks continue their digital transformation based upon a comprehensive hybrid cloud architecture. This facilitates better collaboration with partners in loan origination, payments, and the overall fintech ecosystem. One of many next steps will be to establish an engagement system that optimizes a personalized customer experience across all digital touch points in various financial portfolio services.
As one of the CeleritiFinTech innovation marketplace partners, we presented a high context, event-driven, real-time interactions platform that leverages the bank’s existing personalization system, CRM platform, and the Celeriti API for the Hogan Core Banking system. For example:
Rolling this all together and reflecting on the summit’s events, we recognize the importance of these types of engagements. What lays ahead in 2018 is unknown, but the tools, solutions, and professional connections created during the summit will prove to be valuable resources in navigating the uncharted days ahead.