Mastek Blog

Why Financial Services Must Revisit Their Approach To Digital & Mobile

02-Mar-2016 11:32:34 / by Graham Cobb posted in Financial Services

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Financial Services organisations continue to struggle to regain the previous levels of profitability, being hamstrung by the slow pace of economic recovery, low interest rates, and regulators attacking their traditional fee income streams by driving increased competition in the market through vehicles such as PSD2, and demands that banks sell their dominant interests in areas such as Vocalink. To control costs many continue to look to retrench their business, divesting parts, shrinking others and tackling their internal cost base aggressively, but such cost focus is short term in nature and merely bring a breathing space which competition will exploit.

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5 Ways to Adopt Agile BI for Digital Banking Transformation

20-Oct-2015 06:57:00 / by Mick Bull posted in Financial Services, Vertical Vibe, Agile, Business Intelligence

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“In the absence of advanced business intelligence and rich customer data, banks develop and deliver digital banking transformation initiatives in the dark.”

This was a moment of truth statement made by the CIO of a retail bank during our discussion on business transformation in the banking sector. Yet, many line of business managers shudder at the very thought of data warehousing. Blame it on unfinished, monolithic technology programmes that failed to keep up with business change and delivered poor value. These were issues faced way before the onset of the digital age with its even greater demand for responsiveness and agility.

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When the Human Wallet Comes of Age?

09-Jun-2015 09:44:00 / by Aravindan Thangaraj posted in Financial Services, Vertical Vibe

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We’ve come a long way from the days of trading cattle for grain, haven’t we? Moving on from the barter system, we graduated to exchanging notes and coins, and now, to biometrics for digital payments. Payment verification technologies are expected to make quantum leaps in technology every decade. So, the day of the sci-fi sounding human wallet dawning upon us doesn’t seem very far.

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How To Prevent Tomorrow’s Fraud Today

23-Mar-2015 12:02:00 / by Jessica Shah posted in Financial Services, Vertical Vibe, Agile

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Fraud is a malicious activity that if you don’t look for, you won’t easily find. And, when you do discover its detrimental effects, it might be much too late in the day when the damage has already been done. Fraud is especially rampant in the financial services sector where it is an on-going threat, both internally and externally. The LIBOR (London Interbank Offered Rate) interest rate fixing where banks falsely inflated or deflated their rates to profit from trades or to improve creditworthiness is one example. The more recent Payment Protection Insurance (PPI) outrage involving banks and other lenders wrongly selling PPI to customers is yet another scandal.

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