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NINE IN 10 FINANCIAL IT LEADERS SAY THE VERY SURVIVAL OF THEIR FIRMS DEPENDS ON DIGITALISATION IN THE NEXT TWO YEARS

  • Hurdles to digital transformation include conflicting requests across the business, complex processes and infrastructure, changing regulations and a lack of collaboration 
  • Despite this, most IT leaders agree that digital transformation is a strategic priority, both for customer-facing services and internal processes 
  • IT leaders agree they need technology to deliver fast and reliable innovation, while improving collaboration with non-IT staff

 

Mendix, a Siemens business and the global leader in enterprise low-code, released a survey showing that, despite being one of the first sectors to embrace digitalisation, the financial services industry is still mired down with complex processes and inadequate tools that are hindering its growth. This limits the sector’s ability to deliver business-critical services to its ever-growing, tech-savvy customer base, and to provide remote working options to staff at a time when all industries have to digitalise their workplace.

In a new report entitled ‘the Bottom Line: Simplifying Digital Evolution In Financial Services’, Mendix shows that digital transformation is a business imperative for the sector: Nine out of 10 IT leaders in financial services believe their firm will need to invest in digital projects over the next two years, just to survive in a rapidly changing market. For many, this requires juggling between customer-focused initiatives, improving productivity and operational efficiency (76 percent); harnessing data (90 percent); and solving compliance challenges (71 percent). In addition, this balancing act is gathering pace and spreading across the business: Today, IT teams must deliver innovation that’s fast, reliable and secure, and that supports many divisions — all at once.

Despite this clear need for innovation, IT teams often find themselves slowed down by their own tools and processes. IT leaders most frequently say that legacy or antiquated IT systems (35 percent) are the biggest hurdle to change; nearly two-thirds of respondents report challenges in supporting these legacy systems. This reduces IT’s ability to build new applications and create systems fit for the current and future needs of customers and employees.

In the highly regulated financial environment, preventing security challenges and downtime is another pressing concern. Close to 90 percent consider that security is a key consideration when rolling out any new technology, while a quarter admits that the risk of service disruption induced by a project is the greatest hurdle. Yet, two thirds of IT leaders believe the value of digital transformation initiatives outweighs their inherent risk. The pace of innovation is crucial: although IT teams face high demand for their support, most would not prioritise speed over caution, even if they could.

 

The Path to Innovation

To manage all these priorities, the IT team needs to look beyond its own team to create revenue-generating services. Most IT leaders agree that customer-facing staff understand client needs better than their department (73 percent). Given the right tools, these employees can collaborate with the IT department on digital transformation projects, enabling organisations to design services that suit the needs of their customer base, while reducing the pressure of an already-stretched IT team.

Low-code software development provides a simple solution to address these constraints and challenges: Based on a visual approach for building applications using drag-and-drop components, it enables non-technical staff to participate in creating business applications, even if they have little to no coding experience. Working separately or in close collaboration, professional developers and business-side “citizen developers” can create, iterate, and release applications in a fraction of the time it takes with traditional methods, all under the watchful governance of IT to ensure their applications comply with enterprise standards and architecture.

The Mendix low-code approach allows for flexible, iterative app development for many use cases in the financial services sector, including legacy application upgrades to comply with new regulations, apps supporting smart banking or portfolio management, and mortgage application management.

Nick Ford, chief technology evangelist, Mendix, said: “When it comes to digital transformation projects, the financial services sector is among the most forward-thinking, and it’s clear that the industry is ripe for more innovation. This puts huge pressure on limited IT staff who barely have time to keep the lights on. Luckily, there is a genuine appetite from financial services employees to participate in the creation and development of digital transformation projects. By enabling more collaboration between the IT team and other divisions, financial services companies can tap into the collective knowledge of their whole workforce. This allows these organisations to create the services that customers and staff want, and speed up adoption of high-value digital processes across the whole business to improve productivity and reduce operational costs.”

 

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TECHCOMBANK AND COMPASS PLUS CELEBRATE 15 YEAR MILESTONE IN BANKING PARTNERSHIP

Since issuing the first Visa card 15 years ago using solutions provided by trusted partner Compass Plus, Techcombank, one of the top commercial joint stock banks in Vietnam, has become the country’s market leader for Visa payments volume and has received numerous prestigious awards from the international payment network.

 

Techcombank was Compass Plus’ first customer in Vietnam, and following the initial project in 2005 to issue Visa cards in the country, the partnership has continued to go from strength to strength. The bank has used Compass Plus solutions to expand its card business and banking portfolio, and has also built an in-house processing centre using its partners software.

 

Originally brought in to help grow its business and develop its offering for individuals and small to medium businesses, Techcombank selected Compass Plus as the partner that had the expertise to support both its technical and business requirements.

 

“We are proud to mark this milestone in our partnership with Compass Plus,” said PhD Hoan Dang Cong, EVP, Deputy Head of Retail Banking at Techcombank. “Over the last 15 years, we have appreciated the efforts from the strong and well-established relationship we have with our trusted partner, as well as stable card business performance and flexibility to enable business growth.”

 

“Techcombank is one of the most technologically advanced banks in the country, and we are proud to be able to say that not only are they our customer, but that we have such a positive and long-standing relationship with them,” said Igor Simonov, AVP, Business Development and Sales Manager at Compass Plus. “As the Vietnamese banking sector responds to demands for more advanced payment methods than ever in a move away from cash, we will be ready to deliver and to provide the ongoing support needed to spur further growth for banks, such as Techcombank.”

 

 

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XALQ BANK SUCCESSFULLY COMPLETES IMPLEMENTATION OF TRANZAXIS

SMALLER BANKS

As part of a strategic project to modernise its infrastructure, Xalq Bank, one of the leading banks in Azerbaijan, has launched the open development payments platform TranzAxis from Compass Plus. The flexibility of this software solution will allow the bank to expand the range of services and products provided to customers and quickly respond to market changes.

The joint project with Compass Plus, which sees the automation of back-office operations for managing cards and customer accounts, also gives Xalq Bank access to technologies and tools that will enable it to transform its card business, and promptly develop new products and services that meet customers’ needs and the realities of the financial market of Azerbaijan.

In addition, during this project, the bank automated the processing of payment card transactions, including maintaining customer data, managing charges and limits and other card data; business logic and accounting for various types of cards, including the full cycle of servicing credit cards, and also provided automated interaction with third-party systems of both the bank and its partners. In addition, the new system has revised and optimised tools for accounting and analysis of the bank’s terminal network (ATMs and POS terminals).

“Thanks to the professional support of the Compass Plus team we completed this project in the quickest time possible, despite the COVID-19 pandemic. We are sure this is just the beginning of a long-term partnership, and the capabilities of the TranzAxis software platform will provide us with a good basis for business development for many coming years,” said Nazim Ibrahimov, project manager and a member of the Executive Board of Xalq Bank.

Head of IT department of the Bank, Ali Akhundov, commented on the joint work: “This project has become part of a large-scale process of modernising the bank’s IT infrastructure, which includes updating many systems and services. Due to its flexibility, functionality and architecture, TranzAxis plays a key role in automating our retail business.”

Alexey Osipov, Executive Vice President at Compass Plus, said: “The Azerbaijan market is extremely important for us, with 7 out of 30 banks and 2 processors operating in the country already Compass Plus customers! This project has, once again, confirmed the leading position of Compass Plus in Azerbaijan, and we are delighted to partner with Xalq Bank, one of the largest players in the financial services market.”

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