Well into the 21st century, banks continue to face a variety of tech related challenges. For example, technical debt, a lack of modernization of their legacy systems, remains a significant barrier to transformation. These systems are not able to support unstructured or siloed data without significant and complex IT involvement. In response, many financial institutions are now looking to integrate parallel, cloud-based platforms. This often proves to be a less risky solution, as it speeds up the time-to-market while allowing for the migration of core banking functions at a slower pace.
With a solid background in fintech Brightgrove is well positioned to deal with any and all challenges you may have. We can help.
The banking industry generates and shares an outstanding amount of data every day. But at the pace data increases, so does the challenge of extracting actionable insights. The challenge is addressed with Big Data. The use of this technology allows financial institutions to pull various streams of data together and provides them with a tool that will help them make informed decisions. The kind of decisions that will help them remain competitive. A Brightgrove team can help with this.
Working with Regulations
Understandably, this sector has many regulations. And these expand to technology. Regulators are setting parameters for innovations in mobile banking and applications, and then ensuring parameters are supervised and enforced. In many cases, third party vendors have oversight when it comes to deployment and scalability of applications and services such as payment processors, but the approach used by regulators varies by country. Brightgrove understands this.
This sector is beginning to invest heavily in AI, and this could be due to the enormous cost-savings it could bring the industry. They are expected to by $447B by 2023. Customers have an expectation of immediate service, so chatbot and robots are helping the streamline the customer service experience. AI is also behind the mobile banking solutions that give customers 24/7 access to day-to-day banking operations. But it’s not limited to the needs of the customers. AI is used in fraud detection, risk management, and more. Let a team at Brightgrove help you integrate AI into your systems.
This continues to be one of the largest risks facing the industry. Certainly, it’s a threat to all industries, but in comparison, those in financial services express the highest concern. And with rapidly evolving technologies, both complex and sophisticated, a dramatic increase in mobile applications and IoT, and the extent of cross-border data exchanges, that concern is warranted. Brightgrove is just as concerned with security as you are, and we will always work to ensure your data is safe.
We help tech companies create unique software products that help increase their customer’s satisfaction.
Video on Demand TV Service
A 60-person Agile engineering team formed to assist
an American internet television service that builds/
develops applications for several desktop, mobile,
and internet-connected TV platforms.
Big Data Analytics Software
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data analytics software by Aginity.
PCI-compliant Payment Gateway
A Scrum team of Java engineers experienced in fintech
for a highly regulated payment solutions provider.
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