Orchestrating Transactional Banking Innovation: A Harmonious Symphony of Breakthrough Solutions
Transactional banking is entering a new era of innovation, presenting large banks with unprecedented opportunities to transform their operations and elevate customer experiences. In 2023, breakthrough solution tools are emerging as key enablers for overcoming pain points and positioning transaction banking as a winning advantage. From microservices and GraphQL to low code/no code, Devops, and better data management, the possibilities are abundant. In this article, we will explore these innovative tools, accompanied by a delightful dance of technologies, ensuring success becomes a harmonious melody for large banks.
- Microservices and GraphQL: Breaking Down Barriers and tightening Security over increasingly hybrid environments with IAM and AD tools like Semperis . Also with more microservices , API Jungle , there is always a risk of your favourite developer team running away . Not any more with tools like @Hasura.io that not only setup the security , API day 1 , but documentation as well. MQ's obsolescence and JAVA API that were left abandoned or loaded with obsolescence that leaders carry like a cross year and after year can soon we relieved with main stream banking secure low code no code tests . 7 API's can be merged into one GraphQL - and it works beautifully for some of the most successful US and UK open banking solutions by large banks.
- Microservices architecture, combined with the power of GraphQL, offers agility, scalability, and modularity to large banks. By decomposing complex banking systems into smaller, independent services, microservices enable rapid development, deployment, and scaling of transactional applications. GraphQL, with its efficient data querying capabilities, simplifies data access and empowers developers to build flexible, client-centric interfaces. This combination allows banks to create innovative products, adapt quickly to market demands, and deliver personalized transaction banking experiences.
- Low Code/No Code: Unleashing Creativity
- The low code/no code movement has gained momentum, empowering both developers and non-technical professionals to build applications with minimal coding. Large banks can leverage low code/no code platforms to rapidly prototype and develop transactional banking solutions, reducing time-to-market and fostering innovation. This approach democratizes development, breaking down silos between IT and business teams, and enabling creative problem-solving. The result? A vibrant ecosystem where ideas flourish, transforming transaction banking into a playground of possibilities.
- DevOps: The Synchronized Choreography , no devops no deployment , you got to give tough love sometimes to get sweet results. plus no orphan code lying about , so come back as boggy monsters or code shrapnel risks later on. MLOps is also to be included with added ML data labelling . This is not optional but compulsory
In my own tenure I have seen transactional data being replicated nearly 11-13 times in various forms with /without metadata , for meeting each departments ' unique use case , which in reality had less than 6% delta in their data structures and content!!! . What a waste , if they just talked to each other . Architectures were blamed . Not true !. The problem was lineage . No one knew end to end what was happening with the data Cradle to Grave , once it left the mainframe or core banking cloud system .
- DevOps practices have become instrumental in accelerating software delivery and improving collaboration between development and operations teams. By adopting DevOps principles, large banks can streamline their release cycles, enhance system stability, and rapidly respond to customer needs. With automated testing, continuous integration, and continuous delivery pipelines, the dance of DevOps ensures a seamless performance of transactional banking systems. It's a well-choreographed routine that delights both customers and stakeholders alike.
- Better Data Management: The Conductor of Insights and lineage tracking with metadata management about data . PS : It is not about data mesh vs data lake vs Data lake warehouse but usage of data for every $1 of data storage and compute costs . Can you really track it like a data benefit return , not on speed but value you generate from data . Think of transaction banking like an investment center , rather than 'cost center or mere CRUD recording system. Think of it as a 'Fat ledger' !!! and then hear it sing away all your problems and give you the insights you need... first hand experience doing this change and low and behold in 7 months ended up spending 13% less and saved GBP in infra and digital management , cloud costs GBP.11.8 million .
- In the transaction banking realm, data reigns supreme. Banks must orchestrate their data management strategies to unlock its full potential. This involves data tiering, where different types of data are stored and processed based on their value and frequency of access. Additionally, leveraging the power of cloud computing, backed by NVIDIA's advanced processing capabilities, enables large banks to harness big data, perform complex analytics, and derive actionable insights. With better data management, banks become conductors of valuable insights, guiding their decisions and strategies with precision.
- Lineage Tracking and Feature Engineering: Dance Moves of Intelligence, by following the lineage - breadcrumb by breadcrumb .It got Hansel and Gretel out of the forest , it will help business leaders , RM's and technology CIO's out of our problems and track Data for its usage /misuse from Cradle to Grave and help drive optimization /cost saving /revenue opportunities at every level of the banking value chain .
- Lineage tracking, combined with feature engineering embedded in transaction banking systems, ensures transparency, auditability, and compliance. This allows banks to trace the origin of data and the transformations it undergoes, enhancing trust and risk management. Furthermore, employing customer persona-based transaction banking enables personalized experiences tailored to individual needs, amplifying customer satisfaction and loyalty. These intelligent dance moves create a rhythm of innovation and empowerment.
- Account Discounting, Factoring, and Intelligent Machines: The Showstoppers
- Account discounting and factoring solutions bring a symphony of financial flexibility to transaction banking, enabling banks to offer unique financing options to businesses. Intelligent machines, such as Account Point Rule Engine, complement human-driven AI and machine learning, generating near real-time insights. This amalgamation empowers large banks to make data-driven decisions, improve risk assessment, and enhance customer experiences. The result is a spectacular performance where man and machine harmonize to deliver excellence.
- Get decision making real time without having to spend millions- get near time with a in memory solution with a cleanup as a you go indexing and having a OTAP/OLAP to get your across when Big Data takes time and cost for decision making . They are fast and costs 1/7th of big data does .
In the transformative landscape of transactional banking, leaders face the question of which path to follow. The answer lies in orchestrating a synchronized dance of innovation. Embrace microservices, GraphQL, low code/no code, DevOps, better data management, digital integration, and NVIDIA's cloud-powered capabilities. Blend in lineage tracking, customer personas, account discounting, factoring, and intelligent machines. In this symphony of breakthrough solutions, large banks can uplift transactional banking pain points, transforming them into a winning advantage that resonates with customers, stakeholders, and the industry at large. Remember, it's not about doing one thing—it's about dancing to the rhythm of innovation and creating a melodious success. As they say, "In the world of transaction banking, the best performers do it all, in perfect sync. It's a dance that leaves the competition in awe and the audience applauding."
"Want to talk or discuss your transactional banking innovation and transformation journey , reach me at
Nupour Mukherjee
for insights. I love the tradition where we share our stories of triumph and lessons learn and get richer in wisdom as a result of it . Look forward to hearing from your stories and journey."
Empathy Driven Strategic Delivery and Transformation Leader | Trauma Informed Movement Therapist
1 年Excellent Read . Covers a huge breadth of interesting topics . Given my recent experience in data lineage, what excites me the most is the immense potential of the collaboration of devOps tooling , cloud Computing and lineage tools like Solidatus . Solidatus Connectors could be extremely powerful to help organisations harness the potential of understanding one's own meta data . The knowledge of why, what , when, how , etc about data could be immensely beneficial to organisations to improve productivity, sales targets and detect any fraudulent activities . Last but not the least, I love the analogy between dance choreography and the collaboration of modern technology . As a movement artist , I completely resonate with this thought . Movement/dance is a balance between strength , flexibility, gestures , expressions , etc . At the current scenario, a good data management architecture is about striking the right balance across various dimensions . The better the balance , the more an organisation can thrive in terms of cost effectiveness yet implementing a robust secure architecture .