Tag: Financial services

Financial services are the economic services provided by the finance industry, which encompasses a broad range of businesses that manage money, including credit unions, banks, credit-card companies, insurance companies, accountancy companies, consumer-finance companies, stock brokerages, investment funds, individual managers, and some government-sponsored enterprises.

Opinion

The Credit Suisse Collapse | What Went Wrong & What Are the Lessons?

Credit Suisse was once one of the world’s leading banks, with a reputation for innovation and excellence. But in March 2023, it shocked the financial world by announcing that it had run out of cash and was being taken over by its rival UBS. How did this happen? And what can other banks learn from its demise? Credit Suisse’s collapse is a cautionary tale for all banks that want to survive and thrive in the post-pandemic era. They need to be agile, customer-centric, and responsible if they want to avoid becoming obsolete or irrelevant. Continue reading The Credit Suisse Collapse | What Went Wrong & What Are the Lessons?

Indrajit RoyChoudhury6 Comments
Opinion

Silicon Valley Bank | How Does a Bank Collapse in 48 Hours?

Silicon Valley Bank (SVB) was a well-capitalized institution seeking to raise some funds. Within 48 hours, a panic induced by the very venture capital community that SVB had served and nurtured ended the bank’s 40-year run. While relatively unknown outside of Silicon Valley, SVB was among the top 20 American commercial banks, with US$209 billion in total assets at the end of last year. Faced with higher interest rates, loss of IPOs, and a funding drought, SVB’s clients began pulling money out of the bank. Lenders somewhat similar to SVB are in an unfortunate situation. A failure to protect deposits over $250,000 could cause a loss of faith in other mid-sized banks. Analysts said SVB’s collapse is unlikely to set off the kind of domino effect that gripped the banking industry during the financial crisis. Continue reading Silicon Valley Bank | How Does a Bank Collapse in 48 Hours?

Indrajit RoyChoudhury10 Comments
Mixed Bag

e-RUPI | A voucher System Ahead of Digital Currency in India

e-RUPI is a cashless and contactless digital payments medium, which will be delivered to mobile phones of beneficiaries in form of an SMS string or a QR code. These vouchers are person- and purpose-specific, meaning if they are released by the government for the purpose of vaccination, then they can be redeemed only for that. Now you can make payment through this e-Rupi Digital Payment at any place in the country. Continue reading e-RUPI | A voucher System Ahead of Digital Currency in India

Indrajit RoyChoudhury4 Comments
Opinion

Digital Attacker Banks’ Time Has Come

Digital attacker banks have demonstrated that they can delight customers, scale up quickly and expand into new products, geographies and customer segments. Digital attackers are lower cost, faster to innovate and can transform their traditional parents. As an alternative to embarking on a multiyear, hugely expensive systems transformation, some incumbent banks have launched attackers with the aim of transforming the core business. Continue reading Digital Attacker Banks’ Time Has Come

Indrajit RoyChoudhury11 Comments
Opinion

Taking Banks to Next Level | Platformification

Platformification is not a new concept but is has never been applied to the banking industry before. In essence, a platform is a place where producers and consumers meet to conduct some form of exchange such as they did in the markets of yore. Platformification without digitally open platforms will not help. Open platforms help in the evolution of ecosystems, where business models are heading towards. It can create a path for relationship-building with API providers and constructs a space for those providers to access a wider customer base. Continue reading Taking Banks to Next Level | Platformification

Indrajit RoyChoudhury9 Comments
Mixed Bag

Thank You Coronavirus Helpers | COVID-19

Google often changes it’s logo to celebrate holidays, anniversaries or the lives of famous artists and scientists. Today’s Google Doodle celebrates all public health workers and researchers across the globe working in the fight against the novel coronavirus. Google has made a change to their logo to thank public health workers across the world during COVID-19. Google announced that it’s only the first in a … Continue reading Thank You Coronavirus Helpers | COVID-19

Indrajit RoyChoudhury4 Comments
Opinion

Mobile Banking in Iraq | A thought started a decade ago

The business of banking has dramatically changed during the last ten years. The fast development of technology has affected the industry of banking around the globe. Banking has a pillar role in the development of the economic sector. The information technology revolution that the current century has seen had its great effect on the process of banking. Customers do not need to queue for services as … Continue reading Mobile Banking in Iraq | A thought started a decade ago

Indrajit RoyChoudhury6 Comments
Opinion

Impressive Penetration of Digital Payments

Payments are made using payment instruments. Cash, for example, is a payment instrument. So too are cheques. Digital payment is a way of payment which is made through digital modes. In digital payments, payer and payee both use digital modes to send and receive money. Innovation has been one of the biggest drivers for the growth of India’s digital payments economy. Along with the increasing adoption of smartphones, the availability of affordable mobile internet is doing wonders for the digital payments market in India. Continue reading Impressive Penetration of Digital Payments

Indrajit RoyChoudhury21 Comments
Opinion

Goodbye LIBOR, Hello SOFR!

LIBOR has been an endangered species for some time now. LIBOR, the rate that banks charge each other to borrow money, is slated to go by the wayside in 2021 and taking its place for USD will be something called the Secured overnight financing rate, or SOFR. Almost every part of the financial world is touched by LIBOR; it is plausibly the world’s most important number. Continue reading Goodbye LIBOR, Hello SOFR!

Indrajit RoyChoudhury4 Comments