academia, 17
accident insurance, 12
accounting closing, 98
account opening, 66–67, 98
accurate data, 39–40, 58, 78, 88, 89, 91, 104, 110, 119, 135, 148, 164, 181, 196, 207
administrators, 14
anti-money laundering (AML), 84, 147
APRANET, 26
asset management, 36, 38, 41, 187
audit rights, 213
automated teller machines (ATMs), 21–22, 111, 204
back-end systems, 130
BankAmericard, 21
banking, 8
business, 10
investment, 10–11
retail, consumer, or personal, 9
services for large organizations, 11
bank reconciliations, 97
BCP. See business continuity planning (BCP)
big bang approach, 161
big data
analysis, 180
business reason to, 175
case study, 183
challenges of, 181–182
clean, accurate, and timely data, 175–176
customer servicing and selling, 174
data analysis, 172–173
data gathering, 171–172
data privacy and security legislation, 178
data storage, 172
definitions, 169–170
financial analysis, 174
fraud detection and prevention, 173
generic uses, 170–171
governance and control, 178–179
implementation, 176
operational efficiencies, 174
real-time stock market insights, 173
risk analysis, 173–174
skilled staff, 177–178
and social acceptance, 179–180
technology capability, 176–177
BitCoin, 30
blocking cards, 99
BREXIT, 36
business
banking, 10
case checklist, 217–219
continuity, 163
focus, 112–113
need, 209
business continuity planning (BCP), 43, 56, 72–73, 97
car (vehicle) insurance, 12
carrot tactics, 42
cash, use of, 20, 111, 139, 146
central bank digital currency (CBDC), 140–142, 144–146
Chabot, 127
change control process, 103, 115
change management, 163
client-centric view, 75
clients
data, 69–71
demands, 38
documentation requests, 99–100
nature of, 37–38, 58, 63, 77, 91, 104, 118, 134, 147, 163, 181, 195, 206
servicing, 29, 97
climate change, 38, 185–187, 189
cloud computing, 151–153
business reason, 154
capability building, 160–161
case study, 165–166
challenges of, 163–165
cloud provider(s), 156
data centers, moving, 153–154
data protection, 156
day-to-day running, 162
end state, 154–155
firm’s data, 156–157
legal issues, 160
migrate/execute the plan, 161
needs, 160–161
oversight and governance, 157–159
phased plan, 161
skilled staff, 159
suppliers and service providers, 154
technology, 160
UK regulator, 162–163
vision, 154–155
cloud provider(s), 151, 152, 155–161, 163, 166
COBOL, 21
collective investment scheme/ standalone segregated portfolio, 13, 14
communication tools, 53
competition and replacements, 58, 78, 92, 105, 119, 135, 148, 149, 165, 182, 197, 208
competitors, 44–45
confidentiality agreement, 212
consultants, 16
contract, 211–212
core players, 7–15
costs, 211, 218
drivers, 58, 78, 92, 105, 119, 135, 149, 164, 182
firms, 57
implementation, 93–94, 218
pressure, 40–41
reduction, 217
savings, 61, 69, 96, 106, 126, 127, 153, 166, 218
COVID-19, 42–43, 48–51, 59–60, 65
credit cards, 9, 10
critical illness insurance, 12
cultural fit, 212
current accounts, 9, 10
customer-facing front-end, 74–75
customers, 8
behavior, 85, 111
general health of, 112
green, 194
servicing and selling, 67, 125, 174
cyber policies and monitoring, 54
Dark Green products, 188
data
analysis, 172–173
centers, 193
cleaning, 172
collection, 127
consumption, 171
gathering, 171–172
legislation, security, 178
normalization, 172
privacy, 178
security, 162
storage, 172, 192–193
database technologies, 23
day-to-day running, 215–216
death insurance, 12
debit cards, 9, 10
decision trees, 82
dependent variables, 82
desk booking, 55
detailed contract negations, 214–215
digital currency, 139
cash, use of, 146
CBDCs, 140–142
challenges of, 147–150
definitions, 140
existing industry models and firms, 145
future for, 144–145
operating models, 146–147
trend, 139–140
United States and Western countries, 145–146
virtual, 142–144
direct/indirect loss, 211
disciplinary/termination of contract, 55
distributors, 14
downloading and directing of data, 97–98
due diligence, 214–215
efficiency, 217
Egg Internet Bank, 27
emerging technology, 30, 34, 64, 93, 106, 110, 150, 169, 195, 199, 204, 205
end state, 128–129
energy efficiency, 190, 192
entity level, 188
Environmental, Social, Governance (ESG), 37, 186
errors rates, 217
exit plan, 163, 212–213
Fedwire Funds Service, 20
financial analysis, 174
financial regulators, 15, 31, 34, 141, 160, 162
financial services industry, 5
core players, 8–15
critical, 6
definition, 5
non-core players, 15–17
size of, 6–7
structure of, 7–8
financial services technology evolution, 19–20
developments, 21–22
Internet/Web, 27–29
mobiles, 29–32
Moore’s law, 22–23
payments, 24
problems, 25–26
technology, 20–21
technology improvements, 23–24
trading and general market infrastructure, 24
FORTRAN, 21
fraud detection, 84
and prevention, 173
fraud management, 126
fraud protection, 112
front-end, 73–74
functional fit, 210
function as a service (FaaS), 152
General Data Protection Regulation (GDPR), 36
Globex trading, 24
going green, 194
governance, 102–103, 114–115
structure, 219
graphical user interface (GUI), 23
Gray products, 189
green computing, 185–186
case study, 197
challenges of, 195–197
competitive advantage, 194–195
implementation, 192–194
measuring and benchmark, 190–191
organizations and, 187–190
strategy, 191
grievance policies, 55
home/buildings insurance, 12
human resource (HR) policies, 54–55
hybrid cloud, 153
inbound communications, 129, 132
independent variables, 82
Information Technology
Infrastructure Library (ITIL), 25
infrastructure as a service (IaaS), 152
insurance, 11–13
checks, 84
firm/large asset owner, 15
implications, 55
types of, 12
internal back-end systems, 74–75
international standards, 162
Internet-of-Things (IoT), 109, 201
benefits of, 110
branches., 111
case study, 119–120
challenges of, 112–119
in financial services, 110–112
governance and oversight processes, 114–115
network dependence, 117
policies for the development, 115
power supply dependence, 117
remote maintenance, 117
robust security, 116
social acceptance, 116–117
technology platform, 114
uses of, 109–110
Internet/Web, 27–29
investments, 13–14
banking, 10–11
firm, 14–15
management, 5, 11, 59, 78, 188
roles, 14
investors, 14
Know Your Customer (KYC), 105, 147
legal and regulatory considerations, 162
legal firms and other legal advisors, 16
Light Green products, 188
LINK, 24
location checking, 72
machine learning (ML), 81, 204, 205
benefits, 81
case study, 93
caution, 93–94
challenges of, 86–92
in financial services, 84–85
historic data, 87–88
technology, 89–90
working, 82–84
market entrants, 44–45
market infrastructure, 15–16
mergers and acquisitions, 11
mobile “backend” as a service (MBaaS), 152
mobiles, 29–32
Moore’s law, 22–23
mortgages, 9, 10
National Association of Securities
Dealers Automated Quotation (NASDAQ), 24
natural language processing (NLP), 121, 204
back-end systems, 130
benefits of, 121
business reason to, 127
case study, 136–137
challenges of, 134–135
content, amount of, 126–127
customer servicing, 125
data collection, 127
end state, 128–129
fraud management, 126 front-end, 129
generation, 123–125
governance and control, 130–131
inbound communications, 129, 132
internal efficiencies, 126
issues, 127–128
lexicons and vocabulary, 133
outbound communications, 133
skilled staff, 131–132
social acceptance of, 134
types of, 122–123
understanding, 122–123
working, 123–125
network dependence, 117
neural networks, 83
NLP. See natural language processing (NLP)
non-core players, 8, 15–17
non-profit, 40–41
online shopping, 24
Open Banking standard, 31
operating efficiency, 85, 174
operating models, 40, 43–45, 58, 68, 80, 92, 94, 96, 104, 119, 135, 146–148, 164, 182, 196, 207, 215
oversight process, 102–103, 114–115
pantelegraph, 20
passwords, 72, 122
payback period, 218
payments, 9, 10, 12, 16, 24, 25, 27, 29, 30, 33, 38, 75, 112, 139–144
PayPal, 27
personal computer (PC), 22
personal loans, 9, 10
phased plan, 161
PIN, 122
platform as a service (PaaS), 152
power consumption, 190
pre-sales activity, 66
pre-sales documentation, 99
primary data, 171
private cloud, 153
process-heavy applications, 193
processing trades and/or transfers, 99
products
classification, 188–189
client data, 70–71
cross and increased selling, 85
cross-selling of, 67
evolution of, 58, 77, 91, 104, 118, 134, 148, 164, 181, 196, 206
level, 188
nature of, 38
profit, 15, 36, 39–41, 211, 215
profitability/cost drivers, 58, 78, 92, 105, 119, 135, 149, 164, 182, 196, 207
protection of intellectual property, 212 public cloud, 153
Quotron Systems, 21
raising of capital, 11
real-time stock market insights, 173
recruitment, 55
firms, 17
recycling, 190
redundancy, 55
re-enforced, 83–84
Regression Analysis, 82
regulations
complexity of, 200
increased, 57, 77, 91, 104, 118, 134, 147, 163, 181, 195, 206
regulators, 15, 42
Relational Database Management
Systems, 23
remote customer servicing, 111
remote maintenance, 117
remote working, 47–51
applications, 53–54
BCP, 56
business process, 57
case study, 59–60
challenges for, 57–59
communication tools, 53
costs, 57
cyber policies, 54
firms, 52–53
staff contracts and HR policies, 54–55
staff infrastructure, 51–52
staff well-being, 55
support model, 55–56
requirements, 210–214
resolution, 163
retail banking, 10, 14
reverse due diligence, 214–215
risk
analysis, 173–174
management, 31, 39, 93, 129, 158, 162, 202, 213, 215, 216
profiles, 36, 43, 45, 59, 78, 92, 105, 119, 135, 150, 165, 182, 197, 208
robotic process automation (RPA), 95
benefits for, 96–97
case study, 105
challenges of, 100–105
in financial services, 97–100
governance and oversight processes, 102–103
staffs to, 103
technology platform, 101–102
working, 95–97
robust security, 116
savings accounts, 9, 10
secondary data, 171
securities sales and trading, 11
self-servicing, 27, 29, 32, 39, 63, 204
BCP, 72–73
benefits, 65
case study, 78–79
challenges of, 68–78
client data, 69–71
for customers, 73–74
definitions, 63
front-end, 73–74
growth in, 63–66
implementation, 68
pragmatic, 68–69
support model, 75–76
uses of, 66–67
semi-supervised learning, 83
Senior Managers and Certification
Regime (SMCR), 42
service provider, 162
shock treatments, 112
sickness, 55
social acceptance, 116–117, 179–180, 204
Society for Worldwide Interbank
Financial Telecommunication (SWIFT), 24, 25
software as a service (SaaS), 152
speech recognition, 122
staff
contracts, 54–55
educating, 193
infrastructure, 51–52
losing, 202
performance, 55
well-being, 55
standalone/segregated portfolio, 13–14
stick tactics, 42
supervised learning, 82–83
supplier, 214
arrangement, 215, 216
selection checklist, 209–216
support
model, 210
services, 16–17
Sustainable Finance Disclosure
Regulation (SFDR), 186, 188, 189
technology
firms, 16, 199
implementation, 200–202
infrastructures, 25, 28, 31, 33, 129–130, 154, 165, 203
interaction, 205
models, 40, 58, 78, 92, 104, 119, 135, 148, 164, 182, 196, 207
platform, 101–102
robust infrastructure, 202–203
skills and capabilities, 202
social acceptance, 204
telegraph, 20
termination clauses, 211
text/telephone verification, 72
timeline, 219
trade associations, 17
trading, 11, 24, 27, 53, 82, 84–85, 87, 166, 175, 176, 183, 209
training firms, 17
trans-Atlantic cable, 20
trust, lack of, 38–39, 58, 77, 91, 104, 118, 135, 148, 164, 181, 196, 206
tsunami, 36–37
UK regulator, 162–163
unsupervised learning, 83
usernames, 72
virtual currency, 140, 142–147
virtual technology, 192
workforce
COVID-19 and, 42–43, 48–51
and cultural diversity, 41–42
nature of, 41–44, 58, 78, 92, 105, 119, 135, 149, 164, 182, 196, 208
work-life balance, 43–44, 47–48
World Wide Web, 26, 28, 29, 31–32
Write Once Read Many (WORM), 193