Many banks make the error of attempting several independent digital efforts, which fail because they lack the support or coordination necessary to compete with digital-native solutions. Instead, a top-down strategy incorporating digital systems, customer experience platforms, apps, and infrastructure is required for banking's digital transformation.

In the traditional data center model, customers have clear visibility over the various resources that are there at each location and have the proper segregation of roles and access controls to these resources as per the organizational business policies. While in cloud environments, customers lose some visibility of the resources due to a lack of a migration strategy and subsequent assignment of access controls for each resource and application, says, Chandrashekar Kodiguti, Senior Manager, Cigniti Technologies.

Forrester expects the tech spending by banks to achieve double-digit growth in 2022. They predict that leading banks will embrace a future-fit technology strategy and accelerate their end-to-end digital transformation to not only survive but compete in an increasingly unpredictable, post-pandemic world. As banks bolster their digital ambitions with technologies such as hybrid and native cloud, automation, and Agile & DevOps, they would need to put Digital Assurance at its very core to ensure faster delivery of better software.

Dominique Raviart, IT Services Practice Director at NelsonHall, in conversation with Sairam Vedam (CMO, Cigniti), talks about how the growing adoption of next-gen technologies is enabling a Digital-First ecosystem, worldwide across industries. As Cigniti continues to invest in augmenting capabilities to power the digital journey of our global customers, Dominique offers insights on why Cigniti has been continuously positioned as a leader in the NEAT charts over the years. Listen to Dominique in a fireside chat with Sairam in this latest episode of Cigniti Digital Dialogues.

The more banks adopt the new change, the more other market players will direct their payments through the banks implementing ISO 20022. #Banks that choose not to migrate to ISO 20022 will not be able to offer the same level of services as the competition and will become incompatible with most other businesses. Hence, it may not reach customers all over the globe and be left behind in the industry, says Amar Sindol, Senior Manager, Delivery, Cigniti Technologies.

As Cigniti leapfrogs into the Digital orbit, the capability-led acquisition of RoundSqr - a specialist in Digital Engineering services, strengthens Cigniti's digital ambitions. Hear Srikanth Chakkilam (CEO, Cigniti) and Kiran Kuchimunchi (CEO, RoundSqr) in conversation with Sairam Vedam (CMO, Cigniti) on what the acquisition means for Cigniti and how the combined offerings will add further value to clients globally.

Cigniti's Digital Assurance and Quality Engineering Services enable Healthcare & Life Sciences organizations to accelerate their Digital Transformation.

Banks are free to adopt an in-sourced or out-sourced model for operations of the digital banking segment, including DBUs. This gives the banks an opportunity to experiment with disruptive technologies in the cloud, one thing at a time. With so many innovations happening out there by fintech’s, banks do not have to bother about getting them to work with their core banking system, picking up best-of-breed solutions available on the cloud. The solutions tried and tested can then be added to the bank’s core banking system, says Vishnu Vardhan Vankayala, Associate Principal Consultant, Cigniti Technologies.

The global syndicated loan business is dependent on archaic back-office operations, administration & paperwork, tax rules and regulations across borders, transparency, and trust issues, and integration challenges between different members of the syndicate. The result is a longer settlement duration, high overheads between different parties - banks, borrowers, agencies, regulatory bodies, and high expenses in terms of fees, intermediaries, and documentation charges. Much of the challenge is due to the nature of the business.

Smart Room tech goes a long way in creating a lasting and memorable positive experience for millennial and next-gen customers who want all the information and convenience at their fingertips. Leading hotels are already on their journey towards experimenting or creating their own Smart Rooms leveraging IoT. IoT-driven Smart Room Technology creates multiple benefits for the guest, the service provider, and the environment, says Deepakumar, Principal Consultant, Cigniti Technologies.