Tag: EMEA Banking


Next Generation Payment Systems

The latest development which promises to transform UAE’s payment landscape is the CBUAE’s initiative to introduce the UAE Direct Debit System (UAEDDS), which will provide a safe and convenient method of making recurring payment transactions for utility services, card payments and loan repayments, etc. With the clock ticking for the advent of the UAEDDS, Newgen is all set, with its enhanced payment suite, to help banks prepare to meet the challenge.

Newgen Software Technologies Limited has been present in the UAE banking marketplace for long, as a leading technology vendor, and has partnered with many banks, finance houses and corporate houses for implementing world class payment and banking automation solutions. A leading solution provider in the payments landscape, Newgen has implemented Electronic Fund Transfer (EFT) solutions and Image-based Cheque Clearing Systems (ICCS) across the Indian Sub-continent, the Middle East, Africa and the SEA regions. Newgen has also been engaged in the various DDS seminars and discussions conducted by the Central Bank so far. Newgen’s solution for Direct Debit payments provides a unique opportunity for banks in the UAE to opt for a world class, cost-effective and ready-to-use product for handling the DDS mandate.

With the objective of addressing every aspect of the Direct Debit system and its implications to banks, service providers and consumers, Newgen is hosting the ‘Next Generation Payment Systems’ Seminar to in Dubai on Tuesday, August 28, 2012.

The seminar is being held to present Newgen’s vision of a unified payments hub for banks, along with:

  • Demonstration of “Newgen’s Direct Debit Solution” on UAEDDS System
  • Views of senior bankers / industry experts along with their experiences in addressing and mitigating key challenges related to payments
  • Creation of opportunities to network and collaborate with leading financial players in the Middle East, and building new partnerships

Who Should Attend:

  • Senior Payment/Operations Executives from banks and financial institutions
  • Senior Executives from banking technology sector

Seminar Leaders and Speakers: Thought Leaders and Solution Experts in Payment Systems

The session will be followed by networking drinks and dinner. With a nearing deadline for the introduction of the UAE Direct Debit System (UAEDDS), banks need to assess the adaptability of their existing legacy systems to the requirements of the new payment system. Newgen believes that such an event will help banks to exchange views with industry experts, explore automation of error-prone processes, and efficiently manage electronic fund transfers, while reducing their operational expenses.

Name: Amandeep

Bio: Amandeep handles the pre-sales operations for payment solutions in Newgen, including ICCS and Direct Debit products.


Islamic Banking – A walk through

Islamic banking (or participant banking) is a type of banking system that complies with the principles of Shariah law. Islamic banking works on the basic premise that Shariah prohibits the fixed or floating payment or acceptance of Riba or Usury (specific interest or fees) in financial transactions. Also, Islamic banking prohibits investments in businesses that provide goods or services considered contrary to Islamic principles. Such investments are deemed Haraam (sinful).

While the basic tenet of Islamic Banking – the outlawing of Riba, is a term whose application is rarely found beyond the Islamic World, however many of its guiding principles have found a more universal audience. The reason for this boils down to the fact that a majority of these principles are based on simple morality and common sense, which is a common platform for most world religions, including Islam.

The Holy Quran clearly mentions about prohibition of Riba. The following verses can be taken as a reference.

The Quran – Surah 02- Al Baqarah, verse 275:

“Those who devour Riba will not stand (especially for judgement before Allah) except as stands one whom Satan by his touch has driven to madness. That is because they argue: “Business and Riba similar to each other.” But Allah has made “business” Halal and He has made ‘Riba’ Haraam. Those who after receiving this warning (concerning the Haraam of Riba) from their Lord, (now) desist (from Riba), may keep whatever they had previously earned (as Riba); and their case (will now be judged by) Allah (alone, i.e. the Islamic State will not deal with that matter); but those who return (to Riba even after this revelation of the Quran) are companion of fire (of Hell); they abide therein (forever).”

Islamic banking first appeared on the global map as active player, over three decades ago. Today it is being proclaimed as one of the fastest growing and reliable financial systems in the world. However, it would be a gross discourtesy to limit its influence to just a few decades, for the principles on which Islamic Banking is based on, have existed and influenced monetary markets for centuries.

Name: Imroz Adeeb

Bio: Imroz is Associate Manager - Corporate Communications at Newgen Software.


From Banks to ‘Financial Supermarkets’-The Alternate Perspective

In my previous article, titled ‘From Banks to Financial Supermarkets’, I have mentioned about the strategies banks are following these days and projecting themselves as financial supermarkets- one stop shop for all financial needs; be it opening of CASA, home loan, personal loan, credit card, bank assurance, or mutual funds.

There is one more way of looking at the term “Financial Supermarket”. The word Supermarket signifies multiple products from multiple brands made available under a single roof. Now let’s see how the concept of Supermarket translates to Financial Services. A Financial Supermarket means all financial products from different vendors made available under the same roof. Today’s customer is very aware and makes his financial decisions after evaluating several options. He may want a credit card from one bank and an insurance solution from another. In such a case to get a complete control of a customer’s portfolio or to create a loyal customer base, a bank can tie up with other Financial Services vendors and earn huge commissions. For e.g. XYZ, a leading bank in India, that offers all banking products ties up with ABC Insurance Company and adds ABC’s products also in its portfolio. Following a similar approach, a bank can tie up with several financial services vendors. This will not only add variety to the banks portfolio but also result in increased revenues.

However, to adopt this concept of Financial Supermarkets, banks need to have a very strong back office, or a ‘Process Factory’- BPM platform above Core, which can take the entire processing load from the front office staff, thus giving them an opportunity to concentrate on sales and customer service.   

Name: Neeraj

Bio: Neeraj Koli is part of the Global Business Development team at Newgen, and is responsible for the APAC Banking market.


“Banking Transformation Needs Smart Automation”

Last night I participated in a webinar titled “Banking Transformation Needs Smart Automation”. The webinar highlighted BPM and ECM as catalysts for financial services transformation and how business benefits could be accrued from their implementation. The speakers included Derek Miers, Principal Analyst of Forrester Research and Mridul Sharma, Senior Vice President, Solution Delivery Team, IndusInd Bank and Ritesh Verma, Head, CoE Banking Practice.

Mr. Derek Miers talked about “Driving Transformation in Financial Services.” He began by stating that most organizations today are in the midst of one of the most disruptive shifts in economic history. The shift has been from producers and those who hold capital to consumers. Consumers he said had a plethora of choices today and even more so in the finance and banking industry. He went on discuss the gradual transition from the way banking services were delivered on paper to the 360 degree approach that is followed today. He stressed on the fact that since customers had so many choices, the greatest differentiator was how customer experience was delivered to customers. If customers were dissatisfied, they would invariably jump ship. To keep in tune with customer needs, organizations had to evolve and transform themselves. Mr. Miers spoke about how processes were at the center of this transformation from Traditional Line Management to Processes and Services Management. He argued that this did not warrant a Band-aid approach where specific systems or parts of the organization were changed but more like a “Wellness Program” which brings overall vitality, rejuvenation and business transformation. He felt that customer centricity should become the default behavior of the organization and especially its front line.

This approach reminded me of the term “Big Process” that I read in an article by Connie Moore titled “Embrace Big Process Thinking” where she said, “Big Process is when senior-most business and technology leaders embrace business process change by shifting the organization’s focus from isolated BPM and process improvement projects to a sustainable, enterprise-wide business process transformation program that is then supported and driven by top executives.” I think this aligns perfectly with what Derek was trying to explain.

Derek went on to elaborate on how organizations should build their transformation plan by focusing on outcomes and working backwards to the processes it needs to deliver that outcome. He concluded by highlighting that organizations should look at this as an opportunity to shine and take the lead rather than waiting for change to happen.

Mridul Sharma then took the speaker’s role and discussed how Newgen’s BPM solution helped the bank to improve processes, reduce turn-around-times, foster transparency and lay the foundation for a paperless and green office.

Ritesh Verma concluded the presentation session by discussing Newgen’s capabilities in BPM and ECM and stressing on how Newgen is in the business of transforming banks. He went on to point out how Newgen has become a key enabler for fast growing banks. He also enumerated the company’s achievements in the BFS industry and its pedigree of 850+ installations across 45 countries. He concluded by showcasing the number of clients Newgen has worked with and how it has helped 119 banks across the globe to achieve their business goals.

The webinar was wrapped up by a Question and Answer round where participants interacted with the key speakers.

Name: Imroz Adeeb

Bio: Imroz is Associate Manager - Corporate Communications at Newgen Software.


Are APAC banks ready to embrace effective Customer Communication Management to capture customer interest?

A study (Source: Prentice Hall, Leading on the Edge of Chaos, by Emmett C. Murphy and Mark A. Murphy) suggests that a 2 percent increase in customer retention has the same effect on profits as cutting costs by 10 percent.

Recently banks in the Asia Pacific (APAC) have been on a spree to accelerate branch automation and enhance customer experience. The trend suggests that in APAC the countries with high economic growth prospects, like China, India and to some extent Indonesia are leading the IT implementation race in the Banking industry. The pace at which APAC banks are implementing modern IT systems indicates that they have realized the importance of customer experience to ensure continuation of the most important customer relationships.

To enhance customer experience, banks today need a robust and scalable Customer Communication Management system that ensures superior customer service through consolidated information, single statement template for multiple distribution channels, easy change management by incorporating version control mechanism and conformance to regulatory compliance.

With increasing competition in the banking industry, there is a strong push towards capturing customer interest by dynamically including highly customized and personalized marketing messages in statements. This would reduce the time to market considerably and facilitate up-selling and cross-selling by targeting the right offer to the right customer on the basis of analysis of transactions.


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