Consumers are gonna consume (whatever, whenever and however they want), challengers are gonna challenge, and banks, most of them anyway, are in for a rude awakening if they don’t innovate their way back to power – and relevance.
A leader in the field of banking software development, Banking Software Company (BSC), has claimed its share of another valuable victory. At the SME Banking Club’s international conference, Raiffeisenbank ČR, which uses solutions from BSC, won the award for Best Online Banking for SME’s in the Central and Eastern European region.
The Czech leader in banking software development, Banking Software Company (BSC), is picking up more international awards through its work with TBC Bank, the Georgian market leader, which has successfully expanded into Uzbekistan this year. TBC, which uses solutions from BSC, has recently received several awards from the prestigious Global Finance magazine. It successfully defended its title as the most innovative corporate bank in the CEE region and also won the award for the best online portal, while also enjoying two local firsts. It was named Georgia’s Bank of the Year 2021 as well as the country’s Best Investment Bank.
Banking Software Company (BSC) and leading Botswanan IT company Captive Labs are partnering to expand the distribution of BSC's omnichannel digital banking platform DBOS and its other digital banking solutions to Botswana and the entire Southern African region.
The coronavirus pandemic and high customer expectations have forced banks to innovate. One by one, they have been introducing new online banking services or at least improving existing ones. But it has not always been a change for the better. "The development of software usually takes many months or years, and the investments are in the tens of millions of crowns. When problems arise during implementation, the bank finds itself in a tight spot," says Čeněk Navrátil of BSC, which is responding to this situation by introducing its own digital banking solution delivered in the form of Retail Bank³. Retail Bank³ is a unique approach that allows banks to try out mobile and web applications and quickly deploy them into the banking environment in only three steps.
New entity, Finshape, secures VC funding by PortfoLion.
Czech-based Banking Software Company (BSC) and Hungarian W.UP announced today that after receiving all regulatory approvals they have successfully completed their merger, forming Finshape. The new entity is the first digital banking solution provider combining low-code platform development expertise with data-driven personalization to catalyze the digital transformation of banks in the post-pandemic economy. Backed by PortfoLion Capital Partners, one of CEE’s leading venture capital and private equity firms, Finshape is the first step in a series of expansions planned across Europe, the APAC, and MENA regions.
The rapid shift to working from home, forced by circumstances over the past year, has shown that in many fields it is possible to not only work and communicate efficiently with colleagues remotely, but also to serve clients completely electronically. For many firms, this change marked the completion of the digital transformation of their business, while for many others it may only be their first step towards digitisation. The situation for banks was a bit different. Bank clients had routinely used various digital channels before, but last year meant a virtually complete cut off of personal contact with their bankers.
Last year clearly showed which sectors can benefit from digital transformation, and which have only hastily and impulsively begun to transfer their off-line service offers to the online world. Industries such as e-commerce and e-learning have, of course, succeeded perfectly, and banks, which can handle most of their customers' normal requirements without face-to-face visits haven’t done too badly either. But by using the e-commerce example banks can learn that opportunities in the online world have certainly not been exhausted, and if they want to maintain relevance and profitability, they have a lot to do this year – whether it be better personalization of digital services, opening up to third-party services, or even entering the world of cryptocurrency.
The use of artificial intelligence and machine learning in banking and other financial services is not new. However, one clear result of the past year’s turbulence is that these technologies will become an even more common part of the banking world. In fact, because of the anti-pandemic measures, the demands on digital customer service and by extension, the modern technologies that operate these technologies have increased even further.
The coronavirus epidemic has affected all sectors, including banking services, and it’s clear that it will also significantly affect where banking is headed in 2021 and beyond. But the government restrictions and limitations enacted to prevent the spread of coronavirus have not only shown where banks are going, but also how much they have changed in recent years. What can we expect from Czech banks in the near future and how will their customer relationships evolve?
Armand Magharian (33) has joined BSC, the Czech leader in banking software development, as Director of Strategic Projects. His main role will be helping BSC to find new business opportunities, especially in the Middle Eastern, African and Western European regions.
The year 2020 and the corona virus crisis that defines it, has brought high levels of uncertainty and financial losses to a number of sectors. Banks are no exception, and many are reporting a decline in profits while searching for a way to return to pre-crisis results as soon as possible. There are many paths to optimizing revenue and spending, but financial institutions around the world are discovering that the concept of "open-banking," which has so far developed considerably less than expected, holds great potential.
This year's coronavirus pandemic, accompanied by a number of government restrictions, has transformed many industries, and of course, banking is no exception. The three primary areas of change in the banking industry are the accelerating pace of the digitization of services, access to bank branches and, last but not least, the use of cash. These three areas intersect to a large extent, but it is digitization that is the driving force behind the other subsequent changes.
Banking Software Company (BSC), the largest banking software firm in the Czech Republic, has been ranked as a recommended solution provider for digital banking platforms in the prestigious Gartner Market Guide for Digital Banking Platforms. Banking institutions around the world now have another reason to choose the Prague based firm, BSC, as a supplier of digitization solutions. Appearing on this list confirms BSC’s quality and solidifies their global relevance.
The Czech leader in banking software development, the Banking Software Company (BSC), is celebrating another international success. The Georgian TBC Bank, which conquered the Georgian market using state-of-the-art technology BSC helped build, has been awarded the title of the most innovative corporate bank in Central and Eastern Europe by the prestigious Global Finance magazine.
The banking world is driven by modern technology and banks are competing with greater innovation and advanced and smarter internet/mobile banking. The idea that banks will no longer need in-house IT and that their focus will be “only” client care and their financial portfolios may sound even stranger. This is because turnkey technology will be provided by tech companies to banks, and most certainly by some of the largest ones, led by Google.
Simplicity and efficiency rule the business world, and in the service economy this is doubly true. The more complicated and complex life is, the more people demand maximum user friendliness from their service providers. This usually means a laser sharp focus on removing obstacles and smoothing the user experience. Unfortunately, most banks are still not doing enough in this area, and banking is still too complicated and often unfriendly. Obviously, this is a bad situation for users and hurts the reputation of the financial institutions themselves.
Banking Software Company (BSC), the largest banking software house in the Czech Republic, has been ranked among the recommended providers of digital banking transformation solutions in the prestigious Gartner Market Guide report. For BSC, this inclusion means further recognition of the high quality of its solutions in the global field of digital banking transformation.
Banking Software Company (BSC), a leading player in digital banking transformation, continues its global expansion and strengthens its position in the MENA region. As a key part of its growth in the Middle East and North Africa, BSC has established a new strategic partnership with MDSL and thanks to its local presence, BSC will be able to help with the integration of banking solutions in the region
Banking Software Company (BSC) and Wultra, who partnered to create the innovative and highly successful RB Key application for Raiffeisenbank have announced the expansion of their mutual cooperation. The RB Key allows fast and secure authentication of Raiffessenbank client payments and now, thanks to the partnership with Wultra, the BSC digital banking platform will be able to offer a Mobile Token component. Other Czech and foreign banks will also be able to access these tools for secure client authentication and transaction authorization, which fully comply with the requirements of EU regulations under PSD2.
Banking Software Company partners with Crystal Network to bring a new generation of its digital banking solutions to Saudi Arabia.
Praha 21. April 2020 - Banking Software Company (BSC), a leading player in the development of omni-channel solutions for banks, has strengthened its position in the MENA region. As part of its expansion across the Middle East and North Africa, BSC has established a new strategic partnership with MDSL and thanks to its local presence, BSC will be able to help with the integration of banking solutions in the region.
The banking world moves incredibly fast, and if banks want to succeed, they have to be able to respond quickly to modern trends and technological challenges. As in other fields, digitization has become a major focus in banking. While this opens up new opportunities for banks to optimize processes and offer new and innovative services to their customers, it also poses significant difficulties for them. What challenges and expectations will banks have to face in 2020 in order to attract customers and maintain their relevance in the banking market?
