Al Karim Somji

Today at Open Banking Expo Toronto, this session is about “Does Canada need an interoperable path with the US?” Kidding? The answer is YES! We need interoperability within the full ecosystem with one standard for North America for open banking to deliver its full promise. The financial industry and legislators need to work together across the borders. OpenFinity #openbanking #openfinance Financial Data Exchange

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Vancity, Canada’s Largest Community Credit Union, Selects Intellect for eMACH.ai Composed Digital Transformation Rajesh Saxena, Chief Executive Officer, Intellect Global Consumer Banking | iGCB), Intellect Design Arena Limited, said, “We are thrilled to join hands with Vancity, a respected leader in the credit union space. This collaboration is a testament to our shared vision of delivering exceptional member experiences through innovation and digital transformation and our commitment to the Canadian market. Our DEP and CBX platforms are designed to cater to the dynamic needs of modern financial institutions, and we’re excited to see how this partnership will enable Vanity’s offerings. This partnership is not only a pivotal moment for Intellect and Vancity but also sets a new benchmark in digital banking innovation, showcasing the potential of strategic collaborations in creating enhanced value and experiences for credit union members worldwide.”   https://lnkd.in/drtU37HT Wendy Murphy, ICD.D #fintech #finance #banking #paytech #payments #fintechnews #paymentsnews

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🌟 Cost optimization and boosting Time-to-Market opportunities for Digital Banking Products 🌟 In the digital age, time is money. At Choucair Solutions Inc. - Canada, we understand the pressure banks face to launch innovative products quickly without compromising quality or breaking the budget. 🔍 In our latest blog post, we break down proven strategies to: ✅ Reduce operational costs without sacrificing functionality. ✅ Accelerate the development and launch of digital products. ✅ Maximize ROI in the banking sector. Ready to take your digital banking products to the next level? 🚀 Discover how to optimize costs and boost your market opportunities. #DigitalBanking #CostOptimization #TimeToMarket #ChoucairSolutions #Innovation #Canada

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When banks arrive at the point where they realize they want to modernize their legacy tech, the key question becomes: How can we progressively modernize banking? There are basically three types of strategies: 1. Segment-based modernization 2. Journey-based modernization 3. Headless approach Banks often start to modernize at a business segment level, especially when their existing online and mobile applications reach the end of their life cycle, being 10+ years old. Unfortunately banks typically approach modernization at a siloed level. In an ideal world, this is done on a platform level. If you ask me which approach is the most digestible, I’d say journey-based modernization. What’s the state of modernization at your bank?

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President's Choice Financial Selects Temenos to Expand Banking Business Philip Barnett, President – Americas, Temenos, commented: “We are delighted to welcome PC Financial as a marque signing for Temenos. North America is a strategic region for Temenos, and a market where we are seeing tremendous growth in SaaS. Our proven, highly scalable SaaS model together with robust localization and local operations is compelling for banks and new challengers of all sizes. We have invested heavily in our platform to assist our clients to comply with applicable Canadian and US banking regulations and our clients are seeing the benefit in massive scale, business agility and ability to deploy fast with our pre-configured banking capabilities.” https://lnkd.in/gSZuUUm6 Daksa Mody #fintech #finance #banking #paytech #payments #fintechnews #paymentsnews #TCF2024

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🔛 Nubank is the largest digital banking platform outside of Asia. The company reached 100 million customers across Brazil, Mexico, and Colombia in April. Success hinges on converting a large, cash-heavy market into active financial product users. Nubank posted record revenue of $2.7 billion in Q1, fueled by expanding customer base and product offerings. And net income exceeded analyst estimates, reaching $379 million. However, the company acknowledges that growth is accompanied by rising delinquency rates, with non-performing loans increasing to 6.3% (>90 days). 👀 It’s a critical area to watch. 🧠 Nubank has started testing generative #artificialintelligence to enhance its customers' credit experience. This approach aims to provide more personalized and efficient service by leveraging AI to better understand and anticipate customer needs. https://lnkd.in/dBhE4G3k

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