One of the biggest benefits of the emerging digital world is its ubiquitousness, especially in the banking sector. With an increasing similarity to the technology platforms used, and a strong convergence in the banking needs around the world, the adaptability of successful innovation is higher than ever before. More specifically, the learnings from the experiences in digital banking innovations of a bank in one continent quickly finds a resonance in every other continent, with progressive banks seeking to adapt the innovative service offering to its own customers, in their respective markets.
There are 2 success factors that are key to driving this adaption: the first being a holistic knowledge and understanding of the innovation, while the second is the speed to delivering such an innovation in the local market. Cedar has been successfully assisting banks with global insights on successful use-cases in fintech innovation, powered by the research and knowledgebase of IBS Intelligence, its group Fintech research unit.
Powered by a knowledge base of 500+ banking industry use-cases and research based insights of 300+ suppliers, Cedar’s understanding of the Fintech landscape and the application areas of digital innovation is unique. The knowledge is also supplemented by its deep understanding of adoption of technology solutions by banks, with a database of over 17k+ deals across 6900 banks in 195 countries.
How we add value
- Driving best-in-class innovation: Cedar’s insights on driving digital innovation, leveraging the fintech intelligence across a host of areas including AI/ML, Analytics, Cloud, Cyber-security, Blockchain, Digital Lending, Payments, Wealthtech, Regtech, Robotic Automation as well as on all conventional banking technology areas helps to build on innovation themes aligned to the Bank’s strategy. More importantly, the deep knowledge of innovative use-cases that have been successfully rolled out helps in effectively curating and short-listing the relevant and appropriate focus areas for the bank, aligned to its Digital strategy.
- Selecting right partner: Cedar’s deep understanding of 300+ global suppliers both in the conventional and fintech areas, supplemented by a strong research both on the adoption and performance helps in identifying potential fintech partners for banks. The time-to-market is significantly reduced by 30-50% with an effective shortlisting process, driven by leveraging ready-to-consume knowledgebase and insights on potential partners from its group research unit IBS intelligence. Cedar’s C-SCORE methodology for selection of core banking and mission-critical solution providers has been time tested over last 20 years, and delivered successfully with global banks.
- POC Rollout & execution: It is imperative to have an effective “Proof-of-concept” validation, prior to rolling out of any digital innovation, firstly to confirm acceptance with the pilot target, and also to iron out on teething issues associated with technology. Cedar has a rich history of assisting leading banks with rollout of similar technology driven initiatives, and ensuring that the ROI is protected. Banks not only benefit from effective use of its resources, but also in improving the efficacy of the value proposition to its customers.