KMS Solutions Blog

Technologies such as mobile apps and cloud computing continue to transform the way people work and breed new models of workplaces. Thus, they help to drive higher levels of productivity and employee engagement. 

In this digital age, the line separating workers’ professional and personal lives becomes more blurred than ever. 9-to-5 is no longer the standard. And people now demand to work wherever and whenever they see fit. To accommodate this new way of working, businesses are seeking to build a digital workplace that enables remote collaboration and effortless employee experience. That means the nature of the workplace is changing: from a physical premise, it is now a digital environment that can be accessed from anywhere and at any time.

Digital transformation has been playing a crucial role to ensure business success in recent years. According to a recent article by TechTarget, the trends of digital transformation will continue from 2020 into 2021, except with a significant difference where businesses will begin to undertake proactive, strategic transformation initiatives, instead of just reacting to changes in a passive posture.

Today’s volatile BFSI climate demands agile Planning & Budgeting. If you still rely on static spreadsheets and paperwork, high chances are your financial plan and budget won’t be able to cope with the constant market changes: customer demographic, Fintech competition, digital innovation. To achieve agility, what you need is a Planning & Budgeting process that is fully digitized and automated.

Join us in this July’s webinar “Transforming Planning & Budgeting in Banking & FSI” where you learn the strategies and technologies to reduce your planning cycle, optimize resources, align Finance & Operations, and achieve lower TCO in the Planning & Budgeting process.

What is application modernization?

Application modernization describes the process of leveraging modern technology stacks to update/modernize older, legacy software applications, for newer computing approaches like cloud-based IT environments - to keep pace with the demand of the new digital economy. 

This is especially beneficial as applications modernization allows businesses to take advantage of the advanced technology progress, to update their software portfolio instead of having to retire such important legacy systems altogether, thus effectively protecting their financial and technology investments.

Due to the Covid-19 pandemic, the past year of 2020 and current times have imposed many changes, challenges, and opportunities on business organizations. 

Many companies have now realized that they do need to change and can indeed rapidly change, profoundly, in a matter of weeks if they have to. To achieve this, many businesses are turning to digital solutions, including digital applications and platforms, to allow for better management of changes and disruptions.

What is Business Intelligence?

Let’s begin the article with the basic definition of the term “Business Intelligence” (BI). In its simplest sense, business intelligence (BI) describes the leveraging of technologies and business processes and methodologies to manipulate and transform data into actionable insights, helping business organizations make informed data-driven decisions. In other words, it supports your business' data & analytics efforts.

Specifically, through various stages of data collection, data formatting, and careful analysis, and so on, along with the use of data infrastructure, tools, and visualizations, companies can get a comprehensive view of their current business state, delivered directly from executive to management of operational teams.

In 2021, it is clear that technologies and digital transformation are necessary for organizations to compete and become prosperous in the new economy. Adopting innovative technologies allows companies to transform and optimize their operations, attract and retain customers, and increase employee productivity. And software development is vital to make digital transformation happen. 

Yet, if your business is not in the IT industry, implementing software development projects will bring many technical and non-technical challenges that may prevent the project from being completed. Therefore, it is necessary to engage business and technology consulting services to help your business avoid costly potential errors that may negatively affect the project's overall ROI (return on investment).

In this article, let’s examine how business technology consulting and software development services can help enterprises with their software development projects, as well as how to choose the right technology partner for such a project.

By building a digital banking model, banks can change the way all of their functions work, be it relationship management, risk & compliance, IT, or distribution. The result is that they can deliver a seamless customer experience and automate processes while improving profitability. However, there’s no all-in-one solution. Only when banks successfully digitize all of their functions will this digital banking model be built. 

In this article, we will offer a reference model for digital banking - one that is built around banking value streams.

Building a truly digital operating model remains a challenge for most domestic banks. While it’s true that there is no such thing as a sure recipe for success, there are key ingredients that are essential to a successful digital bank. They are the 7 imperatives of digital banking that we will discuss in this article. Hope they represent a reference framework for banks to take as an example.

Innovative technologies are the building blocks of a Digital Transformation. That’s for sure. But for these technological blocks to be planned out and put together, you need a Digital Team—a group of people who lays the foundation for your Digital Transformation. 

This is why, times and again, businesses are reported to consider “people” as the most influential factor to their Digital Journey—not technologies per se.

Thus, assembling the Digital Team should be the top box in your digitization checklist.

Banking is notorious for being slow in Digital Transformation when compared to other more agile sectors such as Retail and eCommerce. This harsh reality is especially true for incumbent banks. Their complex and long-standing core require substantially more time and resources. Plus, the fixed mindset of the workforce usually rejects a thorough revolution like Digital Banking. Instead, they prefer a more gradual change. 

Reportedly, Digital Transformation in the banking sector is still responsive. When banks launch digital initiatives, it's mostly a response to major market trends and shifts in customer behavior that leave them with no choice but to change. Mobile Banking or electronic Know-your-Customer (KYC) are prime examples.

However, as more market challengers like fintech and neo-banks entered the banking scene, we can expect to see more success stories of Digital Transformation in Banking.

The benefits of Digital Transformation can differ slightly from bank to bank. But in general, there are some common advantages to consider, which we will make clear in this article.

Test Automation is on the rise. With a suitable tool and the right strategy in place, QA teams can significantly accelerate testing time and save efforts while ensuring extensive test coverage. But, for teams unfamiliar with Automation Testing, developing a sound strategy might be a challenging task. 

In this listicle, you will find some best practices you can leverage at each of the seven stages of designing an automation testing process. Applied with care, it can be a checklist to optimize your team’s efforts and resources.

Automation Testing is the use of specialized tools to automatically execute your tests. The benefits of Automation Testing are not limited to reduced human errors, increased test coverage, and a faster testing process. By applying test automation properly, you can facilitate new development methods, such as Continuous Integration and Continuous Development (CI/CD), and increase the ROI of the whole project.

But there's a very basic mistake that QA teams usually make when trying out Automation Testing. It's choosing test cases for automation. The truth is, not everything is suited to be automated. The World Quality Report 2019 revealed that 24% of teams surveyed are meeting difficulties in deciding which test cases to automate.

This article will give you some tips and pointers to do so.

You should take time evaluating test cases for automation because it helps you:

• Increase the chance that the test cases being automated have decent testing coverage
• Reduce the time, manpower, and costs associated with the maintenance of test automation
• Ensure you will generate ROIs from Test Automation
• Get your QA team onboard with and buy into the test automation

Vietnam’s Digital Banking, while still in its infancy, has shown enormous potential. Long gone are the days customers have to visit physical branches every time they have to do paperwork or draw cash. Especially during and after the peak of the Covid pandemic, Digital Banking has proven how convenient and helpful it can be. It is reported that 94% of Vietnamese banks are working on Digital Transformation, while 42% see Digital Transformation as the number-one priority.

In this article, we will explore all the factors that prompt the development of Digital Banking in Vietnam.

To meet the increasingly diverse need for financial services, banking institutions are focusing on banking software solutions, like building new applications such as Mobile Banking, Personal Finance applications, Corporate Finance systems. In accordance with that, they also apply Software Testing to ensure the quality of these technologies.