Revolving Credit Explained in 7 minutes

Posted by KMS Solutions on Sep 22, 2021 1:48:40 PM


As an essential line of banking service, revolving credit let customers flexible access cash when they need it. Revolving credit has also become an integral feature of modern banking applications, intending to facilitate cardless payment and promote Digital Banking.

In this 7-minute read (yes! we calculate it for you), let's explore the definition of Revolving Credit, its types, and how it works.

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Topics: Digital Banking

What is Account Aggregation and How It Can Help Banks Take Advantage of Open Banking

Posted by KMS Solutions on Sep 22, 2021 1:48:37 PM


Account Aggregation is not a new phenomenon. It was around 2 years ago in 2019 when we saw the PSD2 take hold. Across the world, giant banks such as BBVA and NatWest have adopted account aggregation. It's then only a matter of time until it is implemented without exception.

Due to its popularity, account aggregation deserves a close review. This article will explain what account aggregation is, how it works, and what challenges banks might face when applying account aggregation.

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Topics: Digital Banking

Why Banks Need to build a Business Banking App?

Posted by KMS Solutions on Sep 13, 2021 1:00:38 PM


While mobile banking app for consumers has become a norm, business banking app is not really so. If you check on App Store or Google Store, you can see that only a handful of banks have mobile apps designed for business clients. Although most business banking activities still take place on desktops, banks cannot ignore the benefits of the mobile-first business banking app, which we will explore later on. 

In this article, we will discuss why banks need to build a business banking app. In addition, it will clarify the differences between mobile banking apps for businesses and consumers.  

With a digital banking experience that utilizes the advantages of mobile devices, banks have a higher chance of deepening relationships with their business clients.

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Topics: Digital Banking, Digital Applications

What is Fraud Detection and how it is applied in Digital Banking?

Posted by KMS Solutions on Aug 30, 2021 4:04:11 PM

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Fraud Detection is an integral component of eKYC (electronic Know-your-Customer). Fraud Detection is vital during the online onboarding process, as it helps banks prevent costly frauds and cybercrimes. 

As digital banking channels grow in number, so do the ways that fraudsters can do wrong. And their fraud tactics will continue to multiply given that banks have to adopt Open Banking, eKYC, and PS2D (Europe’s second Payment Services Directives). To prevent these unauthorized transactions, banks must have a robust fraud detection system. 

In the first part, this article gives you a brief overview of fraud detection. The rest will discuss how banks can apply fraud detection and augment this function with Machine Learning.

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Topics: Digital Banking, eKYC Solution

Everything You Need to Know about Customer Data Platform (CDP)

Posted by KMS Solutions on Aug 24, 2021 3:24:46 PM


Across sectors, Customer Data Platform (CDP) has emerged as the ultimate solution for personalized customer experience. According to a report by Forrester, 35% of surveyed companies are planning to invest in CDP in the next 12 months⁠—for many good reasons. The most obvious one is to build a unified profile of customers across all channels (to which 83% of respondents in the report agreed). Two-third of them also appreciated CDP’s ability to personalize experience for both known and unknown customers.

Whether you want to centralize customer data from all channels into one source, to make every bit of data accessible company-wide, or track customer interactions across channels in real-time, CDP can help.

Still, due to the variety of data solutions out there, the term is sometimes mistaken for Customer Relationship Management (CRM) or Data Management Platform (DMP). Before purchasing one, you should understand what CDP is (and what it’s not), as well as how CDP can support your business.

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Topics: Data & Analytics, Digital Banking

eKYC Solution: a Buy vs. Build Analysis

Posted by KMS Solutions on Aug 13, 2021 3:39:28 PM


An electronic Know-your-Customer (eKYC) solution is an essential feature of modern banking applications. eKYC allows potential customers to create new accounts in just a few steps. It frees them from the trouble of visiting physical branches. For banks, an eKYC solution reduces the influx of customers to physical branches. This helps them to reduce the costly need for opening new branches

When it comes to eKYC solution, banks have two approaches: Build and Buy. 

On the one hand, build requires banks to develop and integrate various point features (those that serve one purpose only) together. As we will learn in this article, trying to connecting disparate features for an eKYC can lead to many problems related to accuracy and functionality. 

On the other hand, partnering with and purchasing an integrated eKYC solution from a third-party provider can offer some advantages.

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Topics: Digital Banking, eKYC Solution

KMS Solutions and Mambu Joined Forces To Promote Digital Banking and Fintech Vietnam

Posted by KMS Solutions on Aug 3, 2021 10:42:47 AM

PR Banner Design KMS Solutions x Mambu-en (1)

August 3rd, 2021, KMS Solutions and Mambu announced a partnership to co-develop a digital platform tailored to BFSI businesses, promising to mark a new chapter for Digital Banking and Financial Technology (Fintech) in Vietnam.

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Topics: Press Release, Digital Banking

What is eKYC? And why is it essential to Digital Banking?

Posted by KMS Solutions on Jul 26, 2021 12:31:55 PM

What is eKYC and why is it essential to Digital Banking

In today's economic landscape of digital transformation, best-case customer experience is critical to business success - and, customer-centricity is indeed the key factor for competitive advantage. This is especially true for organizations in the sectors of BFSI (Banking, Financial Services, and Insurance), where the digital banking model is increasingly receiving mainstream adoption.

As a result, many banks are investing significantly in digitizing and optimizing their operational processes, including customer onboarding, with the ultimate aim of differentiating and leading the market.

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Topics: Digital Banking, Digital Transformation

Best Practices for UI/UX Design in Banking Applications

Posted by KMS Solutions on Jul 21, 2021 2:23:21 PM

best practices of uiux in banking apps

Bankers are competing in a digital era where banking applications are their face to the public. Thus, user experience and user interface (UX/UI) rules all. While eCommerce (Shopee or Lazada) or even fintech startups (Google Pay or Momo) have embraced and even embodied this transformation, UI/UX in banking is not so much. Most banking applications are still poorly designed where the UI/UX is like a matrix that leads users nowhere.

In this article, let's explore the 20 best practices of designing UI/UX for banking applications.

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Topics: Digital Banking, Digital Transformation

The End-to-end Digital Banking Model

Posted by KMS Solutions on Jun 14, 2021 4:09:12 PM

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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.

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Topics: Digital Banking

The Imperatives for Building a Digital Bank

Posted by KMS Solutions on Jun 5, 2021 5:52:41 PM

The imperatives for building a digital bank

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.

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Topics: Digital Banking

What are the Benefits of Digital Transformation to Banking businesses?

Posted by KMS Solutions on May 8, 2021 7:47:58 PM

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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.

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Topics: Digital Banking

Best Practices for your Automation Testing Strategy

Posted by KMS Solutions on May 3, 2021 5:49:41 PM

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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.

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Topics: Digital Banking

How to choose Test Cases for Automation

Posted by KMS Solutions on May 1, 2021 12:05:55 AM


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

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Topics: Digital Banking

The Key Drivers behind Digital Banking in Vietnam

Posted by KMS Solutions on Mar 25, 2021 11:42:41 AM

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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.

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Topics: Digital Banking

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