Foreword

Cover Story

My Signature Solution

As the financial services industry continues to undergo rapid digital transformation, banks and other financial institutions need to stay ahead of the curve and embrace emerging technologies.

With eMACH.ai (events, microservices, API, cloud and headless driven by AI), the world’s largest open finance platform, the banks can reimagine their future. It can also facilitate banks to seamlessly migrate from customer-centric digital transformation to cloud-based marketplaces. There are six imperatives of BankTech (Banking Technology) Wave 5, including Architecture, Base of eMACH.ai, Composability, Data, Embedded AI and Intelligence, Flexible and Extensible. In short, they are ABCDEF of BankTech Wave 5.

So, without further ado, let’s dive into the world of BankTech Wave 5 and the ABCDEF framework.

Architecture: Microservices architecture is an approach to software development that involves breaking down larger applications into smaller, independently deployable services. However, implementing microservices architecture is not just about adding more capacity or people to an application. It requires a deep understanding of architecture and the principles that guide it.

Base of eMACH.ai: eMACH.ai is designed to help banks create and deliver innovative and user-centric banking experiences. It is built upon by converging five technologies like events, microservices, API, cloud and AI that can scale, integrate, and compose easily.

Composability: Composability refers to the ability to combine various components, systems or applications to create a new solution that can deliver a personalised experience for the end user. It is a step ahead of traditional coding and emphasises the drag-and-drop approach, allowing low-touch or no-touch operations design, and hyper-personalised experience design. Gartner promoted Composability in 2020 as the future of software development. The MACH composable platform iTurmeric plays a vital role in achieving Composability.

Data: Data has become the new oil in today’s digital age. The more data you have, the better it is for personalised decision-making, segment-level insights, and product development. However, less is more when it comes to data design. This is where the six elements of data consistency and contextuality come into play.

Embedded AI and Intelligence: The world of artificial intelligence (AI) is continuously evolving and advancing. With the launch of ChatGPT, there has been a lot of buzz in the industry, and people are wondering what ChatGPT will displace. It is speculated that ChatGPT can displace Google as it is a generic system of intelligence to be captured whenever we need general information. However, Embedded AI, which is a part of the operations of the bank, is different. Embedded AI is the backbone of operations, and we are witnessing its applications in various areas like Magic Submission and Magic Invoice.

Flexible and Extensible: In the world of BankTech, there are five waves of technological advancements that have transformed the way banks operate. The sixth element of the BankTech is Flexible and Extensible which completes the picture and allows banks to co-exist and thrive in the digital age.

With all the six imperatives integrated, eMACH.ai is the broadest, most comprehensive, composable, contextual and most innovative open finance platform to compose the banks’ and financial institutions’ own unique “My Signature Solution”.

Log on to www.emach.ai to know more.