Open Banking – defined as a network of financial institutions’ systems that fosters secure data sharing through application programming interfaces (APIs) – is more than a regulatory must in many countries, but also holds a lot of promise for new opportunities. It’s expected to improve customer service by giving customers, be it individuals or businesses, more control so they can effectively manage their wealth. It’s also expected to open the door to new revenue streams for financial services organizations. But fulfilling Open Banking’s promises will take effort.
If there’s one thing open source gets high marks for, it’s the incredibly strong foundation of communities (there are more than 90,000 community members across 183 countries working on OpenStack alone!). And in our opinion, there’s nothing better than stepping outside our offices and into the communities, be they OpenStack contributors, Red Hat partners, and our customers. This fall, we have plenty of opportunities to do just that, with a solid schedule of events all over the world.
We look forward to talking with you about open banking, digital engagement, transactional efficiency, and more. Keep reading for details on where you can find us, and we look forward to seeing you wherever our paths cross this fall.
The telecommunications industry is preparing for a very different world – one where power at the edge of service providers’ networks will be critical. Consumers and businesses alike increasingly want to take advantage of new technologies like connected vehicle communications and immersive virtual reality experiences. But these applications require real-time processing, low-latency connections and, in many cases, a new network infrastructure.
A little competition, even in business, can be a good thing. In today’s changing financial services industry landscape, there are new and changing reasons why providers and banks should be aware of the competition and put their best foot forward. These include new regulations and increased demands by customers to be agile and versatile, especially when it comes to digital banking. In order to have a leg up over the competition, banks should approach new opportunities and the challenges that regulations bring head on with strategic focus, open source, and agile integration.
For a few years now, OpenStack and containers have been top-of-mind for service providers (SPs). In fact, most telecommunications companies are already using OpenStack and considering containers in their operations. A new paper written by experts in the open source community takes a closer look at the power of combining OpenStack and Kubernetes, an open source platform that automates Linux container operations.
We’ve all heard the mantra that every company is now a software company. But unlike some of the most successful software companies – including giants Google, Amazon, Netflix and Facebook – many businesses in other industries have yet to adopt the practices and platforms that can enable them to build better and more reliable software, faster.
With examples of more than a 20 percent decrease in branches over the past ten years at large North American banks, it’s no wonder that 42 percent of banks are well on their way to having digital become the primary distribution channel. In fact, 92 percent of global banks surveyed plan to begin their transformation to digital as the primary distribution channel in 2019.
Given efforts are underway, many banks are now wondering how to make this shift more efficient, repeatable, and even automated. Red Hat vice president and chief technology officer, Chris Wright, recently provided insights and described how banks are using technology to move beyond surviving digitization, instead creating environments that enable continual digital innovation.
Companies have embraced cloud, and many are starting to diversify their cloud providers. That’s putting a new spotlight on the container application platform. And as the container application platform gains ground, understanding the benefits and challenges becomes more relevant.
The container application platform is designed to automate the hosting, configuration, deployment, and administration of application stacks across any cloud provider. It gives application developers self-service access so they can easily deploy applications on demand. That can help banks move more quickly and decrease time to market in the increasingly competitive environment of financial services.
Even though it’s relatively still early days for blockchain, companies are asking plenty of questions. Some are even experimenting. ITWeb, a news site in South Africa, spoke with Richard Feldmann, global director of financial services, Red Hat, and covered Red Hat Summit last month in San Francisco, including a look at blockchain.
Didn’t get a chance to attend Red Hat Summit 2018? Or were you there, but so busy you missed some great telecommunications sessions? Or maybe you did see everything, and just want a refresher! On June 27, Red Hat is hosting a webinar: The future of telecommunications is open—Red Hat Summit 2018 highlights.