Insights to Power Your Business
We believe the exchange of knowledge drives collective growth.
10 Key Steps for Business Intelligence Implementation in Banking
Back in 1865, the term business intelligence (BI) was first used to describe a banker who gained an advantage by gathering market insights ahead of his competitors. Today, BI implementation has become a cornerstone of success. Small financial institutions now can leverage data to understand customer demographics, behaviors, and preferences to tailor their services more effectively. For larger banks and financial organizations, BI implementation can support in-depth analysis of past performance, provide insights into the current business landscape, and help forecast emerging market trends, empowering strategic decision-making for even years ahead. To stay ahead of competitors, leading banks invest heavily in BI, transforming data into their most powerful competitive advantage. Let’s explore how to implement BI effectively with our guideline! Key Benefits of BI Implementation in the Banking Industry As the banking industry operates in a highly dynamic and data-intensive environment, adopting BI can bring a wealth of benefits that help banks and financial organizations optimize operations and make data-driven decisions. Below are some key advantages of BI implementation in the banking sector: Smarter Decision-Making: BI systems provide banks with real-time data analytics, enabling leaders to make informed, strategic decisions. By consolidating data from various departments, you can gain a...
Explore Key Components of a Comprehensive Test Automation Package
With the increase in the complexity of software and the growing demand for quick releases, traditional manual testing methods often fall short. Automation testing has thus become an integral part of modern software development cycles, allowing quality assurance (QA) teams to increase the speed and reliability of testing while minimizing human error.Given the substantial benefits of test automation packages—including faster time-to-market and expanded test coverage—many companies are increasingly embracing this approach. In this article, we’ll explore the essential components of a comprehensive test automation package, how these elements work together to ensure software reliability, and provide a checklist for evaluating a test automation package. Essential Quality Engineering Services Included in the Automation Testing Package A complete test automation package typically includes five essential types of testing services, including functional testing, regression testing, performance testing, security testing, and API testing. By incorporating these testing types, businesses can accelerate development cycles, reduce manual effort, and deliver more high-quality software to end users. 1. Functional Testing Functional testing ensures that each feature of the software works according to requirements. It validates user interactions, data processing, and expected outputs. This testing type is covered in the test automation package to verify features like user interfaces,...
NLP Capabilities in Banking & Finance: 7 Use Cases to Consider
Recent years have witnessed a remarkable growth of Natural Language Processing (NLP) in all sectors, fueled by technological advancements and an increasing recognition of its benefits. So as the banking and finance industry! Have you ever considered how financial institutions can quickly process vast amounts of textual data? By utilizing NLP, businesses can interpret and analyze text far more efficiently than humans, allowing them to stay ahead in a competitive financial market. What’s even more exciting is that advanced NLP tools are becoming more accessible, allowing even smaller financial firms to harness their power. Read the article to identify 7 key use cases where NLP is making significant inroads in the banking and finance sectors, demonstrating its potential to transform traditional operations and strategies. Understanding Natural Language Processing in Banking & Finance Natural Language Processing (NLP) is an essential part of artificial intelligence that enables machines to interpret and analyze human-like language, both written and spoken, with accuracy. With unstructured data in finance growing by 55–65% annually, financial institutions are increasingly relying on NLP to manage vast volumes of unstructured data.Looking ahead, by 2025, nearly 30% of NLP adoptions will be in the Banking, Financial Services, and Insurance (BFSI) sector. The impact...
On-Demand Engineering Team vs. Traditional Hiring: Which One Solves Your Backlog Faster?
Keeping up with the fast-moving tech industry, where tech talent shortages are frequent and development needs are constantly evolving, can be a significant challenge. Nowadays, many companies struggle with the same issue: how to accelerate development backlog and meet project timelines without overstretching resources. They typically have two primary options: hiring full-time engineers through traditional methods or leveraging on-demand engineering support. But which approach is more effective in solving your backlog faster? Let’s break down the benefits and limitations of each model; from that, you can make an informed decision on the best strategy to enhance your development capabilities. Traditional Hiring vs. On-Demand Engineering Team: An Overview Traditional Hiring Hiring full-time engineers has long been the go-to approach for building and maintaining development teams. These engineers are deeply integrated into the organization's workflows, culture, and long-term strategic goals. AdvantagesDisadvantages- Long-term commitment to skilled talent, reducing employee turnover- Stronger team culture and alignment with company goals- Full control over work quality and processes- Lengthy hiring process, delaying backlog clearance.- Fixed salaries, benefits, and office costs, even during low workload periods.- Difficult to scale quickly in a short time- Not ideal for short-term or uncertain workloads On-Demand Engineering Team The on-demand engineering team provides...
Key Strategies to Hire a Fintech Software Development Team
In recent years, FinTech companies are increasingly investing in skilled software developers to enhance their technological capabilities and build cutting-edge financial solutions. A well-equipped FinTech development team serves as the backbone of digital transformation, enabling businesses to drive innovation and maintain a competitive edge.However, hiring the right team is no easy task since they must possess both deep domain knowledge and strong technical expertise. They need to be proficient in financial technologies such as AI/ML, open banking APIs, and e-KYC, as well as have a solid grasp of industry regulations, including PCI DSS, GDPR, and AML compliance.Given the complexity of financial software development, having a well-defined hiring strategy is crucial. In this guide, we will explore the essential steps and key technology considerations for hiring a FinTech software development team that aligns with your business goals and drives long-term success. Key Steps to Hire a FinTech Software Development Team Hiring a FinTech software development company requires meticulous due diligence to ensure alignment with your business objectives and regulatory requirements. The following steps outline a strategic hiring process that helps you minimize certain hurdles when hiring an on-demand engineering team. 1. Understand Project Requirements Clearly defining your project’s objectives, scope, and...
Why Banks Need Test Automation Package to Optimize Testing Costs
Historically, the financial industry has depended on manual testing due to the highly sensitive nature of its data and the constraints of legacy systems. With the rise of mobile banking, online transactions, and fintech disruptions continuing to reshape the industry, the need for faster, more reliable, and secure software deployment has become imperative. However, relying solely on manual testing in fast-paced release cycles makes achieving complete test coverage highly challenging. This growing complexity has driven the need for test automation service packages—an emerged approach that aligns with your business testing strategy and optimizes testing costs while improving deployment speed.In this article, we will explore how automation testing packages can help banks drive cost savings and faster releases and how KMS Solutions can help banks maximize ROI with the right automation services. Key Reasons Behind Development Backlog Challenge When it comes to banking app development, rigorous testing is essential to ensure security, compliance, and seamless customer experiences. However, when banks rely solely on manual testing, they expose themselves to unnecessary costs, inefficiencies, and financial risks. Banks experience losses in the following areas: 1. Operational Inefficiencies and High Labor Costs Recent research indicated that 26% of annual IT budgets in banking and finance...
The Secret to Accelerating Development Backlog: On-Demand Engineering Team
As customer demands for digital services increase, businesses across all industries—particularly in the fast-paced BFSI sector—are under immense pressure to push out innovations quickly. However, a persistent challenge stands in the way: the overwhelming engineering backlog. The development backlog not only delays product launches and frustrates teams but also keeps businesses from staying ahead of the competition.To overcome the challenge, many companies are now embracing the on-demand engineering team.By tapping into flexible, highly skilled teams, companies can minimize technical debt, deliver features faster, and drive innovation—without expanding headcount. In this article, we explore the business challenges of mounting backlogs, key benefits of the on-demand engineering team, and real-world use cases in the BFSI industry. Key Reasons Behind Development Backlog Challenge Over time, an engineering backlog can create a bottleneck that disrupts the seamless progression from ideation to market launch, slowing down the pace of product development. The development backlog is not a singular issue; rather, it is the outcome of multiple interrelated factors that collectively delay product updates and improvements.Let’s break down the major challenges that contribute to the engineering backlog!Growing Product Enhancement BacklogAs products evolve, new features and improvements accumulate over time. When these enhancements are not prioritized or...
Keep Up With the Latest Trends and Best Practices
Join our subscriber community to get the free and fresh content as soon as it’s published
Subcribe to Our Blog
KMS empowers BFSI companies to optimize operations, drive innovation, and enhance product & service offerings through the combination of cutting-edge technologies and specialized solutions.
AREAS OF EXPERTISE