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In recent years, a seismic shift has occurred in the world of finance. Traditional banks, with their brick-and-mortar branches and cumbersome bureaucracy, are facing a formidable challenge in the form of neo-banks. According to a 2023 report from Statista Market Insights, the total transaction value of neo-banking will reach $2.60 trillion by 2027. It also predicts that 2023 will see a&nbsp;user adoption rate of 15.5%, rising to 22.8% over the next five years. These innovative, digital-first financial institutions are redefining the way we manage our money, offering a host of benefits that were once unthinkable. In this blog, we explore the emergence of neo-banks, examining their origin, key features, and the transformative impacts they are having on the financial landscape.<h4>The Rise of Neo-Banks</h4>The term “neo-bank” refers to a new generation of financial institutions that operate exclusively online, with no physical branches. Neo-banks leverage technology to provide a wide range of financial services, including checking and savings accounts, payment processing, lending, and even investment management. They often cater to a younger, tech-savvy demographic, but their appeal is rapidly expanding to a broader audience.One of the earliest pioneers in the neo-banking space was Simple, founded in 2009. Simple aimed to provide a user-friendly, transparent alternative to traditional banks. However, it was not until the mid-2010s that the neo-banking trend truly gained momentum, with the emergence of companies like Chime, Revolut, and N26.<h4>Key Features of Neo-Banks</h4><ol><li>Digital-First Approach: Neo-banks have no physical branches. Instead, they offer all their services through mobile apps and web platforms. This digital-first approach allows for greater accessibility and convenience, as customers can manage their finances from anywhere and at any time.</li><li>Low Fees and Transparency: Neo-banks often tout their fee-free or low-fee structures, contrasting sharply with traditional banks that are known for hidden fees. Their transparent pricing models and easy-to-understand fee structures have won over many customers.</li><li>Efficient Onboarding: Opening an account with a neo-bank is typically a quick and straightforward process. With minimal paperwork and automated verification processes, customers can get started within minutes.</li><li>Innovative Features: Neo-banks are constantly pushing the envelope with innovative features. This can include budgeting tools, round-up savings, foreign currency spending with no added fees, and real-time transaction notifications.</li><li>Partnerships and Ecosystems: Many neo-banks partner with fintech companies to expand their service offerings. This includes integrating with investment platforms, insurance providers, and even cryptocurrency exchanges.</li><li>Global Reach: Some neo-banks offer multi-currency accounts and easy international transfers, catering to those customers with global financial needs.</li><li>Green Banking: As ESG has become more prominent in the banking industry, neo-banks are focusing on green banking by offering sustainable investment options, carbon tracking, and supporting eco-friendly initiatives.</li><li>Open Banking:&nbsp; With their adoption of open banking, neo- banks are giving customers power over their data.</li></ol>Instant Payment Offerings: Peer-to-peer transfers and real-time transaction notifications are becoming the standard features for neo-banks.<h4>Impact on the Financial Landscape</h4>The rapid ascent of neo-banks has shaken up the traditional banking industry in several ways: Increased Competition: Neo-banks have forced traditional banks to become more competitive by adopting digital features, lowering fees, and enhancing their online presence. Financial Inclusion: Neo-banks have the potential to bring financial services to underserved populations, including those without access to physical bank branches. Customer-Centricity: With their user-friendly interfaces and customer-focused approach, neo-banks are driving a customer-centric revolution in banking, putting pressure on traditional banks to improve their customer service. Fintech Ecosystem: Neo-banks are integral parts of the broader fintech ecosystem, collaborating with other fintech firms to offer a comprehensive suite of financial services. Regulatory Challenges: Neo-banks operate in a regulatory grey area in some regions, which presents challenges for both regulators and the neo-banking industry. Striking the right balance between innovation and consumer protection remains a key concern.The emergence of neo-banks represents a significant shift in the financial landscape, driven by technology and changing consumer preferences. These digital-first institutions offer a compelling alternative to traditional banks, emphasizing transparency, accessibility, and innovation. As they continue to evolve and expand their offerings, neo-banks are poised to play a central role in the future of finance, reshaping the way we manage our money and challenging the status quo of the banking industry. Whether you are a seasoned investor or just starting to explore your financial options, it is clear that the neo-banking revolution is here to stay, and it has just only begun.At Reflections,&nbsp;we successfully drive our customers’ business growth through digital transformation, guiding them through dynamic change and innovation. Leveraging the latest capabilities in AI and Data Analytics, we create personalized banking experiences that allow our clients to better understand &nbsp;&nbsp;their customers, thus predicting their needs, streamlining operations, and ensuring security. We are not just keeping pace with technology; we are shaping the future of banking.Preethi B – Senior Business Analyst, and Anoop M Prasad – Associate Director, Testing &amp; Business Consulting (Co-Authors)Sean Hicham Bouani -Vice President-SalesJyothi Vijayakumar- Corporate Communications

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In the world of finance, witnessing a seismic shift, traditional banks, with their brick-and-mortar branches and cumbersome bureaucracy, are facing a formidable challenge in the form of neo-banks. These innovative, digital-first financial institutions are redefining the way we manage our money, offering a host of benefits that were once unthinkable.

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The Neo-Banking Revolution: Reshaping Finance for the Digital Age

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We live in an era in which emerging technologies such as Artificial Intelligence, Machine Learning, Blockchain, and Virtual Reality are shaping our future in unimaginable ways.&nbsp;In this blog, we discuss the&nbsp;potential, challenges, and ethical considerations surrounding these cutting-edge, disruptive innovations.These technologies have been impacting various industries of late through disruptions, leading to many sunsets and great sunrises. Artificial Intelligence, Blockchain, Virtual Reality, Augmented Reality (all under the umbrella of the Metaverse), and Cloud are getting more and more adoption.Artificial Intelligence (AI) has witnessed remarkable advancements in recent years, particularly in Machine Learning and Deep Learning. These technologies enable computers to analyze vast amounts of data, learn patterns, and make predictions or decisions. AI is revolutionizing industries such as healthcare, finance, manufacturing, and customer service. For example, AI-powered chatbots provide personalized customer support, while AI algorithms help diagnose diseases and develop targeted treatment plans.Transformative Potential of AIAI is today’s topic and AI is the trend. Entities of all sizes both in the private and public realms have started to experiment with AI. And Open AI has largely disrupted the way we live by launching ChatGPT and has transformed the way content is being searched and built. The impact of AI on the following industries has been transformative:&nbsp;Healthcare:In the&nbsp;healthcare industry, it has been very difficult to process billions and trillions of data points to derive meaningful conclusions. Technologies like Machine Learning have made it easier to discover, analyze, innovate, and invent with data. The impact on drug discovery, improved diagnostics, new ways of treatment, finding root causes, robot assists, etc., has been tremendous. As per a recent report by the National Cancer Institute, AI bots have identified new patterns in discovering early stages of cancer that haven not been detected until now, and would probably have never been caught by human analysis alone.Judiciary: In the legal system, AI has been used to automate major legal processes, contract analysis, predictive justice, recommendations for bail, and parole determination. Moreover, AI has also started playing the role of an assistive judge in some court proceedings.&nbsp;Transportation: Autonomous vehicles powered by AI are set to revolutionize the way we commute, offering increased safety, efficiency, and reduced carbon emissions.AI is disruptive because of the amount of automation and process optimizations it is bringing in. It will transform the most common human-driven tasks like data entry, scheduling meetings, taking meeting notes, documentation, document management, preparing social contents, etc.&nbsp;AI and Common PeopleOne of the noticeable impacts of AI in the near past is that AI has been embraced by the everyday person, while the Covid has accelerated its acceptance and adoption. The lockdowns gave people time and opportunity to think and interact with technology in smarter ways, as they were forced to use technology for their survival. Visual and video content has now reached more people than ever before, and it is introducing them to newer technological terms and capabilities.Future of Emerging TechnologiesWe will see significant advancements in the Internet of Things (IoT) that will enable seamless connectivity and communication between devices. This will lead to smarter homes, cities, and industries. Additionally, the convergence of AI, IoT, and Big Data Analytics would result in more personalized and efficient services, such as smart healthcare systems, and intelligent transportation networks. We can expect augmented and virtual reality technologies to become more immersive and integrated into our daily lives, transforming how we learn, work, and entertain ourselves.In the next decade, there would be significant progress in quantum computing, which could revolutionize fields such as cryptography, drug discovery, and optimization problems. Additionally, the fusion of technologies such as AI, IoT, and Robotics, would lead to breakthroughs in automation, smart cities, and personalized healthcare. We may also witness the emergence of new technologies that we haven't yet envisioned, as innovation tends to be full of surprises.Ethical ConsiderationsWhile embracing emerging technologies, it is important that ethical considerations are to be kept in mind. One key aspect is ensuring transparency and accountability in algorithms, especially when it comes to decision-making processes that impact individuals’ lives. We need to address issues like bias and discrimination that can inadvertently be embedded in AI systems. To address biases, it is essential to have diverse and representative datasets for training the AI models.&nbsp;Additionally, data privacy and security must be protected. The widespread use of technology generates vast amounts of personal information that should be handled responsibly and with consent. Fairness and accountability are also critical considerations. Also, organizations should adopt transparent algorithms that can be audited and provide explanations for their decisions. Collaboration among experts, policymakers, and industry leaders is vital to establish ethical frameworks and guidelines that govern the development and use of AI systems.Cybersecurity&nbsp;is a growing concern, and as technologies advance, so do the risks. It is crucial to prioritize cybersecurity from the early stages of development. Robust encryption, multi-factor authentication, and regular security audits are essential measures. Moreover, raising awareness and promoting cybersecurity education among users is vital in building a collective defense against cyber threats.Social Impact&nbsp;Emerging technologies hold immense potential for positive social impact. For instance, AI can be leveraged to tackle pressing challenges such as climate change, resource management, and healthcare accessibility. Additionally, advancements in renewable energy technologies and smart grids can contribute to a more sustainable and environmentally friendly future. By harnessing these technologies thoughtfully, we can make significant strides in solving global issues.Ensuring InclusivityWhile these technologies have immense social impact, ensuring inclusivity is a critical aspect of technological advancements. It is essential to consider accessibility in design and development processes, such as creating user-friendly interfaces and accommodating different abilities. Moreover, bridging the digital divide through initiatives that promote digital literacy and provide access to technology in underserved communities is crucial. By prioritizing inclusivity, we can maximize the benefits of technologies like these, for everyone.Regulatory Frameworks:Collaboration between policymakers, industry leaders, and technology experts is vital in establishing effective regulatory frameworks. Regular dialogue and open communication channels can facilitate the exchange of knowledge and insights. Policymakers should strive to strike a balance between fostering innovation and ensuring safety by staying updated on technological advancements and involving all relevant stakeholders in the regulatory process. Flexibility in regulations is also crucial to accommodate the rapid pace of technological changes.&nbsp;A Lifelong Learning MindsetWhile dealing with these disruptive technologies, it is important to cultivate a lifelong learning mindset as the space is dynamic and ever evolving, so it is important to stay curious, explore new ideas, and continually update your skills. Engaging in communities and networks that foster innovation and being open to collaboration across different disciplines are crucial. By doing so, we can collectively harness the power of emerging technologies for the betterment of society and shape a future that benefits us all. Ultimately, while loving the fruits of technology and embracing the new ones, it is important to keep in mind that people come first.&nbsp;At Reﬂections, we successfully drive our customers’ business growth through digital transformation. We have embarked on a journey of collaborative innovation using emerging technologies. We don’t just offer IT services; we co-create solutions that pioneer the future for our customers and shape their success stories.&nbsp;Mohammed Haseel, Associate Director, Digital Practice, and&nbsp;Shaik Ummar, Associate Director - Data and Services (Co-authors)Sean Hicham Bouani -Vice President-SalesJyothi Vijayakumar- Corporate Communications

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Emerging technologies such as Artificial Intelligence, Machine Learning, Blockchain, and Virtual Reality are shaping our future in unimaginable ways. They have been impacting various industries of late through disruptions, leading to many sunsets and great sunrises. In our journey of collaborative innovation using emerging technologies, we don't just offer IT services; we co-create solutions that pioneer the future for our customers and shape their success stories.

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Emerging Technologies: Potential, Challenges, and Ethical Considerations

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Harnessing data empowers businesses to make informed decisions, identify growth opportunities, optimize operations, enhance customer experience, gain a competitive edge, and mitigate risks. By effectively leveraging data, businesses can drive growth, quickly adapt to changing market dynamics, and achieve long-term success

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Data Access &  Data Management

Environmental, Social, and Governance (ESG) is a framework that aims to shift the focus of companies beyond mere profit-making ideologies and move more towards having a broader impact on the larger society. Any company that adopts ESG policies is taking a step in the right direction.Environmental impact takes into consideration a company’s use and conservation of natural resources, the way their operations effect the environment, climate policies, waste generation and management, pollution, etc. The social impact of a company can be significant and can extend far and wide, encompassing aspects such as diversity within the workforce, caring for the well-being of employees, the level of support that is provided to them, and the company’s approach towards its customers.Governance, on the other hand, pertains to leadership. In the context of ESG, it refers to how well a company is held accountable for its actions. Transparency is crucial to ensure that the company shares information with the public and treats employees, stakeholders, customers, and communities fairly. This entails disclosing information like carbon footprint and ensuring pay equality. Moreover, it means upholding ethical practices and preventing any form of corruption within the company.By adopting ESG principles, companies can contribute to environmental sustainability by reducing their carbon footprint and embracing renewable energy sources. Socially, they can foster diversity, inclusivity, and fair treatment of employees, partners, and customers. Through good governance practices, they can enhance transparency, accountability, and ethical conduct.<h4>The Audience</h4>The adoption of ESG measures requires developing and implementing policies covering environmental practices, social impact, and governance. Employees play an important role in driving ESG initiatives, while NGOs and advocacy groups promote and monitor ESG practices. Investors, financial institutions, customers, communities, regulators, and governments are some of the stakeholders that are impacted by ESG policies. By collaborating with these groups, companies can develop a holistic approach towards ESG, thus promoting sustainability and equity.<h4>Challenges and Solutions</h4>Implementing ESG policies can present several challenges that can be resolved by making use of appropriate solutions.Lack of Standardization: The absence of standardized ESG metrics and reporting frameworks makes it difficult to compare and consistently assess companies’ performance. The way to deal with this, is to develop universal ESG standards and frameworks for transparency and comparability.Data Availability and Quality: Obtaining reliable and relevant ESG data can be challenging, especially for smaller companies or those operating in emerging markets. By improving data collection and reporting practices and collaborating with industry associations and data providers, companies can adapt to this situation.Integration into Investment Decisions: Incorporating ESG factors into investment decision-making processes can be complex, particularly for financial institutions with traditional investment approaches. In this context, there is the need to raise awareness on ESG's financial implications and promote research and tools for seamless ESG integrations.Short-Term Focus and Performance Pressure: Companies may face pressure to prioritize short-term financial performance over long-term sustainability goals. Companies could solve this by continuously educating stakeholders and aligning compensation with their ESG objectives.Limited Stakeholder Engagement: Engaging with stakeholders, such as employees, customers, partners, governments, and communities is crucial for successful ESG implementations. However, stakeholder engagement can be challenging, especially when dealing with diverse and dispersed groups. Here, what would be of use is the development of robust engagement strategies, along with leveraging technology and social media.Change Management and Organizational Culture: By fostering a sustainability culture and providing training and education, companies can facilitate a shift in organizational culture and practices and deal with the resistance or inertia that implementing ESG policies may bring in.Regulatory and Legal Considerations: Navigating complex and evolving ESG regulations and legal requirements can be challenging, particularly in multinational operations. This makes it necessary for companies to stay updated on regulations, seek legal counsel, and engage with industry associations.Measuring Impact and Performance: To assess the impact and effectiveness of ESG policies could be challenging due to the diverse nature of ESG factors and their long-term impact. Companies can develop ESG-specific OKRs, KPIs, and measurement frameworks, while also relying on external audits and certifications.Many companies have been successfully adopting ESG measure of late. For example, Tesla, a prominent manufacturer of electric vehicles, is propelling the shift towards a more ecologically sound transportation system. Through its innovative endeavors, the company has introduced a diverse lineup of electric vehicles meticulously crafted to outperform conventional gasoline-powered cars in terms of energy efficiency and environmental impact. Furthermore, Tesla has made significant investments in establishing an extensive network of charging stations, aimed at facilitating the widespread adoption of electric vehicles. By presenting an enticing substitute to conventional automobiles, Tesla is playing a pivotal role in diminishing carbon emissions and fostering the emergence of a cleaner and more sustainable tomorrow.<h4>ESG - Banking and Finance</h4>ESG is vital in banking and finance as it manages risks, boosts performance, meets investor demand, ensures regulatory compliance, enhances reputation, and aligns with stakeholder expectations. Integrating ESG can create a sustainable and resilient financial system that may end up generating long-term value:· Risk Management: ESG factors the aid risk management for financial institutions, and identifies and addresses long-term risks linked to the environment and society. ESG integration enhances risk assessment and resilience of portfolios.· Long-Term Financial Performance: ESG considerations impact long-term financial performance. Effective management of environmental and social risks, along with good governance, enhances sustainability and resilience. ESG integration can also lead to improved risk-adjusted returns and reduced volatility.· Investor Demand: Investors seek value-aligned and sustainable investments. Institutional investors are integrating ESG criteria to enable financial institutions to attract capital and align with the evolving investor preferences.· Regulatory Landscape: Governments acknowledge ESG's significance in finance. Regulations are mandating ESG disclosure and impact assessment, safeguarding financial institutions from reputational and legal risks through compliance. Compliance with these regulations is crucial for financial institutions to avoid reputational and legal risks.· Reputation and Branding: ESG integration enhances the reputation and brand value of financial institutions. Clients prioritize organizations with positive environmental and social impact, thus, fostering customer loyalty and trust in sustainable finance.· Stakeholder Expectations: ESG meets stakeholder expectations—customers, employees, regulators, and communities who are seeking transparency and accountability in environmental and social practices. Active ESG management fosters trust and loyalty.· Systemic Stability: ESG contributes to financial system stability. Addressing environmental risks prevents shocks, while promoting good governance enhances sector integrity.The importance of ESG in the corporate world, including the Banking and Finance sector, is growing. Investors are increasingly seeking sustainable and responsible investments, while customers are demanding ethical practices. Regulators are also recognizing the significance of ESG and are implementing regulations to ensure companies uphold these principles.Embracing ESG is not just about fulfilling obligations; it is an opportunity to make a real difference. It is about creating a better world, where companies prioritize social and environmental impact alongside financial success.At Reﬂections, we successfully drive our customers’ business growth through digital transformation. With our deep commitment towards ESG, we are successfully incorporating ESG-based solutions and driving transformations in our customers’ businesses and the communities that we operate in.&nbsp;Riya Zacharia - Senior Business Analyst (Primary Author)Sean Hicham Bouani -Vice President-SalesJyothi Vijayakumar- Corporate Communications&nbsp;

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Environmental, Social, and Governance (ESG) is a framework that aims to shift the focus of companies beyond mere profit-making ideologies and move more towards having a broader impact on the larger society. With our deep commitment towards ESG, we are successfully incorporating ESG-based solutions and driving transformations in our customers’ businesses.

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What is ESG? Why is it important?

<h3>Payment Digitization: Future of Cross-Border Payments</h3><h4>Challenges, Opportunities, and Benefits</h4>In recent years, the cross-border payments landscape has been witnessing significant transformations.&nbsp;The traditional correspondent banking model, which has been relied on for so long, is facing challenges from alternative solutions and disruptive new players. Yet, the exact nature and trajectory of these changes remain uncertain in many instances.The complex requirements involved, including a widespread network of trusted entities worldwide, extensive regulatory and technical infrastructure, and sufficient liquidity, have traditionally positioned banks as the primary players in the cross-border market. While specialized firms have also participated, primarily in tertiary remittance markets, banks have been considered the natural ‘owners’ of this domain.&nbsp;In this blog, we discuss the opportunities that are offered when we invest in the potential of cross-border payments, the challenges involved, and the ways to deal with them.<h4>Harnessing the Future of Cross-Border Payments</h4>Harnessing the future of cross-border payments is essential&nbsp;for promoting global trade, advancing financial inclusion, driving innovation and competition, achieving cost efficiency, ensuring financial stability, complying with regulations, and delivering seamless customer experiences. It helps businesses, individuals, and economies reap the benefits of an interconnected and efficient global payment ecosystem.Global Trade and Commerce: Efficient and cost-effective cross-border payment systems play a vital role in enabling international trade and commerce. As businesses expand globally, these systems facilitate transactions, support supply chains, and drive economic growth.Financial Inclusion: Utilizing the potential of cross-border payments enhances global financial inclusion by offering accessible and affordable payment solutions. This empowers individuals and businesses, particularly in underserved regions to participate more seamlessly in the global economy, access international markets, and seize economic opportunities.Innovation and Competition: The expansion of cross-border payments spurs innovation, competition, and the emergence of new technologies and players. &nbsp;This drives healthy competition and propels the development of efficient, secure, and customer-centric payment systems and services.Cost Efficiency: The opportunity for significant cost reductions, enhanced transparency, and faster settlement is attained when we embrace the potential of cross-border payments. This departure from traditional systems associated with high costs, lengthy processing times, and hidden fees benefits both businesses and consumers.Financial Stability and Risk Management: The growth of cross-border payments presents opportunities for enhancing financial stability and risk management. Adopting advanced technologies such as blockchain and distributed ledger systems enables streamlined processes, improved transaction traceability, fraud mitigation, and strengthened regulatory compliance.Regulatory Compliance: Looking forward, the possibilities that cross-border payments offer also include addressing regulatory challenges and compliance requirements. Collaboration among financial institutions, fintech firms, and regulators is key to establishing frameworks that ensure robust security, data privacy, and compliance with anti-money laundering (AML) and know-your-customer (KYC) regulations.Seamless Customer Experience: Cross-border payment systems have the potential to provide seamless, frictionless, and user-friendly customer experiences. By embracing innovative technologies, simplified processes, and interoperable platforms, businesses can enhance customer satisfaction, reduce transaction complexities, and offer greater convenience in international payments.<h4>Challenges and Solutions</h4>Any transformation that presents great possibilities has its fair share of challenges as well. When we look at the future of cross-border payments, there are various challenges that one can face:Fragmented Infrastructure: The existing cross-border payment infrastructure is fragmented, resulting in inefficiencies, delays, and high costs. Fostering collaboration among stakeholders to develop interoperable networks, adopting standardized protocols, and leveraging emerging technologies like blockchain for seamless cross-border transactions could alleviate some of these challenges.Regulatory Compliance: Compliance with various regulatory frameworks across different jurisdictions is a major challenge, and this could be solved by the harmonization of regulations, establishing clear guidelines for cross-border payments, and utilizing advanced technologies for automated compliance checks, such as AI and Machine Learning algorithms.Cybersecurity and Fraud Risks: Cross-border payments are vulnerable to cybersecurity threats and fraud. This makes it necessary to implement robust security measures, leverage encryption technologies, adopt multi-factor authentication, and put in place advanced fraud detection systems powered by artificial intelligence and machine learning algorithms. &nbsp;Access to Financial Services: Many individuals and businesses, particularly in underserved regions still lack access to affordable and inclusive financial services. Leveraging mobile technologies and digital payment platforms, partnering with fintech firms and mobile network operators, and adopting innovative solutions like digital wallets and mobile banking to expand access to cross-border payments could ensure accessibility for all to these financial services.Speed and Transparency: Traditional cross-border payment systems often suffer from slow transaction processing times and a lack of transparency. Effective ways to deal with these issues is by leveraging real-time payment systems, exploring central bank digital currencies (CBDCs), and implementing blockchain-based solutions for faster, more transparent, and trackable cross-border transactions.Intermediary Banking Fees: Intermediary banks often charge high fees for cross-border transactions, thus impacting affordability. Cross-border payments could be made more affordable by exploring alternative payment networks, peer-to-peer platforms, and decentralized finance (DeFi) solutions that bypass intermediaries, reduce costs, and improve affordability for cross-border payments.Customer Experience:&nbsp;Improving customer experience is crucial while tapping into the potential of cross-border payments. We could solve this by offering user-friendly interfaces, seamless integration with digital platforms, enhancing transparency, and providing real-time updates on payment status.Standardization and Interoperability: The lack of standardized formats, messaging protocols, and interoperability between different payment systems hinders both efficiency and interoperability. This warrants the adoption of global payment standards, promotion of interoperability through API frameworks, and establishment of industry-wide collaboration to streamline cross-border payment processes.By understanding the challenges referred above and addressing them using innovative solutions and collaborative efforts among stakeholders, the future of cross-border payments could be transformed, leading to a faster, more affordable, secure, and inclusive payment systems on a global scale.At Reﬂections, through our Advanced Digital Transformation services and Data Engineering solutions, we are successfully driving our customers’ business growth in the cross-border payment digitization realm.Riya Zacharia - Senior Business Analyst (Primary Author)Sean Hicham Bouani - Vice President, SalesJyothi Vijayakumar - Corporate Communications

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Harnessing the potential of cross-border payments, we successfully drive our customers’ business growth in the cross-border payment digitization realm through our advanced digital transformation services and data engineering solutions.

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The Future of Cross-Border Payments

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<h3>The Latest in BFSI&nbsp;</h3>Unveiling Revolutions that Shape the Capital Market IndustryThe capital market industry, a cornerstone of global finance, is experiencing significant revolutions that are reshaping its landscape.&nbsp;Ranging from technological advancements to regulatory changes, these revolutions are transforming the way capital markets operate. In this blog, we will delve into the key trends that are currently underway in the capital market industry and explore their implications for market participants, investors, and the financial ecosystem as a whole.&nbsp;<h4>1.Technological Innovations</h4><ol><li>a)Fintech Disruption: The rise of financial technologies (Fintechs) has disrupted the traditional financial services. Fintech companies are leveraging innovative technologies to offer alternative financing options, streamline payment systems and build user-friendly investment platforms. These advancements are democratizing access to capital markets by empowering individuals and small businesses to participate more easily and efficiently.&nbsp;</li><li>&nbsp;</li><li>b)Artificial Intelligence and Machine Learning: Artificial intelligence (AI) and machine learning (ML) are transforming the way capital markets operate. AI algorithms can analyze vast amounts of data, identify patterns, and make predictions with remarkable accuracy. Market participants are using AI-powered trading strategies, risk assessment models, and portfolio management tools to gain a competitive edge and optimize investment decisions.</li><li>&nbsp;</li><li>c)Blockchain Technology: Blockchain, a decentralized and immutable digital ledger, is revolutionizing capital markets by increasing transparency, efficiency, and security. Blockchain streamlines trade settlement, reduces transaction costs, and enables peer-to-peer transactions, eliminating the need for intermediaries. This technology has the potential to disrupt traditional clearinghouses, custody services, and even the issuance of securities.</li></ol>&nbsp;<h4>2.Regulatory Changes</h4><ol><li>a)Enhanced Transparency and Investor Protection: Regulators are introducing stricter regulations to enhance transparency and protect investors. Initiatives such as MiFID II (Markets in Financial Instruments Directive II) and GDPR (General Data Protection Regulation) aim to increase market transparency, improve reporting standards, and safeguard investor data privacy. These regulations promote fairness, integrity, and trust in capital markets.</li><li>&nbsp;</li><li>b)Sustainable Finance and ESG: The focus on sustainability and environmental, social, and governance (ESG) factors is reshaping the capital market industry. Investors are increasingly demanding investments that align with their values, driving the growth of sustainable finance. Capital markets are witnessing a surge in green bonds, social impact investing, and ESG-focused investment products.</li><li>&nbsp;</li><li>c)Global Regulatory Cooperation: The capital market industry is becoming more interconnected, prompting greater global regulatory cooperation. Collaborative efforts are aimed at harmonizing regulations, addressing cross-border risks, and ensuring consistent market standards. Initiatives such as Basel III and the Financial Stability Board foster coordination and stability in the global financial system.</li></ol>&nbsp;<h4>3.Evolving Investor Behavior</h4><ol><li>a)Rise of Retail Investors: The advent of technology combined with access to information has fueled the rise of retail investors. Online brokerages, mobile trading apps, and social media platforms have empowered individuals to participate in capital markets directly. This trend has disrupted traditional investment models and prompted market participants to adapt their offerings to cater to this growing segment.</li><li>&nbsp;</li><li>b)Focus on Digital Wealth Management: The digitization of wealth management is revolutionizing how investors access financial advice and manage their portfolios. Robo-advisors that are powered by algorithms and AI provide automated investment recommendations and portfolio management services at a lower cost. This shift has opened avenues for personalized investment strategies and democratized access to professional wealth management.</li><li>&nbsp;</li><li>c)Behavioral Finance: The understanding of investor behavior and decision-making processes is gaining prominence. Behavioral finance combines psychology and finance to explain how biases, emotions, and cognitive limitations influence investment choices. Market participants are incorporating behavioral insights into their investment strategies and product design to better cater to investor needs.</li></ol>&nbsp;This transformative period that is driven by technological advancements, regulatory changes, and shifting investor behaviors, is posing certain challenges and risks, while also increasing access, efficiency, and transparency. Embracing technology, adapting to regulatory changes, and understanding investor preferences are essential for market participants to thrive in this dynamic environment.&nbsp;At Reﬂections, we successfully drive our customers’ business growth through digital transformation. Our innovative&nbsp;&nbsp;capital market solutions help banks and Fintechs to improve efficiency, reduce costs, expand reach, improve security, and comply with the global regulations.George Bernard - Product Owner (Primary Author)Sean Hicham Bouani - Vice President, SalesJyothi Vijayakumar - Corporate Communications

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&nbsp;The capital market industry is experiencing significant revolutions that are reshaping its landscape. Our innovative capital market solutions help banks and Fintechs to improve efficiency, reduce costs, expand reach, improve security, and comply with the global regulations.

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Revolutions in Capital Market

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In a rapidly changing and highly competitive world, where stagnation is extremely detrimental to businesses, innovation is the key for companies to adapt, grow, and evolve. This scenario has made it an imperative for organizations across various domains to look for innovative solutions to streamline their operations, improve efficiency, and increase growth.&nbsp;Industry clouds are among the innovative solutions that are transforming businesses and making them stay relevant today. They are the composable building blocks that are built for strategic use cases in specific industries.&nbsp;To support businesses within a specific vertical, these solutions provide industry-specific functionality, data models, workflows, and integrations.&nbsp;This blog post would discuss the importance of industry cloud solutions and explore the ways in which they are revolutionizing businesses across different domains. Gartner predicts that by 2027, enterprises will use industry cloud platforms to accelerate more than 50%&nbsp;of their critical business initiatives.The following are some of the key advantages of using industry cloud solutions:<ul><li>Increased Efficiency and Improved Operations: The functionalities provided by industry clouds are developed based on best practices, regulations, and standards of each industry. The tailored solutions that address the specific challenges and requirements of these industries will lead to increased efficiency and improved operations.</li><li>Better Data Protection, Security, and Compliance: Industry cloud solutions are implementing industry-specific security protocols, data protection measures, and regulatory compliances, to ensure that sensitive data and information are properly safeguarded, and that the regulations and standards will be met.</li><li>Shorter Time-To-Market: The use of pre-configured templates, tools, and processes that industry cloud solutions have developed, allows enterprises to quickly and seamlessly take their products and services to market.</li></ul>&nbsp;Using industry cloud solutions, Volkswagen has built a new Digital Production Platform (DPP) that all suppliers and service providers can connect to. Productivity gain of 30% is being targeted by 2025. The suppliers get full visibility on customer demands and this will help in synchronizing operations to meet supply and demand in real time. The platform uses cloud service provider’s data encryption and it is hosted locally to ensure better security and compliance.Along with the advantages, there are also certain challenges&nbsp;that need to be dealt with when organizations opt for industrial cloud solutions. A few are as follows:&nbsp;<ul><li>Diverse Requirements for Different Companies: Since different industries have various types of users, levels of security, customer details, and financial data, the security, privacy, compliance, and regulatory requirements will also end up being diverse across each of them. Complying with all the above, while also managing solutions in the cloud will be very complex, thus the solutions should be able to cater to multiple levels of scalability and performance requirements.&nbsp;</li><li>Selection of the Right Provider: Unlike a few years ago, the current cloud market has a large number of industry cloud platform vendors. These vendors need to be properly assessed so that the right provider is selected. A multi-cloud strategy or assessment will make this decision&nbsp;easy as it will have all the service providers compared based on their service offerings, cost efficiency, innovative technology, security, and reliability. Cost is also an important factor to be considered, because these platforms involve subscription fees, data transfer costs, infrastructure scaling expenses, and maintenance costs.</li></ul>As per the 2022 HashiCorp State of Cloud Strategy Survey, enterprises are facing shortage of cloud skills, and it’s driving the creation of cloud platform teams and investment in automation in many organizations. Automation will help make the hard-to-find cloud talent more productive. Innovations like industry cloud solutions are a step in that direction as they provide domain-specific requirements as pre-built features on the platform.At Reﬂections, we are successfully driving our customers’ business growth through digital transformation. Our extensive cloud experience combined with our industry cloud vision, cloud expertise, and partnership ecosystem are the key to driving the transformation of our customers’ businesses by facilitating the rapid adaptation of their industry-specific processes using the cloud platforms.

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We drive the transformation of our customers’ businesses by facilitating the rapid adaptation of their industry-specific processes using cloud platforms. The key factors are our extensive cloud experience combined with cloud vision, cloud expertise, and partnership ecosystem.

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Industry Cloud Solutions: Revolutionizing Businesses

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Today, the transformative and disruptive potential of Artificial Intelligence (AI), the simulation of human intelligence in machines, is revolutionizing various industries and redefining the way organizations operate. There is not a business sector or technology that has been immune to the impact of AI, and application development and DevOps are no exception.DevOps, the software development methodology that streamlines the development lifecycle of an organization and thus results in more frequent and reliable software releases, shares similar goals with AI by focusing primarily on productivity and efficiency. While Automation plays a key role in DevOps, AI takes that automation to the next level. In this blog post, we will look at the relevance of AI in DevOps and the key adoption points that enterprises need to keep in mind.Today, most enterprises are focusing on being data driven to incorporate the full capabilities of AI and machine learning. And by coupling AI with DevOps, this combo will set DevOps as a crucial pillar for any organization's digital transformation goal. DevOps’ teams are usually under pressure to choose between maintaining quality and speeding up the process. This necessitates the need for companies to enable their DevOps team to make good use of AI.The following are some of the beneﬁts of using AI in DevOps:&nbsp;&nbsp;<ul><li>Code Review –The use of AI in DevOps can early on help in identifying bugs, errors, and vulnerabilities in the codebase and come up with improvement suggestions more effectively.&nbsp;</li><li>Testing –Automating testing using AI can reduce the time and effort needed for manual testing by identifying performance issues, bugs, and vulnerabilities more efficiently.&nbsp;</li><li>Monitoring –The use of AI-based monitoring tools would help the DevOps teams to better analyze the monitoring, logging, and tracing of data and to report the real-time insights on performance. This would result in prompt identiﬁcation and resolution of issues and increased reliability for software applications.&nbsp;</li><li>Predictive Analytics – AI-enabled predictive analytics can help DevOps’ teams anticipate and avoid potential issues. Through the analysis of historical data and patterns, AI can identify and predict possible failures and quickly address them.&nbsp;</li><li>Automation –By automating various aspects of the DevOps’ process, such as code analysis, testing, and deployment, AI technologies can streamline operations in a more efficient way, while also reducing the occurrence of errors.&nbsp;</li></ul>And, as in the case of any other technology, enabling DevOps with AI also has its challenges and limitations. It is then crucial that organizations consider:<ul><li>The total investment required in software, hardware, and expertise.</li><li>The availability and quality of data as they are critical factors. And to ensure successful outcomes, the amount of data required can be huge.&nbsp;</li><li>The compliance with the applicable data privacy and protection laws.&nbsp;</li></ul>&nbsp;At Reﬂections Info Systems, we are successfully driving our customers’ business growth through digital transformation. Our DevOps practice and assessment framework help organizations create a winning structured strategy for integrating AI in DevOps, all the while covering areas of improvement, tools, integrations, data culture and people.

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Harnessing the transformative and disruptive potential of AI, our DevOps practice and assessment framework help organizations create a winning structured strategy for integrating AI in DevOps, covering areas of improvement, tools, integrations, data culture, and people.

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The Latest in Cloud Technical Trends : Enable DevOps Teams with AI

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Fintech encompasses a wide range of technologies, including artificial intelligence (AI), blockchain, and digital banking, which have transformed the way businesses and consumers interact with financial services.

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Fintech Trends in 2023: Navigating the Fintech Landscape in 2023

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&nbsp;A dedicated GitOps component reads approved changes from the Git repository and applies the changes to the Kubernetes cluster through a CD pipeline. This provides for the separation of concerns and ensures that the Git repository reflects the current state of the cluster irrespective of who made the change and when.&nbsp;<img src="https://strglobalwebsiteprod.blob.core.windows.net/global-website-prod/assets/gitops_7064cb4384.png" alt="gitops.png">&nbsp;Principles of GitOps:&nbsp;Declarative configuration: The System state is described declaratively. Instead of providing a series of instructions on how to build the infrastructure, applying configurations and deploying the application, we declare the end state of what is needed. Declarative configuration is idempotent and can be run multiple times without any impact to the system consistency.&nbsp;Version controlled immutable storage: Git is the source of truth. The desired system state is versioned in Git. Multiple Git branches can be created to apply changes to different environments. A pull-request (PR) based approval process can be used along with gated check in to ensure that only approved changes are deployed to the environment.Automated delivery: Git is the single place for operations (create, change, delete) performed by autonomous agents. An approved Git commit will result in a new deployment and a Git revert would rollback changes.&nbsp;Autonomous agents: Software agents known as operators enforce the desired state and alert on drift. These agents monitor the environment and alert for any divergence from the repository. It automatically corrects the divergence.&nbsp;Closed loop: Delivery of approved system state changes is automated.Need of GitOps:&nbsp;Standardized workflow: Git as the source of truth improves Developer Experience and ensures easy adoption. Developers are familiar with Git. GitOps applies a consistent development workflow to operations. All operations are performed through Git commands.Auditability: Tracking both application code &amp; infrastructure definition in Git results in a full audit trail and compliance. GitOps promotes collaboration between development, security and operations using Git as the collaboration tool. Code reviews result in better stability of systems experiencing a high rate of change.&nbsp;Consistency: Infrastructure as a code result in easier rollback, more consistency, &amp; standardization. Automation provides consistency reducing errors.&nbsp;Reliability: Continuous sync and Configuration drift detection results in reliable environments.&nbsp;Enhanced Security: Shifting security left to the GitOps operator. Security is also maintained as code. Traceability of who made/approved a change is automatically provided. Changes to the runtime state can only be applied by automated agents.&nbsp;GitOps Operator:&nbsp;There are many GitOps operators out there, but the two main ones are Flux and Argo CD . The Flux and Argo CD GitOps operators are designed to work with Kubernetes. We choose ArgoCD due to its ease of use and functionalities.ArgoCD:&nbsp;ArgoCD makes it easy to define a set of applications with their desired state in a repository and where they should be deployed. After a deployment, Argo CD constantly monitors the state and can even catch configuration drift.&nbsp;ArgoCD’s core component is the applications Controller that executes continuous monitoring of applications and then compares them to the live application state against the target state defined within the Git repository.&nbsp;The application controller retrieves the desired resources manifest from the Git repository and compares it to the live resources from the Kubernetes cluster.&nbsp;<a href="https://argo-cd.readthedocs.io/en/stable/operator-manual/declarative-setup/">https://argo-cd.readthedocs.io/en/stable/operator-manual/declarative-setup/</a>ArgoCD dashboard with a sample application:&nbsp;The dashboard above provides a detailed view of the same Argo application deployed in the image above. However, it also provides an understanding of the status of the Kubernetes resources. Now below we have the best way to manage the folder structure in GitOps.&nbsp;<figure class="image"><img src="https://strglobalwebsiteprod.blob.core.windows.net/global-website-prod/assets/argo_0f24b5a94d.png" alt="argo.png"></figure>&nbsp;Environments:&nbsp;The environments represent the different development platforms like Dev, QA, and Prod. In each environment, we have two different folders:&nbsp;1. Cluster&nbsp;2. Apps First trace to the below path: 1.11.1 Environments&gt;dev&gt;cluster&gt;ArgoCD:&nbsp;a) App of Apps:&nbsp;An app can be created that can creates other apps, which in turn can create other apps. This allows one to declaratively manage a group of apps that can be deployed and configured in concert.&nbsp;https://argo-cd.readthedocs.io/en/stable/operator-manual/cluster-bootstrapping/#app-of-apps-pattern&nbsp;b) Apps:&nbsp;All the services/applications which are needed to be deployed to the cluster are placed in the apps folder.&nbsp;c) Cluster&nbsp;All the other resources which are not user-defined applications will be placed in the cluster folder. Apps such as operators which installed on the cluster. Eg: Prometheus, Secrets operator.. etc&nbsp;2. base&gt;apps&nbsp;This folder is used for customization base, the manifests placed in this folder can be inherited by apps in environments. Thus, it will reduce manifest duplication.

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This whitepaper describes how we applied GitOps practices to a customer project. Our customer has a Web3 platform which they were looking to modernize and add new capabilities like NFTs, marketplace, CMS etc. The platform has several microservices running on EKS clusters and adopting a GitOps Architecture provides several benefits.&nbsp;Initially, it looked easy to achieve, but constructing GitOps pipelines is far from trivial and involves challenges.

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GitOps – ArgoCD

BackgroundHistorically, centralized institutions, such as banks and financial firms, have controlled and delivered financial services and products. Nonetheless, these centralized organizations are susceptible to numerous issues, such as hacking, theft, censorship, and corruption. DeFi solves these problems by utilizing blockchain technology to build a decentralized, secure, and transparent platform for financial transactions and investments.&nbsp;What exactly is DeFi?&nbsp;DeFi is a blockchain-based financial ecosystem that offers a variety of financial services and products, including loan and borrowing, trading, and insurance, among others. DeFi is decentralized, reducing the need for centralized intermediaries and expanding access to financial services.&nbsp;The benefits OF DeFiDeFi provides various benefits over conventional financial services, including:&nbsp;Decentralization: DeFi operates on a decentralized platform, which eliminates the need for centralized middlemen and improves transparency, security, and accessibility.&nbsp;Accessibility: DeFi eliminates entrance barriers, making financial services and products available to a broader audience, especially those who have been historically excluded from the financial system.&nbsp;Transparency: Using open-source software, DeFi provides a transparent platform for financial transactions and investments. This renders censorship, hacking, and theft impossible.&nbsp;Security: DeFi uses cryptographic techniques to encrypt financial transactions and investments, thereby providing users with a high level of security.&nbsp;Inclusiveness: DeFi provides financial services and products to those who have been excluded from the traditional financial system, enabling wealth growth and financial independence.&nbsp;&nbsp;<figure class="image"><img src="https://strglobalwebsiteprod.blob.core.windows.net/global-website-prod/assets/Defi_article_image_81a8022691.webp" alt="Defi_article_image.webp"></figure>Definitive Future in the MetaverseThe metaverse is a virtual universe that provides a new model for human interaction, trade, and entertainment. DeFi has the potential to play a big role in the metaverse by delivering safe, accessible, and transparent financial services and goods. DeFi can provide a platform for the secure and transparent trading and investment of virtual assets, such as virtual real estate and virtual currency.&nbsp;DeFi can provide virtual financial services such as virtual loan and borrowing, virtual trading, and virtual insurance in the metaverse. This will create new financial opportunities for individuals in the virtual world and raise the value of virtual assets. DeFi can potentially provide a platform for virtual economies, enabling decentralized and secure trading and investment of virtual products and services.&nbsp;Conclusion&nbsp;DeFi is a rapidly expanding financial sector with the potential to change the financial industry. DeFi provides new financial alternatives as well as enhanced financial independence, security, and accessibility. DeFi has the potential to play an important role in the metaverse by providing financial services and products for virtual assets and virtual economies. As DeFi evolves, it has the ability to create new financial opportunities and boost individuals’ financial independence.

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Decentralized finance (DeFi) is a new and rapidly expanding sector of the financial industry that uses blockchain technology to deliver decentralized, transparent, and accessible financial services and products. DeFi has the ability to change the financial system by creating new financial opportunities and liberating individuals from the restrictions of existing financial institutions.

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Decentralized Finance: Powering the Future of Metaverse Economies

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Blockchain -as-a-Service: Should we or should we not?&nbsp;With the emergence of Web3, more industries are moving to Blockchain for faster and trusted operations. Like it has disrupted the finance industries, from Bitcoin worldwide to reimbursements in China, the technology is being taken up by industries ranging from logistics to healthcare to governmental organizations.But the setting up of a Blockchain service isn’t exactly easy. There are numerous technologies like cryptography and hashing that go into it. While public, permissioned and private blockchain platforms like Ethereum and Linux Hyperledger have made things easier, there still are issues that need to be addressed and fixed, like setting up a node and data-storage infrastructure. Blockchain-as-a-service platforms eliminate this gap by being a third party which provides these services and make smart contract integration easier.&nbsp;<figure class="image"><img src="https://strglobalwebsiteprod.blob.core.windows.net/global-website-prod/assets/Blockchain_962a5e000d.webp" alt="Blockchain.webp"></figure>Why go for &nbsp;Blockchain-as-a-Service?&nbsp;The Blockchain-as-a-Service (BaaS) partner assumes the responsibility of maintaining all the critical Blockchain-related artifacts like nodes and keeping the infrastructure up and running. BaaS contracts also include support activities such as bandwidth management, optimization of resources, incident management, system health monitoring, as well as proactive security surveillance such as prevention of hacking attempts.The main benefit for using a node service is not having to spend engineering time maintaining and managing nodes yourself. This allows you to focus on building your product rather than having to worry about infrastructure maintenance.Running your own nodes can be very expensive from storage to bandwidth to valuable engineering time. Things like spinning up more nodes when scaling, upgrading nodes to the latest versions, and ensuring state consistency, can distract from building and spending resources on your desired web3 product.BaaS model ensures cost-effectiveness as you do not have to invest in maintenance, upgrades, or replacements for systems and software.Blockchain as a Service provider could also introduce a comprehensively robust infrastructure capable of scaling up and down according to customer demands.&nbsp;Most important of all, users would not experience any type of difficulties in operating BaaS solutions. Even without any comprehensive knowledge in system administration, users could make the most of BaaS solutions.If expanding your enterprise or Consortium, you also have the option to add a node within minutes. BaaS provides you an interface from where you can add nodes with just a few clicks and minimum knowledge of core blockchain concepts.&nbsp;Also, there is barely any time wasted in syncing the nodes in BaaS. If setting up our own node, it may take months to sync it from scratch.&nbsp;<figure class="image"><img src="https://strglobalwebsiteprod.blob.core.windows.net/global-website-prod/assets/Baas_1bce5d1595.png" alt="Baas.png"></figure>What to look out for when choosing for Baas Platform?1. Pricing: First and foremost is always the pricing. There are BaaS that charge you on per node per hour basis (like Kaleido) or on a pay as you go pricing model (getBlock) in which the customer only pays for the units of service used. Choose the service based on how much traffic your app may face and how scalable it should be in the future.2. Cloud infrastructure base: BaaS offer a wide variety of cloud platforms to choose from. Other than AWS and Google Cloud, there are options to host data on your own cloud too. Choose one according to the level of security for your data.&nbsp;3. Elastic nodes: BaaS provides faster node upgradability. Just pay for the size of node size that you are using and expand it later, for increasing latency and scaling&nbsp;4. Developer Support: There are various kinds of Blockchain programs like Smart Contract, ChainCode etc. It is crucial you have someone to guide you at the development stage.&nbsp;5. Post-deployment support: Opt for a service that offers 24*7 customer support irrespective of your region.&nbsp;6. Previous experience and reviews: Very important. We do not want to take a gamble with a newbie in the industry&nbsp;7. IPFS node hosting: A plus since most apps are based on document verification. BaaS like Kaleido also provides option of IPFS node hosting, eliminating you of the burden.&nbsp;8. IAM (Identity Access Management) Platforms: Select a BaaS platform that offers IAM framework integration so that data is exposed to only those who should access it.&nbsp;9. Different Runtimes and Frameworks : What if you want to switch to another blockchain platform while building a blockchain app on BaaS architecture? When it comes to blockchain frameworks, you might not find many blockchain-as-a-service providers that offer versatility. Some BaaS providers only support one kind of enterprise blockchain deployment. Choose a BaaS that supports a diverse range of runtime and frameworks. It will help bring flexibility to your enterprise requirements.&nbsp;10. Identity-based Consensus Mechanisms: You must have heard about the typical consensus mechanisms such as Proof of Stake or Proof of Work. However, Proof of Stake and Proof of Work don’t offer enough scalability that the enterprise-grade solution needs. Therefore, select the blockchain-as-a-service providers working on a consensus mechanism that does not depend on the computation. Identity-centric consensus models can scale up the network and allow the enterprises to integrate the technology quickly. So, you can also prefer selecting a BaaS platform with an identity-based consensus algorithm that enables enterprises to operate with authorized identities.&nbsp;11. NFT APIs: Web3.js, ether.js does not give you all the functionalities to manage NFTs. Hosting services like Moralis, Quicknode etc are famous for their NFT APIs which make querying faster.&nbsp;12. Analytics: In some BaaS, request metrics are collected. These include number of requests, a breakdown of method calls, and server response data, CPU, memory, and storage usage data.&nbsp;Taking the help of a BaaS provider makes blockchain product development just like any other product development. Hosting your smart contract on a blockchain through BaaS has also proven to be very cost-effective.&nbsp;Credits:&nbsp;<ul><li><a href="https://www.infoq.com/articles/blockchain-as-a-service-get-block">https://www.infoq.com/articles/blockchain-as-a-service-get-block</a></li><li><a href="https://medium.com/hackernoon/what-is-blockchain-as-a-service-28667754d6dc">https://medium.com/hackernoon/what-is-blockchain-as-a-service-28667754d6dc</a></li><li><a href="https://www.leewayhertz.com/guide-to-blockchain-as-a-service">https://www.leewayhertz.com/guide-to-blockchain-as-a-service</a></li></ul>

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With the emergence of Web3, more industries are moving to Blockchain for faster and trusted operations. Blockchain is being adopted by industries ranging from logistics to healthcare to governmental organizations.

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Blockchain-as-a-Service: The new BaaS

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Among all the recent technology ideas, Metaverse has had the most traction triggering multiple ecosystems with exciting forays. Perhaps, Metaverse took its prominence to the next level (after Facebook became Meta) with more industries throwing in their hat, either for a Tech-swank or to be that prime mover in their respective marketplaces and unearth a worthy business use case.&nbsp;During the initial days, the focus narrowed towards AR-VR, Digital Assets or the Cryptos or Blockchains, but as people started digging more, Metaverse seem to have been offering unlimited opportunities across all industry sectors. As always, a clearer path emerges over a period of time, with the Tech Giants – namely the MAMAA – “Meta, Apple, Microsoft, Amazon and Alphabet (Google’s parent company)” taking rapid strides with mammoth investments and the innovation that drives along. For the first time, the expectation from each ecosystem is to work collaboratively, building interoperable assets and cross utility platforms. So, it goes without saying, there are going to be massive opportunities in the Metaverse for those keen to leverage the new digital frontier.&nbsp;It has been a common practice, while writing on Metaverse, to cover Gaming in one way or the other, but this article would rather align towards the preliminary real-world industry use cases. It is not that we’re going to disregard a prolific bunch of consumer use cases (with gaming background) in the Metaverse, but at least focus our thoughts along the Enterprise cases, the ones that might scale first.&nbsp;Let’s take Banking for instance. There was a time when it took a lot of hard pitching and persuasion for a Bank to take the lean towards an Emerging Technology. Wall Street took several years to go Digital, until a visionary like Vivek Ranadive got ahead with his Digital idea presented on a Paper Towel in the 1980s. Following the trend, it took 15-20 years for the internet to make inroads into Banking, while Mobile took around 5 years before it saw a massive uptake in Banking. Today, already a good number of banks have been toying with the idea of launching their banking services to customers on the Metaverse. A customer while sipping a coffee at home, can enter a Metaverse branch using a VR headset, perform their typical Banking &amp; Financial Transactions, meet a Fund Manager via a Digital Avatar, conveniently discuss a retirement plan with a Virtual Advisor, sign-up for a New Insurance Product or Service – through Smart Contracts, or at the minimum, talk to a realistic human face (equivalent to) a FAQ Chatbot – called “Meta-Bots”. If we look through at its core, each of these transactions or customer service points would be pretty much like the one in a real-world scenario. But, what it does offer the customer, is convenience and comfort of operating it from their homes without having to take a break during office hours or wait in a long queue at the Branch.&nbsp;FinTechs, might as well do some heavy lifting in replicating use cases on the Metaverse like the Home Mortgages, Lending Process, Auto-Loans, process Crypto Transactions or even a typical Payment Processing Service. As a matter of fact, there are MetaFi companies offering Debit Cards that can be used both in the real world and the Metaverse. The day is not too far before we witness an entire Banking ecosystem recreated in the Metaverse and an out-n-out new role taking prominence within Enterprises called “Chief Metaverse Officer”.In Retail, we have already seen Walmart unveiling its Metaverse shopping experience, where one can walk into a Metaverse Mall, take the help of a virtual store agent, browse products in the aisles and make a purchase on Metaverse, to subsequently see them delivered directly home in the real world. However, these ideas would need further refinements, as a lot of it is still in development stages. On the other side, Fashion Brands are exploring Direct to the Avatar (D2A) campaigns, where they can promote, market and sell directly to Digital Identities on the Metaverse. There is the indispensable, Meta Commerce, which is well poised to disrupt and rewrite a whole new world of e-commerce out there. Imagine if one intends to buy a new pair of shoes and there is no time to commute to the nearest store, which is a few miles away. And the store has the exact brand/color/design, they have been looking for. They can visit the Virtual store on Web 3.0, which would offer an identical experience of visiting a physical store in real-life, virtual try-on with the Digital Avatar to ensure it fits them well and complete the purchase, eventually see the actual pair of shoes delivered to their home.&nbsp;Regular businesses are using the Metaverse to connect with employees working remotely, for a more immersive &amp; inclusive office-like meeting experience. Few have also ideated on Virtual Training and Employee Onboarding, where the Office set-up is recreated in the Metaverse and enable the new joiners meet their co-workers or go through new hire training virtually. For people in the business of selling, imagine how easy it would be, to meet a customer in the Metaverse and negotiate across the table, through their respective Digital Avatars. This might as well save a lot of travel time, as we have seen in the past, several situations of cross-continent travels on short notice, for a 2 Hour Client meeting can be avoided.&nbsp;In the Medical Metaverse, a concept of Virtual Hospital is taking shape this very moment, where a virtual hospital environment is accessed through a VR headset. All the preliminary investigation/counselling services are offered Virtually for increased patient engagement (all required information collected) before a patient walks into a real-life Hospital for treatment or admission. While it may not be conducive for all sorts of medical scenarios, but a few cases might benefit without having to rush and put undue pressure on the Healthcare system. Imagine the convenience of making a post-surgery doctor consultation without taking the trouble to step out of home, get into a car, negotiate the traffic and wait at the hospital to meet a Specialist. Of course, not all visits would require a physical examination by a Doctor. As Telemedicine and Teleconsultation concepts are maturing across the world, Metaverse could as well change the traditional culture of frequent Hospital visits. Talking the thoughts forward, a Digital Twin of ourselves could be used for Clinical Trials or administer a Test Dose before an actual Medicine is injected into the real body. A Maxillofacial surgeon could leverage our Metaverse Avatar to try out which nose shape or facial feature aligns well, before a reconstructive surgery is performed in the real world. Metaverse could offer an augmented reality space for students to examine the anatomy of a human body in a virtual laboratory setting. As we speak, there are a bunch of AR-VR Solutions depicting Virtual Medical Manikins to empower medical students to learn basic procedures like administration of drugs, pleural aspiration, ascitic aspiration, cardiopulmonary resuscitation and other medical and surgical VR Simulations. It is only a matter of time, before these go on to a Metaverse world, eventually disrupting how medical education and training is imparted.Governments could provide their own metaverse ecosystem for their Citizens, Tourists, Employees and Diplomats, targeted at improving access to government services and eliminate the need to visit in-person. Citizens having access to all information regarding new decisions passed, cultural experiences, re-create a city from the past, create a new city in Metaverse before it is built in the real-world. Governments and communities can do their bit, to revive a dying art, by putting up an Art Auction on the Metaverse – a platform that would enable Online Auction of the arts and increase their marketability.&nbsp;While a good number of such ideas are still evolving, Metaverse yet holds a lot of promise and unknowns with it. Will it be another “Normal” in the future or just another Fanciful Technology wave, that didn’t hold itself through the tide. We have the incredible opportunity to witness the creation of an Earth 2.0 via the Metaverse!

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Metaverse took its prominence to the next level (after Facebook became Meta) with more industries throwing in their hat, either for a Tech-swank or to be that prime mover in their respective marketplaces and unearth a worthy business use case.

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Metaversification of Businesses – The new Disruption!

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Rising importance of user experience (UX)&nbsp;User experience has become an essential part of our daily lives. Designers have also standardized the methods, tools and software’s that they use to extend the capabilities of what they can do and design for every kind of experience and user. This evolution in thinking of how design can benefit the individual user has been a significant shift in the history of design. User experience has changed how we interact with every possible part of our world, whether it’s the alarm that wakes us up in the morning to the way we connect with friends and family or even something as simple as ordering our daily groceries. The emergence of Metaverse design is another such evolution that will forever change our relationship with technology and the way we think about design.[2] While more and more hype is created about Metaverse by Technology giants such as Facebook, We are at getting closer to the materialization of Metaverse and designers are focusing on creating experiences using Virtual reality, Augmented reality to create a new level of UX Design. UX Designers will be required to think differently, learn new skills and methods to design experiences that are transforms the user into another world.&nbsp;Disciplines for the metaverse UX&nbsp;Today, good design is intuitive, easy to use, and aesthetically pleasing. But in the metaverse, good design is something else entirely — it’s wholly immersive. “When a player and character merge to become a persona, that’s immersion,” wrote Richard Bartle in Designing Virtual Worlds. “That’s what people get from virtual worlds that they can’t get from anywhere else. That’s when they stop playing the world and start living it.”[3]&nbsp;Designers will have to learn from economics to Engineering as we are creating not a portal, but another simulation from the lens of a human. This creates a lot of ethical challenges as well.Behavioural Economics – is a discipline examining how emotional, social and other factors affect human decision-making, which is not always rational, as users do not always have stable preferences or act in their best interests&nbsp;Sociology – solving various dilemmas and problems regarding our daily activities. It boosts problem-solving skills in people, thus gifting them with the superpower of managing their problems&nbsp;Psychology – to meet the demand of different mindsets, a designer must need to understand the process of Human minds.&nbsp;The view of the metaverse first as a human society, rather than a product or service, will be critical to designers for another reason: Designers will be forced to confront the ethics of their design decisions in much more profound ways.&nbsp;The Metaverse will be connected by thousands of experiences, designers will have to find a way to connect them all together. This requires great storytelling abilities. As attention to detail is a crucial factor in giving the best experience to the user, working as teams focusing on each component of the UX is crucial. Designers can no longer work in isolation during the brainstorming and designing process. They will need to think about the complete 360 experience for virtual reality design and how users will act at every stage of the journey.Tools for designing metaverseA 3D character artist creating avatars will likely need to know Maya, 3D Max, Cinema 4D, Blender, and will probably need some experience with gaming, creator skins, &amp; knowledge of Unity or Unreal.&nbsp;The designers will be required to lean into the lessons they’ve learned from the digital age and to leverage the tools they’ve spent the past decade developing: research, collaboration, empathy, and user advocacy. Above all, they will need to be comfortable pushing back against decisions that harm players, and raising concerns publicly before those decisions come into effect — not just after the damage has been done.

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Technologists describe the metaverse as a persistent, shared, 3D virtual environment. There, people meet for activities ranging from playing games to conducting business. It incorporates such technologies as virtual reality and augmented reality. Mark Zuckerberg, now the Chief Executive of Facebook’s parent company Meta, describes the metaverse as “an embodied internet that you’re inside of rather than just looking at.” It essentially describes a parallel virtual world where people can carry out their daily tasks, play, learn, socialize and even live out their entire lives through unique virtual identities or avatars

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Deciphering Metaverse UX Design

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