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Author: Syed Musaveer Rahman |09/13/18

Creating Digital Strategy Framework in Consumer’s Market with Murex

An innovative thought of two students in 1986 is now a leading provider of integrated trading, risk management, processing and post-trade solution for buy and sell side of financial institutions.

Murex provides customer-centric solutions to global banks, market makers leading multiregional banks, National banks, Regional banks and so on. It provides solutions to the buy side such as asset managers, hedge funds, insurance companies, pension funds, and, to the corporate utilities such as brokers, corporate treasuries, energy and commodity, merchants, oil and gas, government agencies and so on. Also, it supports as a seasonal player by providing timely solutions on regulatory, time to market, cost, legacy infrastructure and complex financial algorithm as per business needs.

Starting from understanding market demands and the potential of new technologies to disrupt the competitive landscape, to helping firms adopt it with a sustained competitive advantage and future proofing ability of horizontal and vertical growth, Murex offers cloud solutions to enable customers take advantage of flexibility, scalability, robustness and cost reduction. Murex SaaS solutions will help customers leverage pace of technology by offering:

  • Self-managed solutions.
  • Risk and maintenance free infrastructure.
  • Business agility and high operational efficiency.

Reusable services for customers will open agility for technology adoptions. It simplifies manageability and is a versatile move towards a more flexible infrastructure where it could accommodate bulk structured and unstructured data. Digitalization trends will accelerate offerings and challenges for banks, financial institutions and so on. It can also help find the right means of collaborating with new business models and innovative technology.

Furthermore, Murex digitalization solutions could help On-fly analysis and reporting with 100% accuracy in seconds for complex models to manage market business demands. In addition, taking advantage of emerging technologies like big data and analytics, customers can leverage technology like machine learning to identify patterns in their data that lead to compliance challenges, predict, and resolve issues in real-time.

In the past several years, regulators have embraced the use of innovative technology for governance. In India, Reserve Bank of India (RBI) and The Securities and Exchange Board of India (SEBI) are the guiding force for banks and capital markets in forming regulations and giving recommendations to achieve digitalization objectives. A set of guidelines are defined by foreign regulators like:

  • Federal Financial Institutions Examination (FFIEC) - United states
  • Financial Conduct Authority (FCA) - United Kingdom
  • Communications and information technology commission (CITC) - Saudi Arabia
  • European Commission (EC)-European Union
  • Ministry of industry and information technology (MIIT) - China
  • Ministry of Justice (MIJ) – Brazil

Challenges in Murex digitalization

1. Data security

Security is a major concern for capital market firms, banks, financial institutions on cloud computing. In an on-premises environment, security can be established with data encryption, firewalls, secure ID’s and so on. But, when it comes to the cloud, there is no guarantee that the data is completely secure and cloud can be open target for cyber-crimes.

Although, with reliable security measures in place financial institutions have started adopting cloud computing for core operations, and this is not surprising considering the vast and uncertain regulatory landscape. But, firms need to secure sensitive intellectual property, efficiently. With consumer’s data and transaction data that travels globally, firms even face legacy information technology challenges.

However, network firewalls and application firewall built by cloud service providers and the encryption let us create a private dedicated network connection.

2. Clarity over data storage laws and regulations

Financial regulators and data governing laws have turned their attention to the cloud and digitalization to supervise online storage services that hold information from the world’s biggest banks. Global financial institutions are becoming increasingly reliant on the cloud by using it to store customer account data and their banking system while the leading supervisors are concerned about the results of the bank collapsing.

But, regulations are coming up with hard data security laws for cloud and digitalization to overcome penetration and misconduct.

3. Customization and standardization trade-off with legacy models

Customers are running businesses with current organizations by technical methods, culture and process on digitalization and in the cloud when the operations grow wider and they shift a significant part of their infrastructure and/or applications to a third party. Cloud and some institutions are concerned about this level of dependency on the vendors. Future changes in vendor’s policies or frameworks can add to operational complexities for individual users.

Technology reaching Customers

Murex always supports technology that connects with timely adoptions, encourages the competition between banks, financial institutions, and provides benefits by helping them to be advanced, modern, innovative and efficient. This helps improve the services to customers and build customer loyalty.

Mindtree’s digital strategy framework expertise will guide you through the maze of device proliferation and show you how to leverage data for a more efficient workforce, faster time-to-market and richer customer experience.

Benefit the most with Murex and our expertise in Big Data, Cloud (on Both Azure and AWS), Digital, DevOps IOT and other technologies to reach new heights by addressing your market demands, right.

Learn more about Mindtree's Murex offering

Know more about Mindtree's Financial Services and Capital Market services and solutions.

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