Revolution Banking: Strands Drives Innovation Into the Banking Sector

by | Jul 16, 2021 | Strands News

Strands’ Director of Technology, Pablo Reyes, expert speaker in the Revolution Banking event, sponsored by Strands

Strands sponsored the biggest banking event in Spain, Revolution Banking ‘A new experience for the new banking’, which took place in June in a virtual format. Strands’ Director of Technology, Pablo Reyes, was one of the special speakers and presented the ‘Innovation reaches all levels’ session.

Pablo spoke about RPAs, data analytics, artificial intelligence, machine learning and cloud ecosystems, all of which are at the epicenter of innovation, where in fact Strands is today. He also described the potential of Strands’ cutting-edge technologies and how can bring innovative solutions to banks and also their customers, both for retail (Personal Financial Management) and SMEs segments (Business Financial Management).

Pablo Revolution Banking

How machine learning can help banks

Thanks to new machine learning techniques, it is possible to find groups of people related to each other based on attributes invisible to a human, such as the dates of the month when they go out to eat, the ratio of their spending between transportation and their salary, and preferred experiences and industries, means that spending and behavior patterns can be much more accurate when it comes to grouping users, he detailed.

How can this help banks customers such as the SMEs segment? For a small business, a projection of income and expenses for the next few months is very important. If it had an income projection model that really hits the mark, it will put much more trust in its bank and the services it offers to the business.

The benefits of deploying in SaaS model

Strands’ Director of Technology also talked about the benefits of the cloud. “Leaving behind the problems and lag found within old applications and bank’s data centers’ processes, internally Strands innovated something more efficient: moved the development environments to the cloud and started playing with tools like Docker”, he detailed. He also added that “70% of the banks we work with, operate or want to operate the service from the cloud”. In an organization as complex as banking, being able to delegate certain services to third parties has substantial cost savings.

Pablo also explained that “what we are immersed in now is a move to a more services focused model. We already see it in thousands of companies, SaaS is the order of the day”, he concluded.

Strands’ software has been implemented in more than 700 financial institutions in 30 countries, as one of the world’s largest providers of innovative banking solutions.

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