CLPS RANKING AS TOP 25 BANKING TECH SOLUTION PROVIDERS – 2018 BY APAC CIO OUTLOOK
CLPS offers a full range of services and solutions across technology needs in finance.
–APAC CIO Outlook
The related article was published in APAC CIO Outlook, Banking Tech Special Issue of May 11, 2018.
CLPS: A Versatile Banking Solutions Provider
With the risks and cost of failure tied to core banking transformation being considerably high, digitalization of banking systems is a highly complex process. Nonetheless, with changing business environments and customer trends, banks must evolve or risk lagging behind in the competition. Committed to innovate and optimize traditional banking system using cutting-edge fintech technology to help institutions embrace core banking is CLPS. The Shanghai-based IT service provider has formed strategic partnerships with several global financial MNCs in providing core banking services and solutions. CLPS has more than ten years of experience in helping leading global banks to implement core banking system and enabling them to test and enhance multiple functions such as loans, saving, deposit, general ledger, wealth management and credit cards.
As already mentioned, core banking adoption has its share of challenges and financial institutions are likely to face challenges due to, but not limited to, cultural and regional market differences and constant advancements of technologies. Market and regulatory changes, and variation of business models only add to these difficulties. For any institution, to effectively address these impediments, it would need to continually invest in developing new applications and functions, and adopt regular customizations on their legacy core banking environment. Additionally, with cloud deployment becoming increasingly mainstream, organizations cannot afford to overlook this aspect as well.
CLPS’s core banking services help its clients by developing, maintaining, and customizing banking applications on their behalf. The service also assists in migrating to or adopting new core banking platforms. CLPS then builds a centralized or a shared operation to support clients’ facilities. CLPS’s extensive experience in banking and its structured approach ensures seamless and integrated teamwork, resulting in quality delivery of services and efficiency in performance. To shield clients from potential business risks CLPS leverages its support teams based in the U.S. and China to bring in services such as Intellectual property (IP) protection. With benefits such as cost-effective service, quicker time-to-market deliveries and stable supply of technical talents, institutions, especially those planning to break into Asian markets, can find partnering with CLPS beneficial given the firm’s strong presence in the region.
Keeping in mind the growing customer trend of cashless transactions and break away from traditional banking methods, CLPS’s credit card and payment processing services becomes more noteworthy. A leading financial conglomerate required significant business and technology support for its business growth in the emerging Asian markets. CLPS assisted the client by providing a competent talent team responsible for connecting the customer’s secure global network to the host environment. The team ensured quality delivery by adopting processes such as 3-level code review process, IPR protection, and career advancement plan.
CLPS’s wide range of services makes the firm a valuable partner to any financial corporation. CLPS also takes on the role of being a ‘cultivator of talents’ with its Financial IT Talent Creation Program which trains financial IT talents for banks and financial institutions. In the coming years, the firm looks to deploy additional modules in the core banking system such as loans and credit cards to cloud platform, and apply block-chain technology to functions such as loyalty rewarding systems. CLPS is also building new business models in operating capabilities within the vertical banking and financial industry, such as customer royalty rewarding system and holographic marketing systems. The firm believes that stability, accuracy, and reliability are the basic requirements of a modern core banking system and its commitment to harness newer technologies serves as the means to fulfill these requirements.