Staking a claim in digital-only banks

Big names in the financial services sector are moving beyond incorporating a few online and mobile banking features into their traditional products and services. They’re stepping into full-scale, digital-only banking: Chase has launched Finn, for example, and Citizens Financial Group has created Citizens Access. Reportedly waiting in the wings is a national digital-only bank from Citigroup, too.

These new brands stemming from established banks will be going up against competitors such as Ally and GoBank, who have made the digital-only bank space their home from their inception. By launching their digital brands, Chase, Citizens Financial Group, and the others that follow, are creating options for escaping the confines of their existing processes and technology environments.

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Deborah Bryant keynotes on open source in telecom at AstriCon 2018

Growing demand for streaming video, ever-expanding smartphone capabilities, virtual reality, the internet of things (IoT), and other next-generation technologies are pushing telecommunications service providers to adopt new business models and deliver more advanced services. And more and more, they are pursuing open source solutions to support these efforts.

Red Hat’s Deborah Bryant, senior director of open source and standards, will explore this shift and the dramatic role open source has played as a disruptor in telecommunications, in her keynote presentation at AstriCon 2018, October 9-11, at the Omni Orlando Resort at ChampionsGate. The Asterisk PBX Project for which the event is named is one of the oldest and well-established open source community projects in telecommunications.

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Sunrise Communications achieves competitive gains with Red Hat

Today’s service providers (SPs) are operating in an evolving and competitive environment, where there can be pressure to launch new services that will keep subscribers engaged without significantly raising prices. On top of this, SPs often have to achieve these goals while also meeting strict data protection, security, and stability standards.

Sunrise Communications, one of Switzerland’s largest telecommunications providers, knew that modernizing its network was its key to success in these areas. To do this, the organization took a three-pronged approach: Sunrise consolidated its IT infrastructure to SAP HANA, standardized on enterprise open source software from Red Hat, and used industry-standard hardware from Huawei to simplify what had been a complex OSS environment and to better control costs.

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ONS Europe: Open source is core to Telco modernization projects

Service providers around the world are modernizing their networks, and open source has been core to their digital transformation. Nowhere was that more apparent than at last week’s Open Networking Summit Europe, where service providers and open source partners gathered to celebrate open source innovation.

The show kicked off with the release of a report from The Linux Foundation and six industry sponsors, including Red Hat, that underscored the commitment service providers are making to open source. According to the survey, conducted by analyst firm Heavy Reading, 98 percent of respondents expressed confidence in open networking solutions performing at the same level as traditional networking solutions. They also signaled confidence in open source solutions, with 69 percent of service providers surveyed indicating that they are currently using open source solutions in production networks.

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The pulse of financial services from down under

Gearing up for Sibos (SWIFT International Banking Operations Seminar), the team here is buzzing with excitement. Banks, FinTechs and software leaders from across the globe will soon gather in Sydney, Australia from October 22nd through the 24th to learn from each other on a range of technology topics. From embracing the decentralization of payments, open banking, and preventing financial crime – to applications of artificial intelligence and the future of banking – financial institutions, and those that support them, will discuss core issues impacting the industry.

The theme this year is ‘enabling the digital economy’ – and with digital transformation at the heart of what we do, a team of Red Hatters and partners will be there to help attendees with their technology considerations and dilemmas. We’ll be showcasing leading solutions for financial services and holding 1:1 meetings – so if you are there, please drop by to say hello.

It’s our goal to bring you into the conversation – so as the conference unfolds, we’ll post to this blog channel on a daily basis, synthesizing material and opinions shared in panels, presentations and participants. And you can also keep a pulse with #Sibos #RedHat as things happen. Stay tuned for the next post on the topic of the status and international impact of #blockchain.

 

 

Where to find Red Hat at ONS Europe 2018: Exploring containers, blockchain, and more

Here at Red Hat, we are excited to join partners, customers, and The Linux Foundation for the 2018 Open Networking Summit (ONS) Europe, September 25-27, in Amsterdam. We have a lot on the schedule for service providers, with presentations covering topics like moving your virtual machine virtual network functions (VNFs) to a container environment, blockchain for telcos, and an OPNFV tutorial.

Join us in the Red Hat booth for demos on OpenDaylight (ODL) and Kubernetes; Prometheus; and Kubernetes for network functions virtualization (NFV) – Multus and single root input/output virtualization (SR-IOV). And don’t miss the community-developed Virtual Central Office (VCO) 2.0 demo in the Linux Foundation booth to the left of the main entrance to the convention center, where our Red Hat team also will be available to answer questions.

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Virtual Central Office 2.0: It takes a community

The central office plays an important role for service providers: as the termination point for subscriber connectivity, it’s the last physical interface with residential and business customers for service delivery. As service providers attempt to deliver services closer to the customer by leveraging computing capabilities at the edge, the central office is poised to play a key role in their digital transformation journeys. But there’s work to be done in central offices to prepare them for this role.

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DevSecOps: Accelerating delivery of digital services in banking.

DevOps – the application development paradigm for continuous integration and delivery – has become a popular methodology for banks to accelerate delivery of applications in today’s fast-paced digital economy. Now, banks are setting their sights on DevSecOps, which aims to integrate and automate security into the entire testing, development, and delivery process.

The benefits of DevOps are fairly well understood. When development and operations teams produce iterative changes more frequently, it can reduce software defects and service issues. This is important to all banking services, but even more so in digital banking. Digital-first customers expect not only new and innovative experiences, but also a secure and reliable service, particularly when they do most of their banking on mobile devices.

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APIs are not enough – Open Banking is all about building an ecosystem

Open Banking – defined as a banking network that fosters secure data sharing through application programming interfaces (APIs) – is more than a regulatory must in many countries — it holds a promise for delivering new value streams by giving customers new digital touch points to accessing their financial information. It’s also expected to open the door to new revenue streams for financial services organizations. But fulfilling Open Banking’s promises will take effort.

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Events Update: Where to find Red Hat’s financial services team this fall

If there’s one thing open source gets high marks for, it’s the incredibly strong foundation of communities (there are more than 90,000 community members across 183 countries working on OpenStack alone!). And in our opinion, there’s nothing better than stepping outside our offices and into the communities, be they OpenStack contributors, Red Hat partners, and our customers. This fall, we have plenty of opportunities to do just that, with a solid schedule of events all over the world.

We look forward to talking with you about open banking, digital engagement, transactional efficiency, and more. Keep reading for details on where you can find us, and we look forward to seeing you wherever our paths cross this fall.

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