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A futuristic conception of the online banking system in Mongolia and preparations for it.
A futuristic conception of the online banking system in Mongolia and preparations for it.
Proper management of the computer system in the banking system and the transition to precise control and supervision in the cloud will launch the banking market into new trends in Mongolia
Proper management of the computer system in the banking system and the transition to precise control and supervision in the cloud will launch the banking market into new trends in Mongolia
Proper management of cloud event control can free banks from the shackles of the past and launch the banking market into the new world, the modern world where businesses are run in a clean and controlled manner and the well-being of the entire system. So says Jonathan Passi - Director of GMNI Business Consulting and Cyber Risk Company who came to Mongolia from Israel. Israel is known as the World Cyber Nation and holds the most advanced innovations technologies and patents in this field.
Proper management of cloud event control can free banks from the shackles of the past and launch the banking market into the new world, the modern world where businesses are run in a clean and controlled manner and the well-being of the entire system. So says Jonathan Passi - Director of GMNI Business Consulting and Cyber Risk Company who came to Mongolia from Israel. Israel is known as the World Cyber Nation and holds the most advanced innovations technologies and patents in this field.
Mr. Passi participates in conferences in the field of hybrid cyber, the last was held online in Israel, in which representatives of companies that provide solutions to organizations in the field of cloud control, and in cooperation with international consultants and experts from Israel, also took part.
Mr. Passi participates in conferences in the field of hybrid cyber, the last was held online in Israel, in which representatives of companies that provide solutions to organizations in the field of cloud control, and in cooperation with international consultants and experts from Israel, also took part.
According to Mr. Passi, "The world of banking is currently in the trend of changing and developing mainly due to the economic situation imposed on the world by the corona whose extent of global economic damage we have not yet fully discovered but can assume its implications. On the one hand, the banking system exists and is a sustainable activity in the country economy, with advanced online services, but these are institutions that operate according to an old, and often false and corrupt policy, designed to protect only the bank benefits, before protecting the public's money. Today the system is required to generate public trust among its customers, and prove they put all efforts to protect the public's money.
According to Mr. Passi, "The world of banking is currently in the trend of changing and developing mainly due to the economic situation imposed on the world by the corona whose extent of global economic damage we have not yet fully discovered but can assume its implications. On the one hand, the banking system exists and is a sustainable activity in the country economy, with advanced online services, but these are institutions that operate according to an old, and often false and corrupt policy, designed to protect only the bank benefits, before protecting the public's money. Today the system is required to generate public trust among its customers, and prove they put all efforts to protect the public's money.
Today, the system is required to generate public trust among its customers and to prove that their money is protected, and there are also those who make sure that the system works for them and offers all kinds of pension, savings, and loan plans that are profitable. On the other hand, these banking services are producing a very large acceleration of changes and reassessments that pose a threat to the existing banking model".
Today, the system is required to generate public trust among its customers and to prove that their money is protected, and there are also those who make sure that the system works for them and offers all kinds of pension, savings, and loan plans that are profitable. On the other hand, these banking services are producing a very large acceleration of changes and reassessments that pose a threat to the existing banking model".
"Those innovations brings many threats into the banking and financial supervision arena," he added. "To this arena new players are entering these days, accompanied by stock market investments, some are small companies and some high-tech companies in the field of finance (fintech), who provide advanced loan services to the public, such as “Land mn” and others, that functions as new digital banks, presenting a lean operational model with a significant profit margin, and a profit-sharing model with their customers that reduces fees, and produces trends of higher profitability for the customer. add to this the world of open banking, which only increases competition in this field, and enables these companies to provide services that compete with the banking services".
"Those innovations brings many threats into the banking and financial supervision arena," he added. "To this arena new players are entering these days, accompanied by stock market investments, some are small companies and some high-tech companies in the field of finance (fintech), who provide advanced loan services to the public, such as “Land mn” and others, that functions as new digital banks, presenting a lean operational model with a significant profit margin, and a profit-sharing model with their customers that reduces fees, and produces trends of higher profitability for the customer. add to this the world of open banking, which only increases competition in this field, and enables these companies to provide services that compete with the banking services".
Jonathan added, "The old core systems of the big banks, sometimes the result of self-development of tens of thousands of hours of operational manpower and a large investment. These systems are in the big banks and also serve the small banks and make it difficult to launch new services and controls, and even slows down the arrival of new products".
Jonathan added, "The old core systems of the big banks, sometimes the result of self-development of tens of thousands of hours of operational manpower and a large investment. These systems are in the big banks and also serve the small banks and make it difficult to launch new services and controls, and even slows down the arrival of new products".
Status of Information Systems Manager / CIO in the financial sector
Status of Information Systems Manager / CIO in the financial sector
Referring to the CIO's status in the financial sector, Jonathan said that "the information systems manager today is required to support accelerated rates of changes, which are only intensifying. The business requirements are growing, regulations, fraud prevention systems, forensic systems, and more.
Referring to the CIO's status in the financial sector, Jonathan said that "the information systems manager today is required to support accelerated rates of changes, which are only intensifying. The business requirements are growing, regulations, fraud prevention systems, forensic systems, and more.
On the other hand, customer tastes are changing and they are becoming more sophisticated, technological, and require immediacy.
On the other hand, customer tastes are changing and they are becoming more sophisticated, technological, and require immediacy.
The technology is improving and changing at hysterical rates, and the IT departments in banks are required to undergo important internal changes, in order to constantly improve and become more efficient. It is the cloud that currently provides a solution to many of the banking challenges".
The technology is improving and changing at hysterical rates, and the IT departments in banks are required to undergo important internal changes, in order to constantly improve and become more efficient. It is the cloud that currently provides a solution to many of the banking challenges".
"The central bank has updated the regulation for banking services and in particular, continues to update controls and procedures for services on the cloud, and in practice, there are only a few barriers to moving to it. But from a technological point of view, the effort to adopt advanced solutions quickly and to implement innovative solutions and tools becomes a complex task and requires the accompaniment of professional personnel for such a strategic /logistical move".
"The central bank has updated the regulation for banking services and in particular, continues to update controls and procedures for services on the cloud, and in practice, there are only a few barriers to moving to it. But from a technological point of view, the effort to adopt advanced solutions quickly and to implement innovative solutions and tools becomes a complex task and requires the accompaniment of professional personnel for such a strategic /logistical move".
“Because large banks invest heavily in infrastructure and development, we see that full cloud deployment as an infrastructure (IaaS) still rarely happens with them, while many solutions that banks adopt are in the software worlds as a service (SaaS). They can start carefully and choose off-the-shelf systems that do not require major changes to fit the organization. After that, it is possible to expand the activity and manage the information security and privacy protection risks on an ongoing basis, as well as the operational risks".
“Because large banks invest heavily in infrastructure and development, we see that full cloud deployment as an infrastructure (IaaS) still rarely happens with them, while many solutions that banks adopt are in the software worlds as a service (SaaS). They can start carefully and choose off-the-shelf systems that do not require major changes to fit the organization. After that, it is possible to expand the activity and manage the information security and privacy protection risks on an ongoing basis, as well as the operational risks".
(Self-published)
(Self-published)
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