Chabria will draw on his extensive industry experience to advise Genesis in driving the adoption of the Genesis Application Platform throughout financial markets. His insights will help Genesis showcase how clients create strategic value with the platform in terms of generating new revenue, promoting operational efficiency and ensuring resilience. He will also aid in fostering partnerships and other opportunities to expand industry usage of the platform.

“Sumeet is a tremendous asset for Genesis,” said Stephen Murphy, CEO and cofounder of Genesis Global. “He has dedicated his distinguished career to responsibly modernizing and unifying complex technology and operational landscapes at the world’s major financial institutions. His perspective on how our platform aligns with clients’ revenue, cost and risk strategies helps us engage the industry with maximum effectiveness.”

“Financial companies spend billions on software development looking for an edge over competitors,” said Sumeet Chabria, senior advisor to Genesis Global. “The Genesis platform changes that paradigm with its unique ability to build robust financial markets-grade applications, with embedded compliance and controls, ten times quicker and at a fraction of the cost of traditional builds. I see broad-based demand in the market for Genesis technology and the wide range of benefits it offers clients, including boosting developer productivity, building next-gen market infrastructure, upgrading legacy systems and derisking end-user computing (EUC) and complex vendor environments.”

Chabria’s tenure as a global leader for technology and operations includes over twenty-five years combined at Bank of America and HSBC, in New York and London. He is CEO and founder of ThoughtLinks, a technology strategy consultancy catering to AI adoption needs of financial institutions. He is also on the faculty of the executive education program at Carnegie Mellon University’s Heinz College.

In June, Genesis introduced several incentives streamlining how financial firms test and use the platform to address their most strategic and innovative software opportunities. These initiatives include new technologies to accelerate project builds on Genesis, usage-based pricing and a free trial program.

Banks, asset managers and trading infrastructure providers worldwide use the Genesis Application Platform to develop new software, enhance legacy technology systems and replace end-user computing and manual processes with enterprise-quality solutions. Among these clients, Bank of America, BNY Mellon and Citi are also strategic investors in Genesis.

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As a leader in delivering innovative payment solutions for over 25 years, Opus has a unique advantage in helping banks and other financial institutions to embrace AI-first solutions.

Referring to the rising popularity of generative AI and its potential use cases in financial services, Opus CEO, Praveen TM said, “As the BFSI industry begins grasping the power of generative AI, some potential use cases stand out, such as automating customer onboarding, virtual assistance, and code generation. An AI-first approach can bring agility to data-based decisioning as well, such as developing synthetic datasets to train AI/ML models for credit risk assessment or anti-money laundering. These innovative solutions will significantly reduce operational costs and enrich overall customer experience.”

With generative AI taking center stage, financial organizations are realigning their digital transformation strategies. We can expect massive investments into AI and ML solutions in 2023. As a frontrunner in innovation focused on the financial sector, Opus has been proactively working with industry partners to develop sophisticated solutions and is poised to help organizations leapfrog into the future with AI adoption. As a leader in the payment modernization space, Opus is rolling out differentiated offerings, such as dynamic payment routing, payment enrichment, and AI-enabled cash flow forecast.

“To grasp what lies ahead for the banking and financial industry requires a futuristic analysis of AI/ML and large-language models (LLMs). Early adopters are going to benefit the most by capturing the imagination of customers with innovative solutions. As generative AI garners momentum, we have to be mindful of data security concerns as well. Operating in a heavily regulated industry, it’s imperative to align innovation with established data protection norms,” Praveen TM added.

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