According to Forrester’s Global Financial Services Architecture Survey Q3 2019, nearly 80% of banks say they don’t have the technology required to provide a great customer experience.Forrester suggested looking to digital banking platform architecture providers to provide support for rapid change and continuous transformation.
Traditional core banking switches have provided a secure platform for banking services. Still, they have lacked innovation, with suppliers opting to either bolt applications into the conventional Core or provide APIs with limited functionality.
Challenger banks are establishing themselves with nothing more than a Digital Wallet.
Digital wallets offer an extremely low cost of implementation in comparison to a traditional banking core. They provide a fantastic app experience with beautifully designed applications offering customers features such as in-app sign-up, virtual cards, spend and save tools, analysis of expenditures, and in-app access to various micro-financial services.
Because you can’t deny the need to transform and bring about the change towards digital banking – understanding the implications of your revolutionary journey should be at the very top of your list.
It’s all about the App, the Insights, and the Data it provides, which will ensure you have a competitive advantage over those supported only by older technologies.
If you answer yes to the following questions, then you are a Digital Bank.
- Does the bank have a mobile applications-based strategy?
- Are you willing to transform your business model?
- Are your staff conversant with Digital Wallet technology and Super Apps?
- Do you know your customers? Do you have a data-driven strategy?
- Is your fear being a slave to your Core Banking provider?
- Is the bank familiar and committed to the cloud?
- Do you understand Open Banking and innovation beyond the Core?
If you answer no to any, then we would like to talk.