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Banking has to embrace transformative changes


Transformative changes in technology now make it imperative to place greater emphasis on customer and bank need for channel integration and dynamic customer experience that make banking easier to accomplish on mobile devices; which are in greater use nowadays.

The recently published report by Gartner, Market Guide for Open Unified Digital Banking Platforms, predicts that by the end of 2019, at least 25% banks would have switched to start-up providers offering next generation digital services that can easily replace legacy online and banking systems.

Main contributing factor for such switch in the coming years can be attributed to the lack of agility shown by legacy vendors to meet new customer requirements and demands for digital banking. The lack of agility stems from legacy vendors inability to support open architectures, allowing banks to bring new and existing processes together to offer innovative digital services.

In order to fill this growing void both customer and bank IT are willing to forge partnerships with new vendors having digital banking capabilities that enable bank business and IT staff to offer apps and applications that support personalized, customer-centric banking experiences, data and behavioral analysis, location and context sensitivity and creation of a partnership ecosystem to create new services leveraging partner data, transactions and processes.

All this place the new vendors in an ideal position to deal with the changing dynamics of digital banking. For legacy vendors to stay relevant, they have to quickly understand and restructure the way they are operating in order to firstly, sustain the existing customer base and secondly, to reach out to new customers.

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