eNewsletter Winter 2018
It is increasingly becoming apparent through time that banks are collaborating with fintechs and investing in digital transformation to advance their customer service and know-how, while expanding to new markets so as to stay competitive within the fast evolving marketplace.
According to Deloitte’s report the '2018 Banking Industry Outlook', the future of retail banking for 2018 is expected to include a customer centric approach, the adoption of cutting-edge technologies, regulatory compliance and above all alliances with fintechs. Based on the survey’s findings, the main objective for banks to become agile, achieve significant cost efficiencies and differentiate from competition is to focus on modern technologies and innovation.
Furthermore, as mentioned in the recent report by Capgemini 'Top 10 Trends in Retail Banking 2018', the collaboration between banks and fintechs, will enable the first ones to automate their operations, innovate faster and successfully meet their customers’ expectations. Additionally, the consulting firm notes in the study “New banking regulations such as PSD2 that involve sharing of customer data are also facilitating collaboration, especially by APIs being leveraged to share this data”. “The complementary strengths and needs of both entities (banks seek new approaches to deliver innovation while FinTechs seek capital, scale, data, customer trust, and regulatory support) deliver their win-win approach”.
As a result, by embracing advanced technologies and digital tools while partnering with fintech firms, banks gain a unique competitive advantage, drive revenue and therefore provide enhanced personalised client service. This trend was well identified by Profile's team in previous eNewsletters and presented as a need for the financial services industry to evolve.
Profile is among the pioneers fintech solutions providers, offering truly flexible platforms that result in superior user experience and business agility for both professionals and end users. FMS.next Suite, the company’s Universal Digital Banking solution, has been enriched with new robust functionalities in the core platform to deliver advanced capabilities for international Digital banks and Fintech firms, following successful implementations in the respective areas.
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