The growing momentum towards open banking models has compelled banks globally to undergo business transformation and expand their service provision to offer broader choices to their consumers, and business customers. The advent of APIs has paved the way for new banking relationships, a new framework and ecosystem, and new products.
While brick and mortar outlets are giving way to digital services globally, a large proportion of organizations are changing rather than ditching their branch proposition. A recent survey by Finextra, in association with Virtusa, revealed that while 36% of Financial Institutions (FIs) are decreasing their branch network, an equal number are transforming it. What transformation strategy are they undertaking?
While the significance of mobile channels in financial services is increasing rapidly, banks are divided in their strategy around these channels. The same survey showed that 51% of FIs are leveraging existing internet channels to expand, 49% are migrating existing customers to a new, dedicated infrastructure.
Payments are at the epicentre of banking, and banks are exploring numerous options to increase their payment methods and choices right from using blockchain for cross border payments to deploying AI and ML to execute compliance checks at speed. The convergence of instant payments and open banking, particularly in retail, where card disintermediation is gaining traction, indicates that financial organizations, both large and small, need to rise to the occasion to compete.
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