CLOUD VENDORS
What
might future banking ecosystems look like ?
According to Kumar , banks specifically can reap the rewards of a strong and effective ecosystem , as an ecosystem-centered strategy can enable banks to improve their customer experience delivery , remain competitive — especially with the ever-greater threat from neo-banks and fintechs — and drive growth .
“ Strategies by banks such as “ Banking-asa-Service ” ( BaaS ), “ Open Banking ” and “ Platform Banking ” are a step towards an ecosystem play . However , it is not enough to take on well-entrenched first movers like Amazon and Google , whose powerful , proven technology platforms are capable of not only delivering superior customer experience , but also enabling
“ I THINK THAT THE BANKS THAT TURN OUT TO BE THE WINNERS ARE GOING TO BE THE ONES THAT LEARN TO PARTNER WITH THE WIDER ECOSYSTEM ”
JOANNE DEWAR CEO , GLOBAL PROCESSING SERVICES easy onboarding of new members into the ecosystem .
“ In the past , proprietary systems were a source of significant value to banks ; but going forward , their competitive edge will depend on rapid deployment of secure , scalable technology platforms that spur collaboration , customercentricity and innovation to deliver higher levels of business experience to customers . Platforms must be able to attract and retain both partners who provide goods and services , as well as customers ”, said Kumar .
For banks that want to co-create ecosystems with other businesses , Kumar suggests the focus must be on “ building stronger brands , refining business models
52 April 2022