Banks have a huge advantage over digital-first banks: their wealth of customer data. To make the most of the opportunity and avoid losing further ground to the challengers, banks should look to fintech partners for digital banking platforms that they can quickly build from.
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1. Create online journeys that customers love
A digital banking platform will enable a bank to move quickly when redesigning, testing and optimising these pathways to deliver the best possible digital customer experience.
2. Provide speed and flexibility so traditional firms can innovate as fast as fintechs
Developing new systems from scratch is an expensive and time consuming endeavour for any business. Using a digital banking platform provides the opportunity to minimise risk by leveraging existing technology to provide a springboard for banking innovation.
3. Reinvent the bank-customer relationship
A digital banking platform creates new opportunities for the customer to engage with different products therefore generating new revenue streams, and customer facing teams are free to focus on relationship building rather than administrative tasks.
4. Make hyper-personalised banking possible
The platform approach enables the same level of intensely personalised experience, without needing to have another human involved in the process.
5. Digital banking platforms are faster, leaner and cheaper to run
They represent a smarter use of IT spend as they offer a quicker route to deploying innovations, require less investment of internal resources and are much less expensive to continue to operate than systems that have been developed from the ground up within a bank.
6. Eliminate concerns about legacy systems
When a traditional bank deploys a digital banking platform, they remove much of the burden of continual innovation from their shoulders and place it with fintechs who are much better placed to carry it.
7. Unlock the ecosystem opportunity
By taking the platform approach, banks ensure that they don’t just capitalise on the opportunities offered by digital enhancements in specific areas, but also can build a cohesive and interconnected ecosystem that will better serve their customer, their organisation and their commercial objectives.
A digital banking platform is an open door to becoming a truly digital native, data-driven, customer-centric and ecosystem ready bank.
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