For the BFS sector – it’s the best of times and the worst of times. They must contend with multiple challenges tied to regulations, legacy systems, disruptive models and technologies, new competitors, and a fast-growing millennial customer base, while at the same time pursuing new strategies for sustainable growth.
Through this journey, organizations have realized that long-term sustainable growth is possible only via a radical departure from a ‘sales and product obsessed’ mindset to one of genuine customer centricity, and further rationalization of strategies to target the right markets, customer segments, and solutions. Among some of the focus areas are:
This metamorphosis is far from easy as most organizations grapple with these multiple challenges. Yet, these are exciting times in Banking and Financial Services.
Payment systems have undergone a revolution in the last few years with Google Pay, Apple Pay, Walmart Pay and other payment ecosystems. Cryptocurrency platforms are the new disruptive revolution in this space.
Payment Systems require APIs to enable the partner ecosystem to integrate into products and solutions. PSD2 in Europe is creating a new sense of urgency with deadlines looming.
Open Banking APIs are also pervading the space with more banking transactions being embedded into apps rather than using the Bank’s app for the same. Functions from account opening, ACH transactions, transaction review, interest rates, are all being apportioned into secure APIs for enabling new use cases.
Across Banking & Financial Services, we are looking at Big Data Analytics for Customer-360 view, Big Data insights to drive Predictive Trading algorithms, Fraud Prevention in transactions, among other use cases
Across Banking & Financial Services, we are looking at B2C applications like consumer banking, money management, informational services, aggregated financial advice, etc. For B2B, we are looking at Treasury Services, Institutional wealth management, among others.
Several generations of apps have already been deployed and with the advent of Big Data, Analytics and AI, we are looking at a new wave of AI driven “smart” functionality to hit the market.