Facing the challenges of the digital transformation
The introduction of digital banking some ten years ago has led to a strong transformation of the sector. Banking has clearly been evolving in a fast-paced and changing ecosystem. And now the digital transformation is even further accelerated by new regulation such as PSD2, the emergence of FinTech companies and changing customer needs. This forces banks to redefine their digital strategy and adapt to a new perspective: the digital bank in the middle of the ecosystem.
Key topics to address when redefining your digital banking strategy
1. Reshape your customer journey
2. Go beyond traditional banking
- Grow your customer engagement. As a bank you can extend your services beyond payments and account management to increase your customer engagement. Adapting the relationship with your customers will allow you to better meet their shifting expectations.
- Get a 360° view of your customer. Being at the center of all customer’s interactions, you are able to get to know them better through their behaviors. The access to these richer and cleaner customer data can be leveraged to offer them valuable and adapted services.
- Thanks to XS2A, you will be able to consolidate valuable account information. You can leverage your dominant position to become the primary point of contact, strengthen the customer relationship and grow the revenues generated from it.
- Think mobile first, but not just mobile. Grab the opportunity to develop an integrated customer experience with mobile banking as a key touch point in a cross-channel journey.
3. Offer controlled access
- To be able to compete with agile non-financial entrants it is crucial to extend your traditional activities to differentiate yourself.
- Instead of considering the new PSD2 regulation merely as a compliance issue, you could consider ways to turn PSD2 into an opportunity. A digital banking platform between the production banking information systems and the customer front-end aggregates value-added services from third parties or even services with connected objects. Services such as exchange, strong authentication, e-safe and PFM.
- By becoming a Third Party Provider, you will be able to offer additional services to customers to complete their purchases and their digital experience in a secure and already known environment.
4. Balance security and convenience
- All stakeholders have an interest in the standardization of Application Programming Interfaces (APIs). Offering controlled access, e.g. with API’s to FinTech companies, is essential to the smooth implementation of digital banking of PSD2.
- As a Payment Service Provider you can benefit from the use of an open standard as it will lower your IT investment costs.
- As a Third Party Provider you can save money if you can use interoperable APIs, with e-retailers benefiting from more choice as well as greater reach and efficiency.
- Security and ease of use should always be in balance in digital banking.
- Identity management combined with strong multi-channel authentication is paramount for remote operations and e-signature. It is at the heart of the PSD2 issues on the Accounts Receivable and Initiation of Payment by Third Party Providers.
- Many use cases can be enabled with the use of digital identity. Some examples: use of banking identities to initiate payments, rely on already registered personal data to get access to new digital services, prove personal attributes to Third Party Provider by querying the bank.
Easy and secure standardization of new applications and functionalities
Mastering the digital transformation, while taking into account all challenges and securing the trust of customers, is key to remain successful in the future. Customers require more transparent banking services which need to be accessible whenever and wherever. The urgency for banks to reinvent customer relationships and to go beyond traditional banking requires an agile, secured and scalable platform that can rapidly launch new applications and services.
At the crossroad between customer interactions, information systems and an ecosystem of partners, our platform integrates the best technologies on the market. New applications and functionalities can be added easily and secure, at the same time becoming standard solutions. The time-to-market is shortened by limiting the necessary adjustments to banks' information systems, and by capitalizing on APIs developments.
Sharing our expertise
If you are looking for a partner to support you in your digital transformation, we invite you to get in touch. We provide omni-channel, best of breed solutions via a comprehensive and evolutive digital banking platform to renew your customer journey. What’s more, we help you to reach PSD2 compliance and more, while generating new revenue streams. With us, you can rely on the following assets:
- Digital Banking Platform
- Mobile Banking App Factory
- Open Banking solutions (PSD2 and XS2A services, Trusted Authentication, Open Financial API Services, Authentication Process Management)
- Value added services (e-contract, digital assistant, personal finance management, Payment Modulator)
- Support from our experts internally and the working groups we participating in (e.g. Berlin Group , CAPS , ERPB , and we are strongly involved in EBA RTS about PSD2 authentication)
- Approach by innovation (connected piggy bank, donation box, social bots etcetera)
Read more about our Digital Banking solutions
Contact our expertMathieu Barthélémy Product Manager Open Banking
With over a decade of experience in digital and a strong knowledge of the banking industry, Mathieu is responsible for the Digital Banking Platform and its PSD2-compliance module.Mail Mathieu
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