World Retail Banking Report 2020 03 June 2020
Traditional banking value chain limits approaches to retain/engage customers while new entrants are scaling up. To catch-up with such new-age players, especially in the current COVID-19 situation, banks need low cost innovation. Hence, they must embrace Open X by adopting data-centric business models with a focus on experience and collaboration.
Adopting a platform-based model will present banks with opportunities to collaboratively innovate in an effective way with faster time to market, enabling them to provide an excellent customer experience.
The report also highlights the importance of modern core banking systems in driving a platform-based business and discusses a progressive approach for core banking transformation and API implementation in parallel.