TECHNOLOGY
DIGITAL ECOSYSTEMS IN BANKING
Main : Zoholics 2023 Below : Kanika Hope
Digital ecosystems are being utilised across numerous industries , and the banking sector is no exception .
Kanika Hope , Chief Strategy Officer at Temenos , which specialises in enterprise software for banks and financial services , describes this particular variety of digital ecosystem as a unified , customer-centric digital platform to deliver both financial and non-financial products and services .
“ This offers consumers a one-stop-shop for all their lifestyle and underlying financial needs , providing a seamless personalised experience at the point of need ,” says Hope .
In a recent survey commissioned by Temenos , four in five respondents agreed banking will become “ embedded ” in consumers ’ lives and business value chains . Shopify , Uber , Amazon and Apple are just some of the firms offering payments , loans and savings accounts at the point of engagement or sale in partnership with banks .
Hope adds : “ Open banking has seen the traditional full-service bank morph into new business models , such as : the ‘ aggregator or distributor ’, where the bank sells third-party products to its own customers ; the ‘ manufacturer ’, where the bank sells its own products to other customer-facing institutions ; or the ’ platform ’ where the bank facilitates the exchange of financial products and services between multiple distributors and manufacturers , benefiting from network effects . “ All these are forms of digital ecosystems .” As a banking technology provider , Temenos does not actively participate in the banking value chain of the various models , but supports these digital ecosystems with the underlying technology and banking capabilities required .
Its mission to provide software for regulated banking operations and processes continues in the digital ecosystem world . businesschief . eu 75