Capgemini | Dec 9, 2016

Trend #3 of 10:   Banks will Act as a Platform to many Fintechs

Banks as a Platform (BaaP) is a complete shift in the banking business model, directly linking with FinTechs for their innovative solutions, enabling them to provide a one-stop shop for customers

With the proliferation of technology, banking customers are living in a connected world with their experience from other industries influencing their expectations from their financial services provider. This has led to an evolving customer-bank relationship necessitating banks to be more customer-centric by embedding themselves in customers’ lives to meet rising customer experience expectations. However, banks have been facing challenges in meeting customer expectations, as they are troubled with legacy challenges both in terms of technology and culture. This document aims to understand and analyze the trends in the banking industry that are expected to drive the dynamics of the banking ecosystem in the near future.

Key Drivers

• FinTech players are raising the bar higher for the traditional banks, positioning themselves as transparent and simple alternative to the traditional banks
• Advent of new technologies is lowering the barriers for FinTech entry into the banking industry
• Open APIs and related regulations are encouraging banks to have third-party integrations
• Just like Amazon, banks also have an opportunity to earn revenue from their well-established banking system

 

View all Top 10 Banking Trends in 2017 --> here

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