TECHNOLOGY VISION FOR BANKING

Platform Economy: It’s time for banks to join in and welcome others

Banks need to develop a solid platform strategy focused on business benefits and better experiences for customers, employees and partners.

Platform Economy: It’s time for banks to join in and welcome others

Banks need to develop a solid platform strategy focused on business benefits and better experiences for customers, employees and partners

Overview

Trend 1: Platform Economy

Digital platform business models—those that connect two or more buyers and sellers in highly scalable ways—are changing the way companies can do business and succeed in the digital age.

Digital platform providers create entire ecosystems of diverse, multiple players on top of their core businesses that open up new paths to growth. Banks that are ready to participate within a conglomeration of partners under digital platform business models will be relevant at all times, for all financial and non-financial services, with consistent and fulfilling customer experiences in both the digital and physical spaces.

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83% of banks believe platforms will be the “glue” that bring organizations together in the digital economy

How Ready Is Your Bank?

Banks should begin to develop a solid platform strategy focused on business benefits and more compelling experiences for customers, employees and partners.

In particular, they should operate across a combination of five key roles:

Relationship player
Banks own the relationship with customers, leveraging partners to provide solutions.

Platform provider
Banks provide a platform for sellers, buyers and content providers to interact.

Core financial services utility/manufacturer
Banks provide traditional financial services.

Innovation playmaker
Banks participate in digital banking systems, using a full spectrum of approaches to provide capital and to enter new businesses.