November 2020 | Point of View
Infographic: Best-in-class fintech landscape
What makes a great digitally enabled bank? The ability to take advantage of the latest Fintech applications to streamline operations and offer customers value-driven user experiences. Here are our picks for best-in-class software solutions.
Infographic: Best-in-class fintech landscape
Introduction
The old way of utilizing monolithic technology isn’t always flexible enough to meet today’s speed of business and innovation. Competition from everywhere, at all times, across all LOBs, drives the need for flexible solutions that can adapt to meet the consistently evolving technology needs within banking.
What’s driving the speed of innovation? Customers expect intuitive and relevant engagement at the right time through the right channel. In order to innovate at the current speed, we must fundamentally change our approach to utilizing technology.
Technology leveraged by banks must adhere to the following guiding principles:
- Flexibility: Must be able to handle any type of technology from legacy to external partners seamlessly
- Agility: Quickly and robustly bring new technology solutions into the bank’s ecosystem
- Scalability: Be able to manage large amounts of data through many system connections
- Security: Meet the robust security requirements of a highly regulated industry
- Cost Effectiveness: Priced for a value-driven middle market
- Reliability: 24x7 availability via enterprise class failover and redundancy
The digitization of banking and rapid innovation from Fintech Companies have bred software as a service (SaaS) applications that can optimize nearly every aspect of a bank’s technology ecosystem. The problem for many banks is having to sift through the cluttered landscape of competing providers to get the capabilities they need. What’s more, apart from sheer capabilities, banks must identify applications that are compatible with their technology ecosystems or leverage integrations that will replicate the more streamlined solutions and experiences.
An open, digitally enabled bank
What makes an application best-in-class?
Cloud Based
Being cloud-based is best because it removes server and software administration and maintenance costs for the company and allows for quick plug-and-play options and inherent cybersecurity controls
Open API
Having open APIs allows for quicker integration as well as the ability to share data easily across a bank’s technology ecosystem
Flexible Reference Architecture
The ability to plug into a bank’s existing infrastructure, whether on-premises or cloud-based solution including data integration/accessibility
Maintenance
Regular Maintenance affects users and creates a negative employee experience, drives costs higher, and impacts the customer experience
Security
A secure software is critical when dealing with sensitive information. It allows for the end user to feel confident adopting the application
Customization
Being able to customize each solution allows the user to tailor the software specifically to their requirements and adjust as needed
Implementation
The more efficient and flexible an implementation can be, the less impact to the business and its employees as they transition to a new system
Scalability/Performance
The ability to perform optimally at scale is crucial because the software is intended to foster a more efficient and cost-effective outcome supporting growth strategies
If you are interested in how West Monroe can help you build a customized fintech blueprint for your bank or are interested in learning more about any particular functional area or solution, please contact Josh Hoppes. We know how to differentiate your bank with an industry-leading, digital customer experience driven by best-in-class fintech solutions.
