Digital is the latest buzzword in banking. Not only are the bank boardrooms echoing with digital keywords, its what seems to be driving the pitches at most IT and Management Consulting firms.
And rightly so !
When the data tells us that 9% of the population already uses Mobile Banking, we know that Digital Banking Revolution is already upon us.
In the last article, I mentioned, how the Digital Banking Journey will be different for each bank and why it might be a good idea for the banks to play to their strengths.
Equally important is to acknowledge and understand, that partnerships will be essential in this journey.
And what enables partnerships to work (apart from a culture and mindset) is a technology architecture that is geared towards APIs.
APIs are like Legos – you own some, some you borrow – but put together you make something exciting.
While the consumer technology companies understand this, banks have traditionally been slow to embrace deep connects into their systems. The risk is too high ! After all banks have been trusted with the consumers money and data.
But to stay viable, banks will need to embrace partnerships, learn to publish and consume APIs, while still not compromising the customer promise.