The growing momentum towards open banking models has compelled banks globally to undergo business transformation and expand their service provision to offer broader choices to their consumers, and business customers. The advent of APIs has paved the way for new banking relationships, a new framework and ecosystem, and new products.
While brick and mortar outlets are giving way to digital services globally, a large proportion of organizations are transforming rather than ditching their branch proposition. A recent survey by Finextra, in association with Virtusa, revealed that while 36% of Financial Institutions (FIs) are decreasing their branch network, an equal number are revolutionizing their branches. What transformation strategy are they undertaking?
While the significance of mobile channels in financial services is increasing rapidly, banks are divided in their strategy around these channels. The same survey showed that 51% of FIs are leveraging existing internet channels to expand, 49% are migrating existing customers to a new, dedicated infrastructure.
Payments are at the epicentre of banking, and banks are exploring numerous options to increase their payment methods and choices right from using blockchain for cross border payments to deploying AI and ML to execute compliance checks at speed. The convergence of instant payments and open banking, particularly in retail, where card disintermediation is gaining traction, indicates that financial organizations, both large and small, need to rise to the occasion to compete.
Watch the replay of this webinar by Finextra and Virtusa to learn from experts as they discuss:
- What are the pros and cons of a dedicated infrastructure for the mobile channel vs rise of open APIs?
- How is open banking is driving new payment strategies and overlay products?
- Which technologies can be deployed to support business goals and encourage new lines of revenue to remain competitive?
SVP, Global Head, Banking & Financial Services, Virtusa
Head of Consumer Bank Strategy, Citizens Bank
Head of Research, Finextra [Moderator]
Global Innovation Program, Treasury Services, BNY Mellon
Senior Vice President, Cash Management & Trade Innovation Head, Citi Commercial Bank
- Gary Wright – Head of Research, Finextra [Moderator]
- Amit Bhute – SVP, Global Head, Banking & Financial Services, Virtusa
- Mariela Hunter – Head of Consumer Bank Strategy, Citizens Bank
- Kim Martin – Senior Vice President, Cash Management & Trade Innovation Head, Citi Commercial Bank
- Varun Yadav – Global Innovation Program, Treasury Services, BNY Mellon