Digital Core Banking Platforms that Facilitate Relationship-Based Interactions Can Help Banks Differentiate and Become Integral to Customers’ Lives
Featuring Research From Forrester —The Forrester Wave™: Digital Banking Processing Platforms (Retail Banking), Q3 2020
To differentiate themselves in today’s fast-paced, increasingly competitive world of digital banking, banks should look beyond simply digitizing existing business models for operational efficiency. They need to find new sources of revenue and they need to build deeper, more meaningful relationships with their customers that will increase stickiness and reduce churn.
Banks should work with digital core banking technology partners that can help them move from executing account transactions to facilitating customer interactions. They need a Digital Banking Processing Platform (DBPP) with a foundation that is built on data, and is insights driven so they can better understand their customers down to a segment of one to facilitate one-to-one personalized banking experiences.
Cyberbank is Technisys’s DBPP was ranked the highest in Architecture and Digital Banking Foundation criteria in The Forrester WaveTM: Digital Banking Processing Platforms (Retail Banking), Q3 2020 report. Technisys was named a Strong Performer. The company’s next gen digital core banking platform is designed to provide the level of flexibility banks need to differentiate and dynamically adapt or adjust the right financial service offering to the right customer at the right time in their life.
Technisys Ranked Highest In Criteria Of Architecture And Digital Banking Foundation In The Forrester Wave™
Technisys and the company’s end-to-end Cyberbank platform have been ranked as a Strong Performer in The Forrester Wave™: Digital Banking Processing Platforms (Retail Banking), Q3 2020 report. Cyberbank ranked highest in the criteria of architecture and digital banking foundation.
The report states: “The (Technisys) DBPP leverages modern technologies such as Kubernetes, and its design supports flexibility via service composition, a lean core, and architectural decoupling.”
The reports also states that: “Technisys’ solutions represent a good short-list choice for banks looking for a modern DBPP with a flexible architecture that supports assembling of applications.”
Becoming An Integral Part Of Customers Lives
The needs and behaviors of today’s banking customers are changing. An increased focus and reliance on digital channels, accelerated in part by the global pandemic, means that competition is at an all time high, and customer churn is more prevalent than it’s ever been.
To keep the share of wallet and realize new revenue streams, banks should become an integral part of their customers’ lives. In order to do that, they may need to move away from servicing banking transactions to facilitating consumer interactions and to providing a seamless experience that adds value to the customer experience and makes customers feel like they are in full control of their interaction with their bank at every stage of their journey.
This is known as empathic banking. Empathic banking requires a new type of digital core banking solution that facilitates agile ways of working and can reduce time-to-market.
Empowering Banks To Go Beyond Digital Banking
To truly become an integral part of customers’ lifestyles, banks should empower their internal teams with insights driven data that gives them the ability to understand changing customer journeys and adapt existing and create new digital products and services based on those needs down to a segment of one.
To do this effectively banks need a digital banking platform that offers off-the-shelf capabilities that can be easily extended, provides a simple way to adjust products and supports the creation of new business capabilities.
Cyberbank offers a full range of off-the-shelf business capabilities including savings and checking accounts, CDs, personal and commercial loans, budgeting and digital onboarding. The Cyberbank architecture enables in-house teams to define processes, workflows and rules in a low-code environment. This means banks can extend their digital offerings and create new business capabilities without the need for heavy customization or internal R&D.
With an API centric banking platform like Cyberbank, banks can extend business capabilities and realize new revenue streams by building digital ecosystems. They can take advantage of the Open Banking opportunity and integrate with third parties to provide new, disruptive services that add even more value to the customer experience.
Differentiating With Structural Flexibility
To stay competitive, banks need a digital core banking platform that can help them differentiate. Platforms that are designed around the concept of structural flexibility can help banks to differentiate by enabling them to provide capabilities beyond the typical business capabilities required.By leveraging structural flexibility with platforms like Cyberbank, banks can:
- Gain a competitive edge with a flexible system that drives dynamic product and service innovations.
- Create and launch new digital banking products at market speed.
- Improve customer service by providing multi-channel financial services with a seamless interface across multiple platforms.
- Gain an integrated customer view across all points of contact, with a client-tailored data repository that combines customers’ information, products and transactions at a multi-dimensional level.
- Minimize operational risk by implementing a system designed around industry compliance standards.
- Use monitoring, control and corporate governance tools to trace and resolve transactional issues.
- Keep systems updated on regulatory changes with intuitive rule management tools.
- Align the technology with business needs, making it easier to introduce new services and operations with a minimal impact on IT resources.
Achieving Agility And Speed With The Right Architecture
To achieve the agility and speed needed by today’s banks, a digital banking platform with a modern architecture is needed. That architecture must be cloud-based and API centric. It should leverage modern technologies such as Kubernetes, and its design should support flexibility through its service composition with a lean core and architectural decoupling.
Technisys’s Cyberbank platform is a next-gen core and digital engagement accelerator with a single, ultra-lightweight architecture. The seamless, end-to-end integration of the two pieces provide banks with the level of flexibility they need to identify and dynamically adapt to changing consumer behaviors and create new or adjust products and services in a timely fashion.
The platform is cloud-native and cloud-agnostic, enabling banks to run and deploy anywhere and scale linearly with 100% stateless architecture. It can be deployed using a container-based architecture to accelerate the time to market for digital innovations, optimize infrastructure costs, increase resilience and make it easier to integrate with DevOps processes.
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