Banking on a Platform Play- The Bank’s New-Age Transformation

Today’s financial services market is operating under tighter regulatory frameworks than ever before. Unique regulations call for equally unique disruptions to stay ahead of the challenges posed by all quarters. On the one hand, there are “fintechs” and non-financial players entering the banking space and on the other, there is the demanding and tech-savvy digital native influencing the way banking is performed. Customers only care about unique experiences and as loyalty is fast disappearing, the banks of the future need to wake up to the harsh reality that banking experiences can be created with or without them. In the age of Amazon Prime and Uber Eats, how can a bank rebuild its balance sheets while offering value and convenience to the new-age customer? The stakes are high and the incumbent bank needs to reconstruct its ecosystem of value-drivers through a platform-based model aggregating as a service delivery center to integrate seamlessly into the customer’s lifestyle and deliver trusted services on a platter. This paper describes such a scenario and draws appropriate suggestions for banks to stay ahead of the competition amidst the disruption caused by technology.