IBS Journal December 2016
35
Collaboration: An increasingly open and collaborative industry is being built through partnerships between financial institutions and FinTechs, as the opportunity for growth through shared learnings across sectors and disciplines fosters significant advantages. Collaboration is the new competition as the adoption of new technologies for the purpose of creating a differentiating customer experience becomes more important than speed.
Digitalisation: Digitalisation will continue its expansion into new services and sectors. In particular, digitalisation of commodity activities will take place through the creation of new marketplaces and platforms. Here, institutions are investing heavily in digital services to optimise efficiency and enhance user experience. A combination of technological enablers like data analytics, artificial intelligence and distributed ledger technology will soon start seeing some breakthroughs as we learn about new ways these technologies can be applied most effectively.
Services: The complex regulatory landscape and ever-growing compliance pressures are pushing banks towards selling services rather than products, as customers gradually look for an omni-channel approach from their service provider. This is
particularly evident in corporate banking, where customers are increasingly demanding the services
and solutions available for retail customers.” Mark Buitenhek, ING Global Head of Transaction Services
“More financial institutions will move to the cloud. Earlier this year, OakNorth became the first bank in the UK to have its core system fully hosted on the cloud. When we obtained our licence in March last year, we wanted to launch on the cloud, but because there was no policy on cloud banking in place, we were unable to. We therefore chose to launch with traditional hosting and when we began trading in September 2015, picked up conversations with the regulators once again. Over the next six months, with the help of Amazon Web Services (our provider), we worked with the regulator on policy items such as data protection, access to data, security and business continuity. Regulatory compliance has historically been one of the top factors against cloud banking (cited by 45% of banks), so now that we’ve set a precedent, we’re likely to see more financial institutions making the move to the cloud.
There will also be increased competition amongst the mobile-only players. There are now a number of mobile- only banks in the UK that have either received
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