"GFT is responding to growing demand from clients to help them rapidly align their capabilities and platforms to the challenges of the digital economy, which is driving a revolution in the sector. In Europe, PSD2 is accelerating the move towards Open APIs, creating new challenges but ultimately encouraging innovative propositions that bring banks closer to their customers", says Artur Serra, Sales Executive Director Banking.
This survey shows that becoming an integral part of a customer’s digital life is one of the biggest priorities facing today’s banking industry. By understanding the ‘customer journey’, banks can be more responsive; making themselves available to the customer at any time, via the customer’s channel of choice, offering more targeted and relevant interactions. Unfortunately this approach alone will no longer suffice. The market is evolving so rapidly that individual banks can find it extremely difficult to keep up by themselves; collaboration is essential, and many banks already recognise this and are taking steps to work together.
The monolithic structures found in traditional banks have begun to be dismantled in favour of more agile ways of working, incorporating products, services and channels from FinTechs and other banks in a modular banking approach. BBVA’s API Market and Telefonica’s O2 Banking (supported by Fidor) are powerful examples of this trend. Ultimately, we are moving towards a scenario where customer engagement is achieved by active personalisation, enabling a “made-to-measure” banking experience.
Artur Serra, Sales Executive Director Banking
