The Bank as a Digital Platform
With banks invested heavily in their legacy platforms, any change calls for a lot of time and money. If banks are to provide support for full product suites across customer segments, they will have to transform their core banking systems.
Considering all the constraints, banks can still innovate over their legacy systems by making use of Application-Program Interfaces (APIs). Banks can either develop products in-house or buy off-the-shelf products and make use of APIs to connect the new products to the legacy core banking system.
The API-first approach enables banks to deliver on both—their core banking solution capabilities as well as the full range of extended capabilities made possible through an expanding fintech ecosystem.
To position the bank as a platform represents the best of both worlds. Mindtree provides the following building blocks
Turn data into intelligence and actionable insights
Fintechs are providing focused and contextual services and cutting into banks’ share of customers. To respond, banks will have to draw deeply from their existing CRM solutions, mine their existing customer information to provide contextual and consistent personalized interactions.
This calls for a transformational data layer added to traditional CRM systems which will help banks with:
- Next-gen analytics: Use next-gen analytics to power your data-driven organization
- Data visualization: Truly seeing your data
- Business intelligence: Use your data to drive better outcomes
- Big data: Use analytics to drive your businesses forward
- Enterprise data management: Improve operational efficiency and reduce reporting mistakes
- Informed intelligence: Apply decision science to your business issues
- Frameworks: Create a map to great data
- COE: A data analytics foundation to help in the long run