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Monday, March 4, 2024

Revamping Banking with Business Model Innovation

Technology has reshaped the banking industry, ushering in a digital era. Mobile banking apps have placed our banks in our hands, and this is just the beginning. Banking will soon become seamlessly integrated into various aspects of our daily lives, including platforms like Amazon, Careem, Netflix, Google, and more.

Paul Hennessy, CEO of Emirates Digital Wallet, emphasized the need for banks to partner and build technology that connects and provides services to customers. The banking industry’s exponential growth relies on the connection of primary services.

Banks in the UAE are adapting to accelerating digitization, with traditional institutions bolstering their tech offerings and fintech companies playing a significant role.

Digital wallets, in particular, are gaining popularity, offering users a means to store funds, conduct transactions, and track payment histories on their mobile devices.

Puneet Chhahira, Head of Product Management and Marketing at Infosys Finacle, stressed the importance of a collaborative ecosystem. The future of banking requires agility to continuously create and deliver better value through client-focused ecosystems.

The focus should shift from product-centric to customer-centric banking. Data and technology can help banks build core processes around people’s needs, creating exceptional and genuine customer experiences.

Finacle envisions using modern technologies, including cloud-native open core systems, real-time payments, open banking infrastructure, and robust API capabilities, to enable this transformation.

The UAE serves as a prime region for technological advancements, thanks to visionary government policies. Finacle’s regional hub in Dubai demonstrates its commitment to innovation and transformation in the banking sector.

Infosys Finacle partners with progressive banks worldwide, facilitating innovative business models such as marketplace banking, banking as a service, and embedded finance. These paradigms seamlessly integrate various applications into banking services, serving as a bridge between regions and banks.

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