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New technologies and business models are redefining bank operating models and how banks interact with customers. Although once a leading technology adopter, banking now lags other industries in terms of digital transformation.
Traditional banks need to modernize to offer a relevant, engaging real-time customer experience and to fend off challengers. New banks need the benefits of modern design, personalized products and services, low fees, and snappy customer service to tempt people in. All banks need to choose their technology providers and advisors carefully to ensure their modernization journey is a success.
Customers are restive, with high expectations that are increasingly set by their experiences outside of financial services. Many banks are evaluating how they can gain the agility and flexibility they need to meet rising customer expectations. This requires a sustainable, modern banking platform that’s built on four principles:
The core system is the beating heart of the bank. It contains all the primary records of customers, accounts, and transactions. But over time, the core has taken on more activity than originally intended. It is increasingly expected to interact with customers using any device in real time, 24/7. A modern core enables your bank to become more agile and customer centric.
With the promise of lower costs, elastic scale and pay-per-use, many banks have already moved non-critical applications, such as customer relationship management or email, into the cloud. With advancements in cloud security and regulation, banks are now looking to use the cloud for mission-critical applications, such as core processing. Many are increasingly interested in cloud-native applications.
A modern core empowers you to migrate to a lower-cost cloud environment with minimal disruption to business as usual.
Corporate giants such as Amazon, Facebook, Google, and Netflix have taken customer experience and service to a whole new level. To remain competitive, banks must offer a compelling customer experience from the moment of first contact. A positive account opening experience, coupled with frictionless servicing, insights, and advice, will build the most important component of all: customer loyalty. A modern core is the essential foundation for exemplary and consistent customer experience
Banks worldwide face a growing volume of complex regulations, and many banks must comply with regulations in multiple jurisdictions. A modern, cloud-enabled core empowers banks to adapt to regulatory change in global locations without affecting the core code.
Access bank account information on behalf of the end user and build innovative solutions based on real time data. Here are just a few examples of solutions you can build using the data accessible via our Hub ONE Framework ™:
Hub ONE Framework ™: One can help your users to initiate payments for any purpose integrating with leading API Gateways, for example:
Complete Management of ASPSP XS2A APIs (versioning, maintenance)
Identification of authorized TPP’s through PRETA and trusted service providers.
Management of TPP Onboarding and mandatory TPP Helpdesk
Reporting dashboards related to API Interfaces Availability and Performance of API Interfaces supervised by SOC
Maintenance of the entire infrastructure.
Partnerships with core banking systems ( Plug & Play) Fast implementation through standardization
