When FinTech first entered the market, it kicked-off with individual ideas of disruption and innovation. What one problem can we fix by doing things differently from the incumbents?
Nearly a decade later – and after a global pandemic accelerated digitalisation – we’re seeing businesses recognise the value of delivering multiple solutions, from one platform. It helps their customers fix not just one problem, but the complete lifecycle of challenges they encounter when engaging with the financial services that make their lives and businesses tick.
Nearly a decade later, we’re seeing businesses recognise the value of delivering multiple solutions, from one platform.
For financial institutions it’s great for customer ‘stickiness’. But to achieve that they need to re-bundle the range of financial services their customers want and need – or maybe don’t yet realise they need.
2021 was the year for alternative providers to make their mark, disintermediating the incumbents where slow, complex and expensive processes had been the status quo. Now that culture of collaboration is inspiring and giving birth to a new ecosystem approach to deliver financial services that are fit for purpose for a marketplace that can’t afford slow or high-cost processes to hold them back.
Evolving the ecosystem strategy
No business that wants to stake a claim in the ecommerce marketplace can afford to allow legacy systems to undermine ambition. As a result, we expect the ecosystem strategy to really come into its own in 2022. Financial services will be re-bundled to deliver full solution stacks that are not limited to the provision of one single solution, but a whole suite of them built in a collaborative ecosystem. And the key is to create a technology agnostic platform that is the basis of the ecosystem, and underpinned by an account infrastructure from which all services can be delivered.
Financial services will be re-bundled to deliver full solution stacks that are not limited to the provision of one single solution.
Payments of the future
The time has come for the long-awaited evolution of the financial ecosystem for banks and NBFIs as they re-bundle financial services to deliver full solution stacks capable of meeting the demands of the ever-growing online merchant marketplace. The winners in this new economy will be the businesses with the right partnerships in place, allowing them to react and respond to new opportunities with a full suite of solutions for a greater share of their customer wallet.
Partnering with Banking Circle, Banks and Non-Bank Financial Institutions (NBFIs) alike can offer their customers access to affordable, friction-free, real-time local and cross-border payments. This empowers even the smallest merchant to serve customers in any geography, bolstering economies around the world at a time when they are in great need.