Challenger Banks
In recent years, the banking and finance model has seen massive shifts regarding consumer mindsets, new technologies and innovation. Digital banks have become the new players in the banking and finance services sector, providing digitization of products and services, as well as delivery, in a more efficient way, taking advantage of the latest trends in technology infrastructure. Digital banks, challenger banks, neo-banks are all terms for describing the same model, which does not operate a physical bank network, providing instead products and services from an integrated end-to-end digital platform.
Digital banks have developed the ability to both attract and onboard new customers quickly and efficiently, providing them with frictionless and seamless digital experiences that make them less likely to look for alternatives. They have also increased customer lifetime value, achieving long-term engagement and profitability in an efficient way. Using key digital technologies, such as analytics, automation, and rules-driven orchestration, their customers can get the financial products and services they need by deciding on their features and attributes, and satisfy their everyday informational and transactional needs through efficient customer journeys.
Introducing core banking on the cloud gives a financial institution the opportunity to achieve multiple objectives, such as reducing costs, increasing agility, flexibility, and scalability, and accelerate growth, all at once. Netcompany-Intrasoft can help by removing IT maintenance, server hardware, and power consumption costs, as well as by automating operations and workflows, and ensure quick deployment. With PROFITS® Core Banking on Cloud SaaS provides configurable components through which digital banks can tailor products and services across all channels.
Fostering open ecosystems is vital for the digital bank model to be successful, as well as the need for having an open API platform to integrate and interact with external partners. Well-designed and documented APIs that have been thought through from a customer experience perspective are essential for a digital bank, enabling them to effectively engage with new generations of digital users and build on a retainment strategy. Netcompany-Intrasoft can help by offering a service repository of open APIs that provides interoperability and access to faster reusable services through a highly secure standard-based framework.
Open Banking has become the norm when talking about helping customers in their banking and finance operations, as well as when talking about providing services tailored to each customer’s needs across financial institutions. Netcompany-Intrasoft offers a complete open banking ecosystem for financial institutions, supporting all open banking roles and integrating with all necessary digital use cases.