Why you should forget about building the bank of the future – and make it happen today

Why you should forget about building the bank of the future – and make it happen today

Bank of the future

The banking industry is under incredible pressure.

The rise of FinTech has created an ever increasing number of challengers, traditional methods of banking are under increased pressure to remain open (with almost 3000 UK bank branches closing their doors in the past three years) and as consumers we want to bank anytime, anywhere and in anyway and they haven’t forgotten the damage done by the 2007/2008 financial crisis.

The banking industry needs a revolution. Thankfully, that might be just around the corner.

A demographic, economic, technological, sociological tidal wave

The banking industry is the centre of the consumer universe. It empowers and enables every aspect of our life.

From picking up milk on the way home, to buying our first house or saving for retirement. Banks have a pivotal and privileged role in society, but it is facing global political and economic challenges in almost every form.

The banking industry is at the centre of society and on the cusp of every substantial change which could impact our world.

Technology is changing consumer expectations and our core banking infrastructure, our populations are rapidly aging and we need to find a way to enable them to bank as easily as they do today and in our globally connected world money needs to flow more easily than ever before, no matter where it is going to or coming from (and often it is emerging economies that are innovation).

The next generation needs to be able to meet these challenges, and whatever comes after it. At the centre of this is having the technology to adapt and grow as the world changes.

To achieve this, banks need vendors who can identify these changes and help them to define their next strategies.

The bank of the future will ensure that banks thrive, not just survive, in this new world.

Mark Aldred, Head of Sales, @Efma Channels and Customer Experience Forum 2018

We are talking about #NextGenBanK and clearly that’s the statement about what the next generation of banking should look like

Breaking down technological barriers

Every bank is different, every bank has different challenges, and every bank has different customers. Trying to retrofit a solution for every bank is nonsensical.

So why would a bank buy a software platform that was built for someone else? They shouldn’t, but they are often forced to.

A modular platform gives bank the tools to shape and model the world they want, it is essential in helping them build the ideal concept of bank that will make their customers happy.

If banks want to be able to adapt to the trends and challenges ahead they need business oriented solutions, tools which can help them to define and support their business strategies, without forgetting the customer.

Freedom of solution

Banks can’t be restricted by out of date, vendor dependent technology. It just won’t cut the mustard anymore. Challenger banks were built on a clean technological slate, but existing banks can get the same benefits by choosing a vendor independent platform.

Banking technology can improve so much of the way we access financial services.

It is doubtful that any other market has developed so quickly and diversified so much in order to keep pace with changing client demands and expectations. But the solutions that banks use don’t always match up to this.

Access to financial services and choice for customers is one of the most important things for our economy. Sometimes it seems that in the rush for digital some organisations are looking to wage a war on cash, but this just erodes financial choice for consumers.

The industry has a responsibility to deliver choice and mechanisms to all customers regardless of how they want to access services, where they’re based or their net worth.

Technology must make things better, not reduce choice and opportunity, and banks of the future need solutions which deliver this for the bank so that the bank can deliver this to the customer.

Building the #NEXTGENBANK now

Branches provide a huge amount of potential, and customers want them, but in the rush to cut costs and compete with challenger banks, banks risk throwing the baby out with the bathwater.

A completely omnichannel solution is possible, which will provide customers with a seamless experience. A more streamlined solution for banks can enable them to deliver a much-improved customer experience.

At Auriga we are focussed on a few things and do them exceptionally well. 25 years ago, we had the foresight to deliver solutions which have led to the industry is today.

Auriga has always been involved in the digital revolution for banks, from self-service to online and mobile banking platforms covering all digital channels as well as the new trends towards transformed branches.

Today we support all channels whether operated by the bank’s staff or its customers, as well as providing the infrastructure to support the increasing amount of data changing the market, and help our customers deliver the #NEXTGENBANK to their customers.

Banks don’t have an excuse not to build the bank branch of the future today. The tools are there, and the demand is there. It is time to build the #NEXTGENBANK.


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