By Fintech News Switzerland
In the age of disruption and increased competition from tech players, the traditional banking model is rapidly becoming outdated. For banks and financial companies, platformification is emerging as the most fitting strategy to maximized results, enabling greater agility and personalization. According to the World Retail Banking Report 2020, platform-based banks can achieve twice as much operating profits, higher market value and more steady growth than traditional banks.
Capgemini, which conducted a survey of global retail banking executives as part of the research, found that platform-based banks are able to meet business priorities more efficiently than conventional banks.
According to the study, platform-based banks find it 2.2 times easier to unlock new sources of value creation, 2.1 times easier to maintain or increase business profitability, and 1.8 times easier to improve operational efficiencies.
It’s also much simpler for them to innovate and develop proofs-of-concept (POCs) (1.8x) and offer personalized, differentiated products and services (1.8x).
