6
axway.com
New competitors are ratcheting up the pressure
Technology is erasing barriers to entry, enabling nimble new players to appear
out of nowhere and win market share with aggressive pricing strategies and
lean cost structures. Recognizing the immense opportunity created by a new
open banking value chain, Fintechs, retailers, and non-banking newcomers are
reshaping the market with untraditional digital services like payment initiation
and aggregated accounts information services.
These third parties, formerly on the outside of the closed banking system, are
generating wave after wave of innovation that give consumers direct access
to cheaper, more convenient digital banking options. For example, Intuit's
online personal money manager Mint.com is a popular service, as are several
telecom mobile money technologies including Apple Pay, Google Wallet, and
Samsung Pay. Mobile peer-to-peer (P2P) payments like Facebook Payments
interact directly with the bank's customers.
Five key trends will define banking AD&D teams' priorities for 2018
3
Trends in 2018 Implication for AD&D teams
Accept the new operational
model of open banking
with APIs
Use APIs to become more flexible and
drive revenue
Revitalize touchpoints to
focus on relationships
Design for intelligent channels, not just
perfect user interfaces
Embrace analytics as part
of true digital banking
Drive true digital banking with rapid,
informed, and intelligent interactions
Make products more efficient,
despite marketplace complexity
Plan for product configurators and
cost calculators
Refresh all your banking apps — even newer ones —
to avoid becoming obsolete.
3
3 Digital Banking Application Trends for 2018, Forrester Research, Inc., September 7, 2017
