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Expand your business ecosystem to enable
new digital experiences and external innovation
It might seem like Fintechs and other upstarts that were "born" digital have
the upper hand over banks that are burdened with legacy systems and
processes. They don't. In fact, you have an enviable advantage. Why? Because
you and your existing and potential partners already have the account, loan
financing, policy proposal, cash management, payment, and other services
required for excellent customer experiences – you just need to work together
to combine, monetize, and deliver them in efficient and secure new ways that
your customers will love.
Rather than endeavoring to create the ultimate product or service on your
own, focus on leveraging your business ecosystem and using secure APIs to
aggregate existing services, create more distribution channels, and share data
with partners who might have otherwise been competitors. This will help you
keep costs down and free up resources for new product innovation.
Take a page from the Fintech playbook
Instead of seeing the new digital experiences offered by Fintechs as a
threat to your relationships with consumers, merchants, and corporations,
use them to improve the customer experience leveraging your deep
knowledge of their preferences and behaviors.
To accelerate innovation, enhance traditional services with previously
untapped data and digital services to anticipate what the customer needs
in the moment, and dynamically propose tailored, context-aware services
at the right time, through the right physical and/or virtual channels.
This way, the customer doesn't have to invest time or effort investigating
your offerings because you already know what they want and need. You
can redefine the quality and the value of the customer experience by
making it connected and personalized everywhere — ultimately making it
easier for your customers to do business with you.
"If banks can embrace third-party capabilities from Fintechs
and others and formulate these into customer solutions,
then this provides an opportunity to more deeply embed
themselves in customer business processes and to make
those processes more efficient and less costly to execute."
Robert Langley, Enterprise Architect, Payments, National Australia Bank
Watch how APIs rejuvenated legacy infrastructure to allow growth at National Australia Bank
