The imperative for banks to change their business model to leverage fintech gets more and more pressing every day. The challenge is a major one but not insurmountable.
First, banks must move their organisational structures from being locked in, proprietary and tightly coupled to being open, partnering and loosely coupled. It’s all about plug-and-play, open sourcing technologies based on apps, application programming interfaces (APIs) and analytics. Banks have a strong position in this area as they own the marketplace today, and they should be building the platforms to allow their customers great experiences by connecting with the best-in-class APIs out there.
