Online business magazine Invest Foresight has published an op-ed by co-founder and CEO of Saxo Bank Kim Fournais, which tells about the bank of the future. Banks.am has picked several noteworthy excerpts from the op-ed.

To be really competitive in the rapidly changing world, the bank has to put clients first and review its IT strategy in order to resist the tech giants. That is where you can use tech partnerships, in which services are provided under the brand of the seller, not the developer (white label method).

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Most banks are developing essentially the same technology and digital solutions. Everyone doing the same and even competing in it is extremely ineffective and foolish. Only one can be the best, so why not use services of the best suppliers instead of developing solutions on your own?

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In our interpretation, the bank of the future does not develop a large amount of technologies on its own. The bank of the future helps clients to navigate the increasingly complicated world of apps and smart fintech solutions by selecting the best ones and providing them in efficient packages. It is a market model that will enable the bank to arrange affordable, flexible and modern customer service.

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The bright future is for the banks that dare to take the jump from developing software to becoming truly open and functioning as markets or platforms. Actually, with the emergence of cloud solutions, that future is not so distant.

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More banks are starting to realize that the outdated IT infrastructure is the biggest obstacle. It is not necessary anymore to develop your own technologies. It is too expensive, given the increase of regulations, and the world is moving forward too quickly.

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Banks have a good opportunity to compete with fintech and large tech companies, because the banks have resources and large, loyal client bases, but that firm foundation might collapse if they insist on developing their own systems, products and solutions.

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The winner will be the bank that focuses on customized service. It is possible only through cooperation with task-specific partners that provide elements joining to create a clear, unique customer service with minimum expenses, which puts the client’s interests first.

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