November 2020 | Point of View

Infographic: Best-in-class fintech landscape

What makes a great digitally enabled bank? Fintech applications with capabilities and compatibility to streamline solutions for users. Here are our picks.

Introduction 

The old way of utilizing technology isn’t always flexible enough for today’s speed of business and innovation. Competition from everywhere, at all times, across all LOBs, drives the speed of innovation.  

What’s driving the speed of innovation? Customers expect intuitive and relevant engagement at the right time through the right channel. In order to innovate at the current speed, we must fundamentally change our approach to utilizing technology.  

Technology leveraged by banks must adhere to the following guiding principles: 

  • Flexibility: Must be able to handle any type of technology from legacy to external partners 
  • Agility: Quickly and robustly bring new partners into the bank’s ecosystem 
  • Scalability: Be able to handle large amounts of data and many system connections 
  • Security: Meet the robust security requirements of a highly regulated industry 
  • Cost Effectiveness: Priced for a budget-conscious middle market 
  • Reliability: 24x7 availability via enterprise class failover and redundancy 

The digitization of banking and rapid innovation from Fintechs have bred “off-the-shelf” applications that can automate or digitize nearly every aspect of the bank ecosystem. The problem for many banks is having to sift through the cluttered landscape of competing vendors to get the capabilities they need. What’s more, apart from sheer capabilities, banks must identify applications that are compatible with their ecosystem or have integration that will facilitate more streamlined solutions and experiences. 


An open, digitally enabled bank

What makes an application best-in-class?

Cloud Based

Being cloud-based is best because it removes maintenance costs for the company and allows for quick plug-and-play options

Open API

Having open API allows for quicker innovation as well as the ability to focus on areas of expertise instead of software and app development

Flexible Infrastructure

The ability to plug into a bank’s existing infrastructure, whether an on-premises or cloud-based solution including data integration/accessibility

Ongoing Maintenance

Consistent maintenance could affect users and create negative experience, higher cost, and customer impact

Security

A secure software is critical when dealing with sensitive information. It allows for the end user to feel confident in the application.

Customization

Being able to customize each solution allows the user to tailor the software specifically to their requirements and adjust as needed

Easy Implementation

The more efficient and flexible an implementation, the less impact to the business and its employees as they transition to a new system and workflow

Scalability/Performance

The ability to perform optimally at scale is crucial because the software is intended to foster a more efficient and cost-effective outcome

If you are interested in how West Monroe can help you build a customized fintech blueprint for your bank, please contact Josh Hoppes. We know how to differentiate your bank with an industry-leading, digital customer experience driven by best-in-class fintech solutions. 

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