In today’s world, people and businesses are connecting and exchanging information via all kinds of digital channels. Instant access to information and data is now expected to be the new normal in the way we interact and do business. But it has to be easy, accurate and secure. As the internet was not designed to deliver trust, we need trust. Customers and organisations are therefore seeking control over what happens to their personal and transactional data and understand who benefits from it. Policymakers recognise these trends and use regulation to accelerate the change in customer demand and force established value chains to open up in a secure and safe way.
More than ever, banks need to focus on their clients and go digital in order to be able to engage with them and stay relevant. The competitive landscape in the financial industry has already changed significantly and will continue to change in the next years. Technology- and data driven companies, such as scaling Fintech and established Bigtech, are continuously challenging incumbent players in meeting these new customer demands. They are disintermediating the existing client to bank relationship with innovative customer centric value propositions and business models.
In this dynamic and open play, trust is the primary condition. By offering secure access to customer data, introduce new financial services through cooperation in combination with an outstanding customer experience, banks have an important role to play in unlocking the digital potential
At INNOPAY, we help banks leverage their current position of trusted service provider, manage the challenges that come with it and seize the opportunities in the new state op play.