Partnering for Success

Ben Golding

CTO/CPO at Mambu

Views 437

Partnering for Success

13.06.2018 12:15 pm

Financial institutions hoping to keep pace with rapid customer and markets changes have to first change how they think about technology if they want to survive in a digital world. Instead of seeing it as something that has to be done at great length and expense, it should be seen as a strategic advantage - if the right approach is taken. 

Given the rate technology evolves, cloud based and cloud native solutions offer the most flexibility. Institutions embracing an API-driven composable architecture can to tap into the full potential of cloud technology. While the traditional approach is all or nothing, building an end-to-end solution which relies on a single vendor who is be responsible for the implementation, a composable API-driven approach embraces the thinking that no single company can be the best at everything.  

Taking a composable approach allows for collaboration with partners and developers to create a comprehensive and seamless architecture which can be tested, adopted or replaced without risk. It give institutions a choice to implement the best suited products and services, reducing risk.

Each company is focused on a specific part of the architecture from the SaaS banking engine to chatbots or credit scoring, to analysing customer data insights. This allows multiple integrations to specialised complementary cloud services. Both the business and IT teams are able to make changes quickly, adopt new technologies or switch providers and services - all without having to depend on an army of coders or consultants for execution and customisation.

Companies looking to adopt this model can own the process, selecting, integrating and managing delivery process which gives them maximum control and flexibility or choose to work with an integrator. Both options put them in control of the build, no longer at the mercy of vendors controlling the implementation and resources.

Apart from flexibility, a composable approach also prepares organisations for innovation and the next market shift. The digital banking space is dynamic and evolving at a rapid pace. It also keeps institutions current with the latest technology through continuous delivery. Easily interchangeable building blocks mean the smallest change can be delivered directly into product development and is infinitely simpler than rolling back multiple changes, reducing risk, costs and improving the response to customer needs and competition. 

 

 

 

 

Latest blogs

Jerry Norton CGI

Extending the bank: Key drivers, technologies and steps

What does it mean to extend the bank? Traditionally, banks have manufactured, distributed and managed all of their own products and services. The concept of extend describes how this traditional model is changing as the value chain becomes unbundled Read more »

David Moss Avi Networks

Maintaining Trust While Navigating through a Multi-Cloud World

Financial services companies are extending data centres with private and public clouds to keep up with demand, but does a multi-cloud environment introduce too much complexity and risk? Read more »

Philippe Martineau OSTP Alliance

Travelers to consumers: Reflecting on this year’s Transport Ticketing Global

With the world’s largest public transport gathering, Transport Ticketing Global, over for another year and our feet firmly in 2019, it seems apt to reflect on the changing global vision set at this year’s event for the future of public transport. Or Read more »

Kyle Ferguson Fraedom

Why banks need to get personal for a piece of the SME pie

The SME market, for the majority of banks, is becoming a key target sector. In the UK, according to the Federation of Small Businesses (FSB), small businesses accounted for 99.3% of all private sector businesses at the start of 2017 and 99.9% were Read more »

David Worthington Rambus

Real-Time Payments and The Growing Obsolescence of Cash

According to the World Payments Report, compiled by Capgemini and BNP Paribas, the global volumes of non-cash transaction volumes grew by 10.1%, reaching 482.6 billion between 2015 and 2016. In addition, McKinsey’s recent Global Payments 2018 report Read more »

Magazine
ALL
Free Newsletter Sign-up
+44 (0) 208 819 32 53 +44 (0) 173 261 71 47
Download Our Mobile App