Customer experience is becoming priority for both banking regulators and banking industry players, thanks to technological advances in recent years. The rise of alternative banking business methods like digital payments, remittance, lending and investment is catalyzing the growth of digital banking globally.
Traditional banking business model is being disrupted, mainly influenced by growth in cutting-edge, state of the art technology. Emerging technologies are creating challenges for established banks and is sweeping systematic and operational changes in the banking industry, making it difficult for most banks to adopt.
For example, the rise of alternative cashless or non-cash transaction is evolving and impacting the banking industry. According to the World Payments Report 2019, Global non-cash transaction volumes grew at 12% during 2016 to 2017 to reach USD 539 Billion - the highest in the past two decades and is expected to grow by USD 1,045.5 Billion from 2017 to 2022. Emerging Asia (32%) and EMEA (19%) were responsible for the record growth in global non-cash transaction volumes.
To ensure banks viability and success within the emerging digital banking ecosystem, bank regulators are setting the Open Banking path. As the banking industry transitions to a future state beyond Open Banking, banks must leverage ecosystem-based business models to sustain market shares.
Fusion BankerOS will help address banks challenges in Open Banking adoption as it runs on Finastra’s Open Banking Platform, FusionFabric.cloud. It will also help banks build a new robust financial ecosystem by tapping existing customers to be their walking Digital Branch, utilizing Artificial Intelligence and Machine Learning to detect clients digital financial activities and behavior and fraudulent transactions. It will also help banks attract new customers and tapping the unbanked market through it’s e-Wallet feature.