The banking sector is facing rapid and irreversible changes across technology, customer behaviour, and regulation. While customers are demanding ever higher levels of service and value and regulations are impacting business models and economics, technology can be a potent enabler of both customer experience and effective operations.
The banking industry will look radically different in the near future as new banking models will bring a lot of product and service innovation. There is a new wave of digital-only banks across the globe challenging traditional banking players. The digital-only banks are tightening the competitive landscape and the competition would create the impetus for banks to do more with technology and provide better customer services. In this quickly shifting landscape, financial institutions of all shapes and sizes need to find every possible way to respond and compete. This is where technology and innovation matters - having an open and flexible technology architecture driving business agility.
Open source technologies and open innovation have the potential to level the playing field and accelerate the pace of digital business transformation enabling financial institutions to get products and services to market faster and help solve the challenges facing the financial services industry.
By Kris Sharma, Financial Services Sector Lead, Canonical