Banking is increasingly being embedded in customer activities vis-à-vis being an enabler. This transition is morphing the role of banks to become a lifestyle experience orchestrator. Thus, banks are focusing on the power of three E’s to enable their transformation journey which are experience, efficiency, and ecosystem.
The model to manage ecosystems is moving towards building a tightly-aligned innovation model across business functions. Ecosystems are channels for innovation, customer service, and creation of new revenue streams that are expanding beyond academics, regulators, startups, technology vendors, and channels.
In this research, we have studied the ecosystem-centric investments made by 40 global banks over the last two years. The scope revolves around the reasons why banks are investing in the ecosystem, followed by the four key pillars of banking ecosystem, and the prescription for success in orchestrating the ecosystem.
A combination of regulatory pressure and market forces is driving the adoption of open banking globally, with the aim to enhance customer experience and reinvent product and business models. Banks are embracing open banking to take a partnership-dri…
