A smarter way to handle data and personal information
Managing data correctly is becoming increasingly important to all organisations – especially within banking. And it’s not only a matter of securely handling personal information and integrity issues. When you’re a large bank, you have to analyse all accessible customer data and use the insights to your benefit. The reward is loyal customers and a closer relationship to them.
Fast-paced startups are experts in turning customer insights into business advantages. Flexible systems built for automation and advanced calculations are enabling startups to be one step ahead in creating intelligent and user-friendly solutions. To keep up with competition, you need a core banking platform that provides good data quality that allows you to quickly adapt to your customers’ needs as well as discover new business opportunities.
Increased database performance with real-time data
A robust real-time database turns your banking platform into a competitive advantage. It enables you to handle more and bigger transactions, and supports a better analytics capability. Getting to know your customers in-depth and predicting behaviors based on your data is critical for providing sustainable financial services.
Automated compliance services
An ever-changing list of regulations is the complex reality for banking and finance. New demands in the lending market, amortization rules, and general demands such as GDPR, require a solution that ensures you stay compliant as you grow your business.
With an SAP database and platform for your core banking solution, you’ll automatically get the updates and innovations you need to stay compliant with the latest regulatory changes. When regulations for money laundering, such as AML and KYC, or the EBA outsourcing guidelines, are updated – so is your banking platform. In addition, SAP develops its standard system alongside Basel II and III, so you never have to worry about falling behind on any regulatory changes.
Integrate your bank into an ecosystem
Banks’ customers are more disloyal than ever. This is a good thing! It means banking services have become more accessible and that people have gained increased control of their financial situation.
Your bank needs to be part of a more extensive ecosystem to stay attractive. The future of banking lies in creating service hubs where customers can choose the solutions they need. Be prepared to integrate with other banks and other financial market players, and rethink how you distribute your offer in different contexts. You need to keep communicating with your customers on their own terms to stay top of mind.
Collaboration is key
By teaming up with other market players that share your need for digital development, you can become more efficient. Industry colleagues are more likely to face the same challenges as you are. By working together, you’ll be able to move much faster – especially if you share the same banking platform and have a mutual platform partner to cater to your needs.
Co-development with other platform users
A great way of doing this is by taking part in a user organisation that’s connected to your banking platform. The user organisation Applicon runs gathers several customers who share their thoughts on platform improvements and future requirements in one place. This way, our customers can benefit from each other's strengths and expertise – leading to smarter decisions and lower development costs. One example of what we’ve done with our user organisations so far is the development of P27 – a new payment platform that will replace old transaction systems.
How Applicon can help you future-proof your bank
When things move fast, you must stay flexible to be able to adapt quickly to regulatory changes and market trends. With Applicon’s core banking solution, you have this adaptability built into your operational business. Our solution allows you to scale your business and simultaneously keep up with compliance requirements and market demands.
To stand a chance against new competitive players in a growing market, you need a deeper understanding of your customers’ wants and needs, as well as a strategy to refine your service offerings constantly. With a robust real-time database, modern APIs, and a partner who walks you through implementation and monitoring, you will have a reliable platform to grow your business upon for decades.
Not ready yet?
If you haven’t decided to replace your old banking platform with a future-proof solution yet, we can help you take the first step. It might seem difficult, at times overwhelming, to dive into a project as big as replacing the core of your business. But it doesn’t have to be one big bang!
Applicon has many years of experience using agile methods to replace complex banking systems. This means it doesn’t have to be one big critical project. Instead, we follow an iterative process – a proven method to secure your transition. Curious about how? Don’t hesitate to contact us and we will tell you more about how we can help you future-proof your banking.
