Most large financial institutions are having to compete with new challengers in the banking world but increasingly regulation is forcing the financial services marketplace to open up.
The latest EU legislation is PSD2 (Second Payment Services Directive), which forces banks to open up their vast data siloes to third parties. The fear for many of these traditional institutions is that they will lose their competitive edge as major technology companies, including the likes of GAFA (Google, Amazon, Facebook, Apple), will use this data to create innovative new products and services, poaching customers and revenue.
In this instance, as an IT solutions provider a route to take is to build your story around the management and control of large disparate systems and complex operations together to highlight increased information, greater insight and improved control.
For more insight on how to think like a bank, please download our latest insight report ‘Thinking like a global Financial Institution – for innovative tech providers’