The banking landscape is transforming at a rapid pace. Digital disruptions driven by intelligent automation and open banking are forcing banks to reimagine their operating models. Today, banking customers demand a superior customer experience and hyper-personalized products and services. This has created an urgency for banks to become on-demand ecosystem providers, offering embedded products and services such as Buy Now Pay Later (BNPL) and digital assets. They must remain relevant and avoid disintermediation, as competitors—including fintech, big tech, and retailers—encroach into their territory.
Most next-gen solutions are AI-driven and will increasingly encapsulate blockchain and cryptocurrencies. They will support intelligent, proactive financial planning and lifestyle choices, including transparency around the environmental impacts of those choices. The Metaverse looms large on the horizon—what will money look like and what services will be needed here? In parallel, an increased focus on regulation and ESG will put additional pressure on banks.
Banks need to be ready to navigate this challenging business scenario by smartly using their technology assets and investments, as well as opening themselves for collaboration. For embedded and contextual banking, banks are now increasingly partnering with fintech and non-financial firms to bridge gaps within their customer offerings and shared systems landscape. Micasa has always been at the forefront of solving real business problems through best-in-class services and technology offerings. Our philosophy of ideas based entrepreneurship ensure continuous collaboration and support for our clients at every step of their transformation journey. We believe in a co- innovation approach to help banks and financial services firms become future-proof and evolve as leaders in their respective business areas.
The banking and financial services industry operates within the ‘new normal’ today. The sector is dominated by ever-tightening regulations, digital banking, and omni-channel customer experiences. Compressing costs, including high Run-the-Bank (RTB) costs, due to high FTE-based pricing models, is a top challenge for the industry. Succeeding in this environment requires industry players to strike a balance between operational optimization and the infusion of digital transformation. While technologies such as; Big Data, cloud, mobile, IoT and AI/ML are already transforming the way business is done, banks need to optimize data management further. Leveraging analytics will help the industry boost enterprise resilience, increase cross-selling opportunities, enhance customer value, and maximize their wallet share.
Our Experience
Our rich experience in partnering with leading global banks and financial institutions enables us to offer comprehensive solutions that meet the evolving needs of the banking industry. Analytics and data management solutions aligned to our organizational strategy automate and cloudify everything and thereby transform customer experience. Our process-driven approach, helping banks successfully embark on their digital transformation to achieve the desired transformation of their operations.