Bank websites will become more like online marketplaces selling financial products — both their own and those of others
Businesses reviewing post-Covid-19 strategies are finding that online activity — from shopping and gaming to banking and social networking — that was shaking up their worlds even before the pandemic, has flourished.
Hybrid strategy
“Many banking groups are taking a hybrid strategy combining the effort of transforming the original bank and also developing a neobank or, at least, some speed boats, sometimes in alliance with fintech,” said Francisco Uria, head of Europe, Middle East and Africa financial services, banking and capital markets at KPMG.
Nationwide Building Society is working with 10x Futures technology while Lloyds Banking Group is doing something similar with cloud-native digital platform provider Thought Machine.
Customers, not products
The native cloud platform developed by Jenkins’ company is being tried by banks such as Australia’s Westpac Banking Corp and Nationwide Building Society in the UK.
Botin said Openbank’s platform is used for Santander Bank in Miami and could be deployed for the US unit as a whole in the future.