From integrating a BaaS platform into their existing solutions to utilising AI-powered integrations for seamless onboarding and customer support, these global banks are striving to stand exceptionally at a competitive edge.
The global banking sector is rapidly transforming and incorporating technologies to enhance customer experiences with a digital twist. From integrating a Banking-as-a-service (BaaS) platform into their existing solutions to utilising AI-powered integrations for seamless onboarding and customer support, these global banks have a competitive edge.
For instance, some banks debuted their data-driven platform to provide customer-centric banking services and manage risk last year. Recalling a few innovations, we have picked the top 15 news announcements that transformed the landscape of digital banking systems in 2023.
Top 15 News Announcements in 2023 That Transformed The Global BFSI Industry
1. LHV Bank launched personal savings products on Flagstone
Early December, LHV announced the launch of its Personal Savings products on Flagstone, a UK-based cash deposit platform. This integration enables savers to have access to a competitive range of LHV Bank’s personal savings products, delivered through a superior digital experience.
2. Brazil’s banks modernised their core banking and payment services
With a vision to make the Brazilian banking market thrive in the ever-changing competitive landscape, banks opted for more responsive core banking and payment platforms in mid-December. This initiative was taken to incorporate robust banking technologies that will improve their processes, business models and customer experience (CX).
3. ADIB-Egypt introduced personalised Shariah-compliant private banking services
Late December, ADIB Egypt debuted its exclusive portfolio of Private Banking Services, offering an unrivalled Shariah-compliant banking proposition for its high-net-worth clients. This personalised proposition is specifically designed to offer a premium range of wealth management services catering to clients with account balances starting from EGP 20 million or above or equivalent in other currencies.
4. Banco Santander migrated its corporate and investment banking business to the cloud
Just a few days before New Year’s Eve, Banco Santander seamlessly migrated all its commercial customers in the UK and Chile to Google Cloud via its Gravity Platform. This migration is a transformational shift to materialise data efficiency and product agility, further enabling businesses to utilise real-time analytics for enhanced decision-making.
5. J.P. Morgan and Mastercard Launched Pay-by-bank Solution in the U.S.
Powered by Mastercard’s open banking technology, J.P. Morgan launched Pay-by-bank solutions in October, letting US billers pay directly from their bank account. It is a step to enhance the overall customer experience, providing them with secure and convenient bill payment options.
6. Deutsche Bank Launched AI-Powered Banking Solutions
Deutsche Bank invested in Kodex AI to develop tailored AI-powered solutions for addressing the needs of the financial industry. This integration allows entrepreneurs to significantly analyse and enhance the efficiency of their financial data at a scale as compared to general AI models.
Also Read: Top 12 BFSI Leaders Transforming Customer Experience In Europe
7. Union Bank of India partnered with Accenture for accelerated data-driven transformation
In December, Union Bank of India and Accenture joined forces to launch its data-driven platform to offer customer-centric banking services and manage risk. Leveraging the capabilities of predictive analytics, machine learning and artificial intelligence, this platform utilises datasets within the bank as well as external sources to derive business-relevant insights, further boosting operation efficiency.
8. BNF Bank Partnered with Aspire Systems
Embarking on a transformative banking journey, BNF Bank teamed up with Aspire Systems in November. This strategic partnership helped BNF Bank to innovate its banking operations to stay competitive and relevant in the ever-growing banking industry while providing digital banking solutions for enhanced customer experience.
9. HDFC Bank Launched UPI Payment Innovations
With a vision to redefine digital transactions, HDFC Bank debuted its UPI payment innovations, namely UPI 123Pay, UPI Plug-In Service for Merchant Transactions, and AutoPay on QR in September. These advancements enable customers and merchants to engage in seamless transactions.
10. AMP Bank and Salt Bank integrated Starling’s engine platform
Incorporating Starling Bank’s Banking-as-a-Service (BaaS) platform, AMP Bank and Salt Bank became the early adopters of this innovative technology in November. Besides streamlining digital customer onboarding, this robust platform enables both banks to monitor financial crime in real-time.
11. Arvest Bank launched its real-time banking capabilities
Leading the league of early adopters of cloud-native core banking technology in the U.S., Arvest Bank debuted its lending platform, Thought Machine. Utilising its real-time banking capabilities, Arvest can enhance its entire banking experience and release financial products faster.
12. Qatar’s CQUR Bank partnered with Finastra
Early November, Qatar-based CQUR Bank integrated Finastra’s solutions to launch its online banking portal for corporate clients. The portal acts as a digital banking platform, bringing host-to-host integration solutions and digital workflows to its users.
13. Indian Bank teamed up with OneCard
To give an unmatched credit consumption experience to tech-savvy consumers, Indian Bank collaborated with OneCard to launch its mobile-first metal co-branded credit card. Backed by an intuitive mobile app, it empowers users with complete digital control over their credit card’s real-time interactions.
14. Goldman Sachs Incorporated Marquee MarketView
In November, Goldman Sachs launched Marquee MarketView, an innovative visual analytics dashboarding ecosystem available for institutional investors and corporate clients. Developed under the supervision of Goldman Sachs’ thought leaders, it answers essential questions catering to global market needs with tailored data analytics.
15. The Bancorp and Chime Extended Their Partnership
Solidifying its dedication to transforming the future of fintech, the Bancorp bank renewed its partnership with Chime in mid-June. It will enable Chime to continue its focus on tailoring innovative easy-to-use, FDIC-insured banking services for everyday people across the US market.
For more insights on CX in the BFSI sector, join us at CX NXT – BFSI Summit, which will take place in London on 07 May 2024. For registration and more information, visit CX-NXT BFSI Summit.
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