{"id":1074,"date":"2019-04-11T17:06:21","date_gmt":"2019-04-11T14:06:21","guid":{"rendered":"https:\/\/global.bg\/en\/?p=1074"},"modified":"2019-10-09T11:57:38","modified_gmt":"2019-10-09T08:57:38","slug":"financial_forum_2019_gc","status":"publish","type":"post","link":"http:\/\/global.bg\/en\/financial_forum_2019_gc\/","title":{"rendered":"Transition in Transaction Banking \u2013 Staying Ahead of the Game"},"content":{"rendered":"\n

Now is not the time for sitting still! Of course, we\nare all focussed on compliance with PSD2 and the right response to Instant\nPayments. But let\u2019s not forget: it\u2019s not the regulator who is the real driver\nfor change \u2013 it\u2019s the customer. <\/strong><\/p>\n\n\n\n

New\nservices offered by FinTechs, the possibilities of\ntoday\u2019s mobile devices and the emergence of a shared economy have raised clients\u2019\nawareness of what is possible. As a result, their expectations of their banks\nare growing. The long-term loyalty which\nclients have shown their bank(s) is no longer a given. The challenge for banks\nis to show that they are in pace with current developments and innovative\nenough to stake their claim in this new environment.  <\/p>\n\n\n\n

Today, banks face three main challenges to meet client\nexpectations:<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Be Open<\/strong><\/p>\n\n\n\n

To comply with PSD2, banks must provide a\nwell-documented interface for third parties to access client account\ninformation and initiate payments. By the cut-over date in September 2019, this\ninterface must be tested, approved by the local regulator and shown to offer\nthe same level of service and performance as the bank\u2019s own online banking. But\na future-oriented strategy will not stop at this mandatory interface for\nselected services. Position yourself as a strong partner by delivering\nadditional services, either directly or in cooperation with third-parties.\nOffer local payments or direct debits, for instance, provide financial status\nreports or even a capability for the customer to access all its bank accounts\nvia this interface. Any of these will send a strong signal that your bank is\nahead of the competition. <\/p>\n\n\n\n

Be Fast<\/strong><\/p>\n\n\n\n

Real-time services are becoming the norm. Instant\nPayments is just one initiative in which market standards are emerging. Clearly,\nif banks succeed in integrating Instant Payments within their portfolio, it\nwill reduce the threat of third-parties gaining market share with such\nsolutions. But banks will also be judged on how well they are able to move\nbeyond this and provide other real-time services, for instance online balances,\nreal-time notifications, direct updates on currency rates. <\/p>\n\n\n\n

Be\nInnovative<\/strong><\/p>\n\n\n\n

Set up a central digital touchpoint where clients can\naccess the full range of banking services, enriched by external data feeds,\nwherever these add value to the client proposition. Choose a design which\nensures that users can connect via the widest range of possible e-channels and\ndevices, at the same time if necessary. Examples could be online stock exchange\nupdates, maps with branch locator, to customer interaction services such as a\nChat or Video-Identity function. And be sure to embed this in a modern, personalized digital experience, where a simple and\nelegant user interface guides each user intuitively through his\/her customer\njourney. <\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Future-oriented solutions from Omikron enable our\nbanking partners to be open, fast and innovative.  Omikron\u2019s MultiCash Communication Platform is\ndesigned for maximum flexibility, so that customers have a full range of\noptions to connect to the bank and consume bank products. The platform has an\nopen design at all levels: multiple client channels, seamless integration with\ninternal system, a multibank connector and infrastructure for integrating\nexternal services and APIs. It is even feasible to integrate Omikron\u2019s platform\nwithin a broader services portal built and managed by the bank. <\/p>\n\n\n\n

With the right strategy,\nfuture-oriented technology and readiness for innovation, banks can help to\nshape these new developments and find new revenue streams. <\/p>\n\n\n\n

Let\u2019s face the coming challenges together!<\/p>\n","protected":false},"excerpt":{"rendered":"

Now is not the time for sitting still! Of course, we are all focussed on compliance with PSD2 and the right response to Instant Payments. But let\u2019s not forget: it\u2019s not the regulator who is the real driver for change \u2013 it\u2019s the customer. New services offered by FinTechs, the possibilities of today\u2019s mobile devices […]<\/p>\n","protected":false},"author":8,"featured_media":1077,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"off","_et_pb_old_content":"","_et_gb_content_width":"","inline_featured_image":false},"categories":[1],"tags":[37,69,26,12],"yoast_head":"\nTransition in Transaction Banking - GLOBAL CONSULTING<\/title>\n<meta name=\"description\" content=\"Staying Ahead of the Game GLOBAL CONSULTING - News and Events\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"http:\/\/global.bg\/en\/financial_forum_2019_gc\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Transition in Transaction Banking - GLOBAL CONSULTING\" \/>\n<meta property=\"og:description\" content=\"Staying Ahead of the Game GLOBAL CONSULTING - 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