Our Product Innovation Tour has its première in the financial centre of Frankfurt on 13th March. The programme features an in-depth exploration of our range of solutions, giving you the opportunity to get to know our digital banking architecture better, amongst other things. It enables financial institutes to react flexibly to changing customer needs and implement regulations, such as PSD2 or MiFID II.
When I talk to representatives from the bank, I hear more questions than answers. The challenges that established institutions have to deal with today are many and varied:
- How can we rapidly integrate the potential of Fintechs?
- How can we put our applications that we have developed internally onto existing bank software?
- How can we modernise our old systems without having to fully interfere with them?
- How can we flexibly adapt the digital front end?
- We want to stand out from the competition and continuously adapt to the market. How do we manage that?
- We would like to integrate our range of offerings into the ecosystem of third-party providers. What possibilities are there?
- We would like to be flexible enough to use completely new business models. What do we need to achieve that?
- We want to offer our customers a unique, seamless user experience – worldwide, but how?
The answer sounds simple, but it sets out a differentiated technological approach: using the CREALOGIX Digital Banking Hub, which I will be introducing on our Product Innovation Tour in Frankfurt, Düsseldorf and Hamburg. It forms the basis for implementing completely different initiatives – from the simple opening towards Open Banking to implement EU directive PSD2, to a business model that takes full advantage of the opportunities of hybrid banking across all channels, whether that be as an initiator of an open ecosystem or as a third-party provider in the infrastructures of other players.
From the never-ending story to new scopes for action
The User Experience Platform (UXP) forms the Digital Banking Hub’s central switchboard, integrating and orchestrating all digital banking applications in the front end. It makes it possible to develop web applications that banks can use to help differentiate themselves. The key feature: We not only support institutions, helping them offer their customers an exceptional customer journey, but at the same time, we also help dramatically improve the “journey” taken by the director of this road movie and the bank team that provide the applications. So what did the development of new web applications look like up until now? The concept was more in the waterfall model with static documents than flexible, programming, test and acceptance in long cycles… more never-ending story than flexible, iterative, customer-oriented delivery.
In future, web applications will not just be programmed, but will increasingly be “compiled” without the traditional IT deployment cycles: redesign or improve, compile, test and release, deliver. That’s it! This significantly reduces the time to market. If the bank uses our UXP Composer, which we are currently developing in close cooperation with our customers, specialist departments can bring customer-oriented improvements to market within a very short space of time and independently of IT, which would have typically resulted in routine work for IT. The team made up of specialist departments and IT therefore has more scope for action to deal with specialist and technically challenging, innovative customer experience issues, instead of being constrained by routine developments. In the process, the individual departments in the UXP Composer draw on a wide range of “ready-made” widgets and add them – after adapting them to the look and feel of the bank – to their portal. Using the Standard Development Kit (SDK), the institution also has the opportunity to develop its own features at any time and assimilate them into its website using the UXP Composer. Existing applications are integrated via an established migration path and can be incorporated via interfaces (APIs) or directly in the browser and are not linked to any particular front-end technology.
If financial institutions using this infrastructure take the initiative with Open Banking, they will aggregate valuable customer data – of course, in agreement with European data protection law and authorised by the customer. These, in turn, flow into the concept of more value-added services, which improve customer value and user experience and thus strengthen customer loyalty. At the same time, it doesn’t matter whether they produce these services themselves or whether they are delivered by third parties. The key is to secure the position of being the enabler of value added services and multibanking.
Both digital and analogue elements will shape the banking of the future. In Financial Advisory too, data that are generated and systematically evaluated improve service quality quite considerably. You can experience the whole range of our innovative solutions on our Product Innovation Tour, where we would love to chat with you about them. Will we see you in Frankfurt, Düsseldorf or Hamburg?