17th May, 2017
Mobey Forum - the global industry association that has empowered banks and other financial institutions to lead the future of digital services for the last 10 years, is driving change within the financial services sector, moving towards a new relationship-based model of banking; a two-way conversation with the client.
“In the future, banks will have a very different relationship with their customers, offering them the service that best fits their needs at any time. This new banking paradigm will require banks to be one step ahead of their customers and be agile enough to make personalized and contextual service recommendations, both of their own and from third parties. We are moving into a new era where banks and other companies, including FinTechs, will cooperate for the benefit of the user. This is something that is already happening in several countries where banks offer FinTech services to their clients.”, says Oscar Sala, VP of Product Strategy at Strands.
New banking regulations, such as PSD2 or OFX, will enable a universal ‘open banking model’, allowing the end user choose the company to manage their finances, or move their money using an external application.
The future of banking is collaborative, connected and designed to gain value through scale. This new directive poses a huge opportunity for financial institutions to improve the relationship they have with their customers, using historical user data to know their clients better and adopt the role of ‘life partner’, pre-empting their needs and providing personalized solutions. The new banking context is more about listening to your customers than speaking to them.
Mobey Forum has established a new ‘Open Banking’ work group, headed up by Mr. Sala, VP of Product Strategy at Strands, and Jordi Guaus, Director of Digital Marketing at Caixabank, with a clear focus on the opportunities behind these new regulations to promote a new, customer-centric online banking paradigm.
“We are very grateful to Mobey Forum for giving us the opportunity to lead this group in partnership with Caixabank, one of the most popular banks in innovation. This just goes to show that there are real benefits to the bank-FinTech tandem for consumers. We are thrilled because this opportunity recognizes all the work we have been doing at Strands for the past 10 years, helping banks around the world to understand their clients better and make personalized recommendations. We would like to invite more banks and FinTechs to join this group to share their experiences and help build a brighter future for financial services.”, says Sala.
Strands is the FinTech partner for banks. With the mission of delivering the very best in digital money management software (PFM, BFM), Strands leverages more than 10 years’ expertise in Big Data and Machine Learning. Today, Strands powers FinTech innovation in over 500 banks and serves more than 100 million banking customers worldwide. Clients include Barclays, BBVA, Bank of Montreal, Deutsche Bank, Israel Discount Bank, Commercial Bank of Africa.
Recently, Strands has expanded its technology portfolio to cover a wide range of digital banking products. Strands Business Financial Management (BFM) – a solution tailored to SME banking customers – addresses the underserved SME market, helping banks to become true business partners to their SME customers, and Strands API-HUB a product that connects banks with third parties, helping banks to reduce the impact of PSD2 and other regulations, and accelerate banking disruption.