Innovating and adapting to meet modern day banking requirements

Are banks and financial organisations at a critical juncture with the ever-advancing pace of technology and shifting consumer expectations?

These institutions must not only innovate but also adapt and overhaul their current operations to provide services that meet the demands of modern-day customers. A bank’s core platform is more crucial than ever as it serves as the key driver of its ability to innovate, serving as the backbone of its operations and customer interactions.

In the first Beyond the Document episode of 2024, Ben Saxton sits down with an expert in the world of core banking platforms to explore how banks can innovate and adapt to meet banking requirements in the modern age.

‘Beyond the Document’ is Formpipe’s monthly podcast which delves deeper into the world of Output, Document and Customer Communications Management.

Read on to see an overview of what you can expect from this month’s episode.

Who’s on the show?

In this episode, Ben Saxton is joined by an expert in the world of core banking, Nelson Wootton, CEO and Co-Founder of SaaScada. With over 25 years of experience in software development with expertise in not one, not two, but 16 software languages, Nelson’s mission at SaaScada is in rearchitecting how SaaS core banking technology is delivered.

SaaScada are a data-driven core banking provider ‘powering the creation of feature-rich products and exceptional customer experiences,’ with their technology enabling financial organisations the ability to innovate in parallel to their legacy systems.

What topics are discussed?

The history and formation of SaaScada - SaaScada rose in 2013 from the idea of building a bank for the unbanked and developing a first-class product that subverted the mandate of banks offering a second-class current account service to customers in a time of incredibly low interest rates.

A parallel approach to banking transformation - Banks considering a core transformation can launch their new system in parallel to their existing system. By onboarding new accounts in a new system and letting older accounts run their course on the legacy system, you mitigate the risks as well as achieve quick wins.

Cultural shift in banking - New technology does not mean less people are working, it means more opportunities to scale and expand banking operations. With that viewpoint, the questions you can ask will identify the tasks that take a long time or cause frustrations and enable new technologies to solve those problems.

Identifying trends with real-time data - Leveraging an event source architecture is a streamlined method elevating report efficiency and identifying trends with real-time data. As transactions pass through an event process, it takes the unstructured data and builds it into structures for dedicated use cases.

Use of data for hyper personalisation - banks can utilise the data that is sent through to reporting systems to understand what their customers are doing, what’s working, what’s not, and are able to modify their products to optimise the customer’s banking experience.

To listen to the episode, head to your podcast platform of choice or simply press play below.