The banking and financial services space has witnessed a tremendous customer preference shifts in the recent times. This has led to accelerated development of new digital products \/ offerings as well as never heard before changes \u2013 Overnight, people became comfortable with using their smart phones to carry out most of their banking transactions while visiting a branch started looking like something they did a very long time ago.<\/p>\n
However, it must be noted that this rapid adoption of digital technologies comes with its fair share of realities. While banks can now onboard new customers in a few minutes, they could also lose one in just about the same time! As more and more Fintech and non-banking entities enter the space, the rate of innovation has risen exponentially, and banks now need to allocate the necessary bandwidth to constantly innovate to stay relevant and maintain their status quo.<\/p>\n
While most banks and service providers do have strategic plans to ramp up their digital offerings, it must be remembered that in real-time, these are not short-term goals. These are what the Japanese would define as a Kaizen goals; one that focuses on the involvement of all employees in an organization to continuously improve systems and processes.<\/p>\n
So, while the initial steps of a digital transformation journey would include appification of most commonly used products and services, the next would entail modernization of the legacy systems so that optimal performance is realized across the technology stack (front end, middle ware, and back end).<\/p>\n
This is where products like Appzillon plays its role in Banking as a Platform (BaaP). Want to know more?<\/p>\n
Appzillon\u2019s cloud-based low-code composable architecture opens up a world of new possibilities as it helps banks expose their services to disparate third-party systems safely and securely through open APIs.<\/p>\n
What this implies is, now, banks can create an ecosystem built for scale and continuous innovation due to the collaborative efforts of several players that have one goal in mind \u2013 deliver delightful banking experiences! Because banking journeys are no longer limited to traditional banking activities. It is becoming ubiquitous in all aspects of digital interactions whether it\u2019s ordering home supplies, getting a pizza, booking a cab, buying your flight tickets, or planning a birthday party, to name a few.<\/p>\n
Today, platforms like Appzillon allow third party systems to access, integrate, and build banking services so that growth comprises horizonal and vertical business models as well.<\/p>\n
With advanced eKYC authentication, ML models for automating the building of AI functionalities using our intent finder, regulatory compliance mechanisms, and so much more, the platform helps banks become the backbone for a one stop shop for all their customers\u2019 digital journeys.<\/p>\n
Also, it must be noted that at i-exceed, we believe that every solution at its heart must be designed to simplify lives of everyone from the IT teams to the end users. The microservices approach of the platform ensures that you don\u2019t have to go about breaking and throwing away your existing systems to build a system that meets user expectations. One can build layers of code to integrate new platforms and features into their existing core systems while ensuring smooth transitions, glitch free migrations, and swift times to market.<\/p>\n
In a nutshell, when banks adopt Appzillon as a way forward for their BaaP, they create value for all stake holders involved. While the platform leverages the core teams\u2019 expertise in building trustworthy financial products and services, the open nature of the platform brings in new players from different business verticals so that meaningful partnerships are realized, and new customers become fans of your offerings.<\/p>\n