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Overview of The World Fintech Report 2020 by Capgemini (Infographic)

Cap Gemini released their annual Fintech Report last week, and in this post i capture the key themes and share the pretty cool infographic. The title, BigTechs and Challenger Banks are here to stay – Can incumbent banks still thrive, is pretty intriguing. Intriguing because the title alone establishes:

  • BigTech is here (in the financial services sector)
  • Challenger Banks are here
  • Incumbent banks will survive, but can they thrive?

Check out my recap of the World Fintech Report 2019 – Preparing for Open X. You probably guessed it, this year Cap Gemini talk about embracing Open X. See the World Fintech Report 2020 for full details of this years instalment – in the meantime, following is a quick recap:

World Fintech Report 2020 – 4 Key Themes:

Big Tech and Challenger Banks Strengths:

  • Digital – operating on an open platform model that integrates with other platforms and apps
  • Data driven – allowing customer focused products and services by leveraging the available data
  • Agile – scalable technology and cultures that allow products to be launched quickly
  • Customer focused – with simple solutions, lower cost products and services, and a faster service

Incumbent Banks need to embrace Open X:

  • Open X moves traditional banks beyond compliance for the sake of compliance, nicely explained by Cap Gemini by the following equation:
    • Seamless eXchange of data and resources + eXpedited product innovation = Improved customer eXperience

Succeeding in an Open X world requires traditional banks to:

  • Transform themselves into Inventive Banks by being:
    • Customer focused
    • Collaborative
    • Agile
  • Recognising their strengths in one of the following areas:
    • Suppliers
    • Aggregator
    • Orchestrator
  • Strengthen their mid- and back-end operations by partnering with mature fintechs in a 3 step process:
    • Identify – by creating the end to end customer journey
    • Prioritise – identify the mid- and back-end processes that will have the biggest impact on operational efficiency and Customer Experience
    • Collaborate – with Fintechs

Open X demands Collaboration between Inventive Banks and Fintechs across 4 key areas:

  • People – a dedicated collaboration team
  • Finance – fail-fast mindset to innovation so any dead ends are quickly avoided
  • Business – scalable partnerships with trusted providers
  • Technology – reduce the dependency on legacy systems

World Fintech Report 2020 by Cap Gemini

The post Overview of The World Fintech Report 2020 by Capgemini (Infographic) appeared first on SEPA for Corporates.

This post first appeared on SEPA For Corporates - SEPA Payments News And Views, please read the originial post: here

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Overview of The World Fintech Report 2020 by Capgemini (Infographic)


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