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5 ideas to Kick-Start Platform Oriented Banking

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5 ideas to Kick-Start Platform Oriented Banking

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I’ve been working closely with Banks & Financial Institutions for a quarter of a century now, always acting as their trusted advisor & go-to guy for technology.
During the last few years & especially so during the last months, I’m witnessing the FinTech Renaissance unfold before my eyes.
Banks lie at the epicenter of this global earthquake, which is reshaping the landscape of Financial Services worldwide.
It’s my firm belief that, to be successful in this new FinTech world, Banks must react by opening up access to their well kept secrets & embrace a platform oriented approach, akin to what we have been seeing in other global business ecosystems such as the WWW & smartphones.
During several discussions & meetings I’ve crystallized my stance in a set of slides, leading to 5 ideas on how Banks can effectively kick start the transition to Platform oriented banking.
Sotiris Nossis (Founder & CEO Payment Components)

I’ve been working closely with Banks & Financial Institutions for a quarter of a century now, always acting as their trusted advisor & go-to guy for technology.
During the last few years & especially so during the last months, I’m witnessing the FinTech Renaissance unfold before my eyes.
Banks lie at the epicenter of this global earthquake, which is reshaping the landscape of Financial Services worldwide.
It’s my firm belief that, to be successful in this new FinTech world, Banks must react by opening up access to their well kept secrets & embrace a platform oriented approach, akin to what we have been seeing in other global business ecosystems such as the WWW & smartphones.
During several discussions & meetings I’ve crystallized my stance in a set of slides, leading to 5 ideas on how Banks can effectively kick start the transition to Platform oriented banking.
Sotiris Nossis (Founder & CEO Payment Components)

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5 ideas to Kick-Start Platform Oriented Banking

  1. 1. 5 ideas to Kick-Start Platform Oriented Banking Payment Components Sotiris Nossis CEO & Founder
  2. 2. There is no “digital strategy” anymore just strategy in a digital world! Payment Components
  3. 3. We all know that Bank silos are broken down by startups Payment ComponentsSource: LetsTalkPayments Fintech is Coming!
  4. 4. …and that FinTechs target retail & commercial Source: McKinsey Payment Components Segments targeting by FinTechs
  5. 5. …and all these “contenders” thrive in ecosystems Payment Components The world of APIs
  6. 6. So how can / should a traditional bank respond to all these changes? Payment Components
  7. 7. Multiple models for FinTech adoption Different approaches for different banks Source: IBM – “Designing a Sustainable Digital Bank” Payment Components
  8. 8. But all approaches should have two common fundamental ingredients… Payment Components
  9. 9. Partner with Fintechs to approach new customer segments and gain vital technology and entrepreneurial flair. Payment Components 1
  10. 10. Start becoming a Platform exposing vital APIs of your services You will do it anyway for PSD2, why not start earlier? Payment Components 2
  11. 11. Only then you can start discussing & planning ideas such as… Payment Components
  12. 12. Retail BankingPersonal Finance Management (PFM) & Robo Advisor Objective: Surprise the market and lock your mobile customers providing today, advanced account information and advices. Well ahead of the PSD2 go live. Action: Create a PFM – PSD2 compliant - mobile App. It can be both an account aggregator & robo- advisor on cash management. 1 Payment Components
  13. 13. Alternative PaymentsmWallet & multiple payment schemes Objective: Be part of the P2P and m-wallet wave and offer your customers other alternative payment schemes. Action: Create your own or be an active participant in a m-wallet project. Enable frictionless Mobile Payments & Money Transfers, supporting multiple touchpoints (e.g. POS, Web, Mobile App) and Redemption Mechanisms (e.g. Coupons, Tokens) 2 Payment Components
  14. 14. Corporate BankingAutomate Payments & Enforce Compliance Objective: Provide corporates with automated credit transfers, Direct Debits, account balances through SFTP or APIs to improve their cash flow handling Action: Connect with existing TMS solutions and/or offer your own Treasury Management System for forward thinking Corporates. Support Financial Messaging Standards (SWIFT, SEPA or other), allowing automated Payments receipt & response. 3 Payment Components
  15. 15. Build your own ecosystemCombine your established strengths with the flexibility of FinTech Objective: Leverage your core strengths to attack new markets Action: Start your own satellite banking. Experiment with agile and niche digital banking subsidiaries. Foster innovation through opening up your API to developers. Partner up with FinTech startups. 4 Payment Components
  16. 16. Disruptive Innovation in Stealth mode…Explore BlockChain opportunities Objective: Understand the current blockchain trends starting a small R&D project. This way you stay close to developments, attract talent, and who knows, you may even cut significant costs. Action: Select back-office process(es), that need to be disrupted or abolished altogether. Start a R&D project (with internal & external resources) to deliver a solution based on BlockChain 5 Payment Components
  17. 17. Then and only then, on your Digital Initiatives Matrix… Source: Deloitte Payment Components Clients OR Markets Vs. Products OR Services
  18. 18. …you can plot these digital initiatives and more Satellite banking M-Wallet PFM Corporate TMS BlockChain Source: Deloitte Payment Components Indicative mapping – this needs to be specific according to your activities
  19. 19. Interested? Payment Components is your Digital Transformation Partner Payment Components
  20. 20. We master standards, and new FinTech offeringsThree lines of business. Software Components, FinTech Solutions, building new innovative services. 1 2 3 Financial Messaging Libraries for SWIFT, SEPA & ISO20022 standards Software Components 1. Treasury Management 2. Payments System 3. BankNotes Trading FinTech Solutions 1. Bespoke Projects Development 2. Our own Innovative Ideas Innovation + R&D Payment Components
  21. 21. 64 Princes Court , 88 Brompton Road , Knightsbridge, London SW3 1ET, United Kingdom | Tel. : +44 2071172538 | www.paymentcomponents.com Empowering FinTech Innovation! @paymentcompnossis.sotiris@paymentcomponents.com

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