✅ Modern TAMP GeoWealth Lands $19 Million Series B
Today’s digest is quite special because it comes from a snippet from Banking Tech Magazine’s November edition. When the epidemic hit, the banking industry was already in transition as nations went under lockdown and employees went home to a remote working model. Because of this, businesses were forced to accelerate their digital transformation plans just to keep going. Benjamin Ensor of 11:FS talks with Puneet Chhahira, head of marketing and platform strategy at Infosys Finacle, about what those models look like. Puneet starts off by saying today’s banking business leaders’ biggest challenge is keeping pace with change. Whatever way you look at the sector, from the viewpoint of the customer, the investor, or simply good business sense. In fact, 20 years ago, 50% of banking transactions occurred inside the branch; today 95% of transactions happen in digital channels. Embedded finance and open banking initiatives will drive 50% of bank transactions to non-bank, third-party channels in the near future. Benjamin Ensor adds that strategy is about choosing what you will do, and what you will not do. Choices are not mutually exclusive, and most incumbents will play across at least a couple. But, at the same time, not all models are suitable for every incumbent. Banks should introspect on the purpose of their organization and the customers they serve. According to Benjamin, the big shift is the shift in mindset as banks will have to prepare for greater disruption within the sector. Evolving from one to the other takes years of painstaking, deliberate change. Driving that change takes leadership, and not every leader wants to drive that change.