FinTech Magazine March 2019 | Page 33

prevalent .” As open banking prompts organisations to leverage technology like data analytics , it ’ s becoming even clearer how back end development can benefit the front-end user experience .

We focus on banking – that ’ s where our expertise is ,” he explains .

Finacle ’ s focus is core banking infrastructure , part of the back end which Rao describes as “ the engine that fuels interactions with customers ”. He adds : “ Over the years , we have been able to build an understanding of what goes into the engine room of the technology department of a bank . Today , that understanding is very important as digital becomes more

Finacle has examined what the new banking landscape means for existing institutions and the challenges it might pose in its annual Digital Trends in Banking report . The organisation has identified 12 key trends for 2019 – six on the business side and six on the technology side – and Rao outlined a few particular areas of interest to FinTech Magazine . “ First and foremost , it is clear banking is the area where there is maximum pace of emergence of new technology . The evolution and adoption of new technology is facilitating , most importantly , the way customers interact with enterprises .” Rao cites other notable trends as changing customer expectations , banks increasingly bringing technology to the fore as an important strategic function , and digital disruption leading to the emergence of fintechs . “ Fintechs started off in a love-hate relationship with banks ,

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