DIGITAL BANKING
This ecosystem approach helps bridge the knowledge gap between fintechs and the market , enabling all players to deliver more secure , efficient and streamlined customer experiences .
Paul Weiss , CTO at Adaptive , says banks ’ ability to swiftly and cost-efficiently adapt to changing industry dynamics has become critical to stay competitive .
“ By leveraging digital ecosystems , financial institutions can build proprietary trading technology solutions that allow them to innovate at their own pace and differentiate themselves in the long term .”
The insurance industry is also experiencing a profound transformation through digital ecosystems . Rory Yates , CSO of EIS , notes : “ From neo-carriers to micro-insurers , on-demand coverage , mobile-only carriers , and new insurance technologies , the market is boiling with new entrants , and new partner potential , increasingly giving consumers the choice , speed and simplicity they demand .” These ecosystem-based business models are reshaping the insurance landscape , offering unprecedented flexibility and customisation to consumers .
Leveraging tools afforded to you “ The continuous rise in influence and scale of fintechs and non-bank financial institutions across the globe has accelerated the need for all parties , including established banks , to deliver a more secure , efficient and streamlined customer experience ,” says Hans .
“ With more than nine out of ten consumers now using some form of digital payment tools , banks and other financial institutions are increasingly relying on data obtained through an open-source digital ecosystem . This ecosystem helps to tighten the knowledge gap between fintechs and the market .”
This shift has prompted banks and financial institutions to increasingly rely on data from open-source digital ecosystems , helping to bridge the knowledge gap between fintechs and the market .
Digital ecosystems are transforming customer experiences across industries . Zach Burks , CEO of Mintable , explained how NFTs can drive deeper customer interactions and boost revenue . “ One client saw a tenfold increase in valuable customers and reached 500,000 users through an NFT strategy ,” he continues .
“ Mintable ’ s APIs also enhance engagement at retail points of sale through loyalty tracking and membership features .”
Challenges Rory Yates highlights a more complex challenge faced by insurers when integrating third-party services into their ecosystems . He points out that “ the profound challenge insurers face exploiting ecosystems more effectively is you need a lot more than an API or the ability to connect to a service ”.
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