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Leading the New Way
Traditional banking has some serious catching up to do. Their go-to technology vendors are no longer able to keep them competitive and innovation-driven. The technology being used is recycled, outdated, and inefficient. Banks need to come up with a solution that is not just creative, but also addresses the crucial pain points that both the bank and the customers face.
Non-banking institutions and customers are now taking matters into their own hands, losing trust for and relying less on once-trusted traditional banks. Service providers are scrambling to figure out a solution, repackaging and redistributing to yield the same results. Institutions are blindly giving way to tech firms that over-promise and grossly underdeliver.
The industry has come to a point where the technology is no longer implemented by the companies that created them in the first place, leading to bad implementations, confused infrastructures, and misaligned technical strategies that eventually make the problem much worse than it was to begin with. This leads to people taking matters into their own hands.
Banks need to come up with a solution that is not just creative, but also addresses the crucial pain points that both the bank and the customers face.
Too Big to Fail?
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The traditional banking technology infrastructure and solution stack has not evolved much in 10 years. How can you tell? Many technology professionals within some of the largest banks in the world from that era are still working on the same systems that were cutting edge during their times and are bullish to move onto newer platforms due to unwillingness to adopt a change and adapt mindset.
This creates the problem traditional banks today face. Technology decision makers will always favor technology that is familiar to them and always remain skeptical of new and unfamiliar technologies. If you look at how banks decisions are made, they will always take the route most traveled on because it’s safe and manageable, despite being completely lucid to its inefficiency.
The technology decision making comfort zone that banks maintain is the Achilles heel that will eventually be the downfall of the traditional banking system if not addressed carefully. We are already seeing trends that indicate it’ll happen within the next 5 years.
A Single Solution for All Banking Needs
Institutions have to learn to think outside the box and accept the fact that technology is not what it used to be. The team at Codebase Technologies has been continuously working since 1998 to redefine banking technology and help institutions remain relevant and stay ahead of the curve.
Digibanc is the world’s most intuitive digital banking suite, leveraging the power and scalability of open API technologies to produce systems that are not only capable of withstanding the test of time but also leading banks toward the much-coveted light at the end of the dark tunnel they are currently in.
Digibanc is capable of simultaneously empowering multiple financial institutions to run on one shared single-core, be it hosted or on-premises, cutting costs exponentially without compromising on quality and performance. The Digibanc platform’s Banking-as-a-Service (BaaS) option is not only able to address traditional banks but is also capable of Shari’ah-compliant and certified Islamic banking protocols.
Technologies like Digibanc can help traditional banks expand their operations by offering products that outdated legacy systems cannot efficiently handle in today’s world.
Imagine a banking ecosystem that can offer both Islamic and traditional banking for its customers on the same infrastructure. It doesn’t have to stop there – Codebase Technologies also covers non-financial institutions that want to provide financial services to customers without having to apply for a banking license. Technologies like Digibanc can empower traditional banking institutions to upscale their operations by offering products that outdated legacy systems cannot efficiently handle in this day and age. Prompts to make cutting-edge decisions to ensure business continuity should be at the forefront of what banks are focused on with greater emphasis than they’re currently being given.
Codebase Technologies has taken it upon itself to empower traditional banks with Digibanc by providing solutions that can address current problems, and deliver reliable and high-performing banking solutions. Utilizing open API technologies and Open Technologies, the Digibanc allows smooth and easy integration with legacy systems, enabling institutions to re-optimize their current operations, resulting in cost-effective and scalable solutions.
Digibanc is a leading digital banking platform that competes with Google Pay, Amazon, and PayPal Why? How can organizations with no history or prior notable experience with banking systems threaten current traditional banking?
By offering services to their customers that traditional banks could not. Seamless dispute resolutions, universal payment mechanisms, multi-pronged customer service and excellence channels, secure and simple transaction processes, and many more.
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Time to Take a Leap
As the new age of modern banking dawns on the market, we see traditional banks slowly phase away as the general population begins to adopt and embrace newer banking services. Easy account opening and live account verification without missing the best parts of your favorite show.
Digibanc’s customer onboarding module allows your customer to open their bank account in under 6 minutes. The power of having a branch and its entire staff at the tip of your hands and a few swipes on your smartphone.
What bank these days provides that feature to its customers? Knowing fully well that technology like this exists and is being used in parts of the world within more modern and progressive institutions, why has this not been implemented yet?
The answer to this is simple: regulatory approvals. Certain central banks have strict set-in-stone policies that aren’t convinced that a video call with the bank customer as a means of identity verification is sufficient; they are still insistent that physical warm-body presence and eyeball verification is the only way.
Let’s look at one GCC banking client for example, who took the risk of going completely digital and utilized the digital technology capabilities and assets of Digibanc early in 2018 as the first digital bank launched in Bahrain. Where do they stand today?
The bank’s digital arm is currently the most powerful mobile banking and digital platform that allows remote customer onboarding wherever and whenever; apply and manage banking products and services, manage finances, pay bills, transfer and manage within or to multiple bank accounts in multiple currencies, onboard customers from across the GCC – the list goes on.
Even though the infrastructure is the bank’s own, the Digibanc-powered assets did not interrupt day-to-day business as usual but instead allowed them cost and operational savings of more than 50%.
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Tamer Al-Mauge, Managing Director MENA
A highly qualified Business Management Professional in the Financial Technology field with over 16 years of experience within the financial technology banking, retail and IT Industries, Outsourcing Sectors including exposure to Global Markets.
