The last year was full of challenges, but banks across the world will have plenty of hurdles to overcome in 2021 too.
A recent report from PwC noted that banks will face six key challenges in 2021: developing a customer-centric business model, optimising distribution, simplifying the business and operating model, obtaining an information advantage, enabling innovation, and the capabilities required to foster it, and to proactively managing risk, regulations and capital.
In a new blog, WealthTech100 company Kidbrooke reveals what it believes could be a solution to all these woes.
“Many customers have multiple relationships with their bank, but these are distributed over different platforms and devices,” Kidbrooke says.
“A customer may go to a website to look at bank accounts, another for their mortgage, an app for investments and a portal for an automotive or business loan. However, there is no tool in which the customer can see his or her total net worth. The disjointed way customers experience their banking journey reflects the legacy systems upon which banks were developed.”
In order to create a more holistic experience, the blogger recommends banks to consider Kidbrooke’s OutRank API, the “fast, scalable and affordable technology used by Skandia Life, one of Sweden’s largest insurance companies.”
The blogger writes that the OutRank solution can boost distribution , help business leaders simplify their business models, gain an information advantage, enable greater innovation efforts and mitigate risk.
Kidbrooke started life as a consultancy firm, but has pivoted over the years to become one of the most innovative WealthTech companies in the world, exemplified by its place on the coveted WealthTech100 list last year.
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