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How can you use innovative banking models to enhance your business value and competitiveness?

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In today's dynamic and competitive business environment, you need to leverage innovative banking models to enhance your value proposition and differentiate yourself from your rivals. Innovative banking models are new ways of delivering financial services that are more customer-centric, agile, and cost-effective than traditional banking models. They can help you access new markets, increase your revenue streams, optimize your cash flow, and improve your operational efficiency. In this article, we will explore some of the innovative banking models that you can use to boost your business value and competitiveness.

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1 Open banking

Open banking is a model that allows you to share your financial data and access a range of financial products and services from different providers through a secure and standardized platform. Open banking can help you enhance your customer experience, offer more personalized and tailored solutions, and reduce your dependency on a single bank. You can also benefit from lower fees, faster transactions, and more transparency. To use open banking, you need to have a consent-based agreement with your customers and partners, and comply with the relevant regulations and standards.

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Mohit Kanwar

Software Architect for Leading Banks
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The Open Banking model has enabled innovators to develop applications that help end customers. The increased competition has made banking cheaper. Open banking is a mandate in Europe, but other regions are also fastly adopting it. The banks are becoming a platform and enablers for fintech organizations.

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Prem Basnet

Project Manager & Automation Engineer | Business Intelligence Analysis, Business Process Automation, Data Analysis | Transforming Financial Experiences and Traditional Processes with Innovation and Technology
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In my view, open banking is a platform that allows financial institutions to share data through standard platform. It provides the third party platforms to connect to banking system seamlessly and securely.

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2 Platform banking

Platform banking is a model that enables you to offer financial and non-financial services to your customers and partners through a digital platform that connects various stakeholders and facilitates value creation and exchange. Platform banking can help you expand your customer base, diversify your revenue sources, and leverage network effects. You can also benefit from more data and insights, increased customer loyalty, and enhanced innovation. To use platform banking, you need to have a clear value proposition, a scalable and flexible technology infrastructure, and a strong governance and risk management framework.

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3 Embedded banking

Embedded banking is a model that allows you to integrate financial services into your core products and services, and offer them seamlessly and conveniently to your customers and partners. Embedded banking can help you increase your customer retention, cross-sell and upsell opportunities, and customer lifetime value. You can also benefit from lower acquisition costs, higher margins, and more customer feedback. To use embedded banking, you need to have a deep understanding of your customer needs and preferences, a strategic partnership with a financial provider, and a robust compliance and security system.

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Fred Cadena

Problem Finder | Digital Transformation Strategist | C-Suite Advisor | Speaker | Podcaster | 13x Salesforce Certified | At The Intersection of FinServ & Technology
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Traditional banks can reach new customers and expand market share by integrating banking services into the products of third-party companies. This benefits the bank by giving them access to the partner's existing customer base, and it benefits the partner by making it easier for their customers to buy or expand. The key for banks is choosing partner companies strategically to expand reach and create opportunites to cross-sell into other bank products.

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4 Cloud banking

Cloud banking is a model that enables you to use cloud-based solutions to deliver financial services that are more scalable, reliable, and efficient than traditional on-premise solutions. Cloud banking can help you reduce your operational costs, improve your performance and agility, and access new capabilities and features. You can also benefit from more security and resilience, faster innovation and deployment, and better regulatory compliance. To use cloud banking, you need to have a clear cloud strategy, a suitable cloud provider, and a smooth migration and integration process.

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5 Green banking

Green banking is a model that allows you to incorporate environmental, social, and governance (ESG) factors into your financial decisions and activities, and support sustainable development and climate action. Green banking can help you enhance your reputation and brand image, attract and retain customers and investors, and mitigate environmental risks. You can also benefit from tax incentives, lower financing costs, and new business opportunities. To use green banking, you need to have a clear ESG policy, a dedicated green team, and a transparent reporting and disclosure system.

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6 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?

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How can you use innovative banking models to enhance your business value and competitiveness?

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1 Open banking

2 Platform banking

3 Embedded banking

4 Cloud banking

5 Green banking

6 Here’s what else to consider

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