Digitalisation is thrusting all areas of the transaction banking industry into uncharted territory and to make the most of the arising opportunities, banks must strike a delicate balance between competition and collaboration.
As businesses adapt to an increasingly digital landscape, their needs are changing too – and banks must adapt their products and services accordingly. Evolving technology is paving the way for advanced technological solutions, while changing regulations – such as PSD2 – are shaping their applications.
Banks and fintechs are hard at work to develop the next market-leading solution in their field. As they do so, they must bear in mind that creating the best digital product is only half the battle. Crucially, the product must be widely available and interoperable with the systems of other banks. It should come as little surprise, therefore, that multiple banks are coming together and developing solutions in tandem in order to hasten the digital revolution in transaction banking.