In this digital-first era, customers expect better, faster, easier everything. And banking
customers are no different. They expect to understand if they qualify for a lower mortgage rate before they apply, have hyper-personalized cash-back rewards proactively provided to them, and feel confident that suspicious activity will be flagged and stopped before they know about it.
To cater to this customer-centric world, challenger banks - aka digital-native banks - are fuelling a new wave of digital disruption in the financial services market. Unencumbered by the constraints of legacy infrastructure and core systems, digital-native banks are leveraging cloud-based technologies to deliver unparalleled customer experiences, and bringing hyper-innovation to an otherwise traditional market.
But how do traditional Tier 1 banks keep up?
According to Mark Holt, chief product and engineering officer at 10x, this requires having
access to real-time data, the right technologies and partnerships, and strategically moving applications to the cloud.
“What’s needed is a highly scalable and agile data platform with loosely coupled architecture that will enable you to build applications on top of it with the resilience and reliability that banks need and regulators require,” said Holt.