Technological progress and a constantly changing market environment continue to lead to massive and lasting changes in the financial industry
Context-sensitive banking is becoming increasingly important and is leading to novel usage for classic as well as innovative services in banking
We at CORE use well-tested methodologies, innovative ways of thinking as well as our expertise in future-oriented technology development to address current business challenges and attain sustainable banking solutions.
In this whitepaper, CORE analysed the consequences of the tightened PSD2 SCA requirements using a market analysis with more than 100 issuers examined. In addition to the status quo, challenges and opportunities for banks are outlined and solution patterns identified.
A leading telecommunications provider wants to offer a digital mobile banking solution. In the underlying market, there are already providers for digital payment solutions, such as salary payments, but not yet a complete digital banking solution.
14th June 2021
Market situation in Banking
Established business models of banks are under attack by fintechs in almost all areas of finance. Value creation is shifting towards new market participants. In this industry, which is already digitalised to a large extent, technological progress will continue to be the biggest thrust in the future.
Some banks are already aggressively transforming their core positioning through more efficient customer service, end-to-end process digitalisation, robotic process automation, and successive portfolio expansion.
Meanwhile, fintechs and technology companies are challenging customer interfaces of banks. Platform offers are increasingly pushing the traditional banking business into the background and their users are motivated to utilize the providers' own services.
Increasing competition is accelerated by low-cost white-label platforms with full-service banking for non-banks.
In addition to the challenges posed by increasing competition, regulatory requirements for transparency, complexity control, risk management of market participants are rising.
Banks cannot influence technological and market developments. Institutional response to these developments, however, can indeed. Based on many years of expertise, continuous market and trend observations, and the application of proven frameworks, we can provide our clients with the best possible support in calibrating organisational and technological measures.
Our methods are specifically tailored to our clients and their individual challenges. Proven technology-transformation frameworks support the above-mentioned measures. In doing so, we ensure bringing about organisational management decisions.
The evaluation of technology and innovation potentials, organisational and cultural conditions, as well as given structures and processes form the basis for the subsequent implementation of measures. All measures are aimed at increasing response, which is a factor for success in the market.
By evaluating technical debts, reviewing IT architectures, and reviewing sourcing strategies, we support our clients in sustainable system development and strive for achieving the greatest possible success in an increasingly competitive environment.
Christian Böhning is Managing Director at CORE. He has many years of experience in the implementation of technology-driven transformations in the financial industry. His work focuses on IT architecture modernisation programmes, compliance initiatives and the realignment of IT organisations.
As Managing Partner at CORE, Fabian Meyer is responsible for the implementation of complex IT projects with a focus on digitalization projects in the banking industry. He has several years of consulting experience in the banking sector and in transformation engineering.
Dominik Siebert is Managing Partner at CORE and has extensive experience in complex transformation projects in the financial industry, from strategic conceptualisation to implementation management. At CORE, Dominik focuses on projects for the development and strategic positioning of digital payment solutions.
Dr. Philipp Kleine Jäger is Managing Partner at CORE and responsible for the expansion of Engineering Services. He has many years of experience in software development and technology management in the financial sector. In particular, cloud-native, scalable distributed microservice architectures, and innovative sourcing models are the focus of his work.