Key Drivers for Faster Innovation in Banking
While various banking innovation methods exist, we believe every financial institution requires the below key ingredients to move faster in the market and win digital-first customers.
Nextgen Banking Technology
Next-generation technology is essential for delivering seamless experiences in the age of big data. Some of the key features to look for in next-gen technology include:
Microservices are popular because they break down monoliths into loosely coupled services, providing benefits like resiliency, scalability, and easier upgrades.
Flexible Modern Architecture
Legacy systems are rigid, while modern systems are flexible.
Open Banking APIs
APIs are everywhere in tech, letting developers quickly combine features and experiences across platforms.
Cloud Native Technology
Cloud native systems are built to leverage the cloud's scalability, elasticity, security, resiliency, and flexibility.
Digital First Banking Experiences
Next-gen systems offer customers a wide range of digital features, from rich controls to AI-driven self-service, and allow banks to build their own innovations.
Foster a Culture of Innovation
Fostering a culture of innovation is about creating an environment where people feel comfortable taking risks, experimenting, and trying new things. Some of the things that banks can do are:
Incentives should not only reward success, but also encourage experimentation and risk-taking.
Risk and Control
Risk can often be anticipated and controlled, and preparing for this should be part of the planning process.
Financial institutions should empower employees at all levels to champion new products and services.
Legal and compliance should be involved in product development from the brainstorming stage, especially in highly regulated industries.
Zeta helps issuers launch next-gen card programs with its cloud-native and fully API-enabled stack that includes processing, issuing, lending, and core banking. Zeta has 1,700+ employees with over 70% in technology roles across locations in the US, UK, Middle East, and Asia. Zeta currently supports issuers in 7 countries and 15M+ cards have been issued on our platform.