Within 5 years, core banking functions will be completely commoditized.

Here’s what that means for the future 👇

When everyone has easy access to standardized, inexpensive, instantaneous ways of performing core functions (opening accounts, taking deposits, issuing loans, international transfers, etc.),

Every bank will need to find new ways to compete.

- Personalized solutions
- Incredible customer service
- Extreme expertise in 1-2 areas
- A variety of value-added services

Core banking alone simply won’t be enough.

The margins will be too tight,
And there will be no reason for anyone to choose your bank.

The good news is that it will be easier than ever to improve your bank.

With most of the rote work automated,
Employees should have more time on their hands than ever.

This gives them the bandwidth to focus on whatever it is the bank needs most.

In a matter of months, you could make incredible changes without stretching anyone too thin.

Change is coming.

It will make it easier than ever for your bank to thrive.

You just have to be willing to adapt.

--
Digging deep on banks is what I do.

🔔 Follow Brian on Linkedin: Brian Pillmore

#banking 

#openbanking 

#innovation