Richard Dratva, Chief Strategy Officer at CREALOGIX

Open banking is entering a new phase, with banks, third-party providers and technology companies developing applications that integrate a seamlessly networked banking ecosystem with the customer’s environment, a leading fintech executive has said.
“Those banks who are able to do so will begin to build their own ecosystem, always using the customer perspective as a yardstick,” said Richard Dratva, Chief Strategy Officer at CREALOGIX. “In order not to stretch the patience of customers, it is high time to bundle the confusing multitude of individual applications. Banks often underestimate the demanding task of orchestrating applications, delivering attractive digital services securely and, in particular, aggregating bank data.”
Dratva advised banks to make it as convenient and pleasant as possible for customers to conduct their banking business, emulating the likes of Amazon and Alibaba: “This means not bothering the customer with the complexity of the interplay of different applications,” he said. “The front end must not hint at the sophisticated architecture behind it.”
AI is proving key in the struggle for customer retention, he claimed: “AI technologies are now so mature that they support banks in serving individual customers individually – smart instead of schematic personalisation,” he said. “Self-learning algorithms predict the customer’s needs at a certain point in time, in a specific situation, and suggest suitable products. Financial institutions simplify the customer journey by using intelligent and proactive data usage. They strike the right note and – thanks to communication at eye level – make it easier to understand financial products. AI makes this possible without the need for additional personal advice. Personal advice is reserved for complex situations.”

by Guy Matthews
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