On the Road to Digitalisation

Today, most of the banks aspire to meet their consumers’ ever-evolving needs by becoming digital banking leaders.

The evolving digital journey of the banks started years ago with the acceleration of digital strategies focusing in omni-channel, supported by the rise of new technologies and users increasingly connected. The digital journey is mainly driven by mobile phones. More than half of mobile devices sold today are smartphones, and more than 80% will be by 2020.

Mobile is changing the game and is driving new customers’ expectations in banking products and services.

Customers are looking for improved user experience and simplicity. Banks shall focus in developing a strong relationship with their customers as well as generating traffic to increase their sales. They also shall develop their agility to keep pace with new technologies and offer innovative products and services.   

Technology capabilities are a great opportunity for banks to answer the needs and expectations of the market. They can facilitate a fast and agile environment and offer new propositions. However, the risk is to overload existing systems with additional functionalities and processes.

To address that problem, banks must find a solution that allows them to digitalise in a smart, modular and highly automated way.

In practical terms, what banks shall do to digitalise?

Banks today are still using their old architecture where systems are integrated one to one. Clearing the path for digitalisation means moving from a point-to-point integration to an orchestred integration.

In a point-to-point integration, systems are not unified: each system has its own communication protocol. Additionally, core systems have been continuously and heavily modified over the last 20/30 years: processes duplicated, layers of extra functionality, lack of documentation… As a result, 90% of bank IT expenses goes to maintaining legacy systems.

In an orchestred integration, processes and functionalities are optimised thanks to an orchestrator. The orchestrator helps automating the various workflows thanks to a rich set of APIs, to easily access and manage 3rd party systems (core banking, card management, scoring, PFM, alerting…)

With an orchestrated architecture, banks can rely on near-infinite possibilities offered by API integration. API integration enables the banks to expand to many distribution channels (HUB, PISP, AISP, FinTechs, mobile apps, web apps...) and to offer new scenarios (IoT, mobile apps, wearables, cloud, NFC…).

PowerCARD Connect’ APIs provides a rich set of APIs to interact in real-time with any of the digital channel – and enables the implementation of an orchestrator to manage the various workflows and optimise processes and functionalities. PowerCARD Connect’ APIs supports transacting and servicing APIs through more than 100+ web services. An online portal is available to access web services’ user guides and to test a project with the desired web services.

PowerCARD Connect’ APIs is a tool to create emerging payments solutions, enabling users to benefit from the latest technology in the payment industry (such as mobile and contactless payments, tokenisation, biometrics...). It delivers an enhanced digital-first and secure user experience for both consumers and merchants.

To know more about how PowerCARD helped banks and financial institutions to digitalise, please contact sales@hps-worldwide.com