Finnova Mobile Banking ecosystem – the future of mobile banking
Digitalisation as a result of the disruption caused by digital innovations pushes banks more than ever towards redesigning client interaction using their digital service channels. In particular, increasing market penetration by bigtechs and fintechs is leading to a growing range of services and decentralised provision of these services. This requires more flexibility and new solutions from banks so that they can ensure the sustainability of classic business models and compete with neobanks.
Digital business models and the increasing client-centric focus of the services business require a new way of thinking alongside the corresponding technical prerequisites. The market is increasingly requiring services to be oriented towards client needs, which is leading to an extension of the services offered beyond the classic bank services. The integration of additional services increasingly takes place along an integrative customer journey via third-party providers (TPPs).
Finnova has always made significant investments in the future of mobile banking and is stepping up this commitment because of the importance of mobile channels. To benefit from external innovations in digital excellence and to meet the requirements of the adaptive structure of the digital economy in the long term, the fourth generation of Mobile Banking is being developed as a decentralised ecosystem based on partnerships. Together with our long-standing development partner Netcetera, we are investing in completely new, modular front-end architecture. In parallel, we are moving away from a dedicated mobile banking development stack and investing in a shared system architecture for Mobile Banking and E-Banking, based on the Finnova Open Platform. With this development, a standardised, cross-channel customer journey is the starting point for the provision of services and coordination of all digital touchpoints.
With the standardised solution framework that makes standardised APIs available both in the core and in apps, Finnova is delivering the right portfolio of solutions for digital trends. Alongside mobile-only capability and the operation of PaaS, this permits needs-oriented connection of Finnova ecosystem partners and bank-specific TPPs. Strategic front-to-back needs in the context of the orchestration of Finnova core solutions with bank-specific non-core systems are taken into account as far as possible. The Finnova banks thereby guarantee optimal product differentiation of digital channels through needs-oriented bundling of offers with a best of breed approach and seamless integration of Finnova partners and TPPs in one app. They can thereby offer their clients a flexible range of services in sync with digital trends, while benefitting from low total cost of ownership (TCO).