PLATFORM BANKING AND OPEN BANKING: why it’s the next big thing for banks and their customers
Incumbent banks are starting to look to “platform banking” to stay relevant and loved by customers. But what is platform banking in the first place? And why is it a good thing for society? Anthony de Gray Birch, co-founder and Chief Operating Officer (COO) of Direct Transact, South Africa’s biggest banking enabler of the past 20 years, explains how the banking business is evolving and how smarter, friendlier digital platforms will change the game for the finance industry and its customers.
What is platform banking and how can it change the game for banks?
Established banks always run on top of multiple legacy systems that were patched together over the years. In fact, many well-known banks still run on decades-old mainframe technology with near extinct code that is very hard to maintain....