Future of Banks: IaaS, PaaS, SaaS?

Future of Banks: IaaS, PaaS, SaaS?

Future of Banks: IaaS, PaaS, SaaS?

Future of Banks: IaaS, PaaS, SaaS?

by Rajiv Jayaraman, Founder – CEO, KNOLSKAPE

KNOLSKAPE has been working closely with senior leadership teams at large banks in India and APAC to build digital leadership capabilities across critical levels of the organization. As part of our research and eventual large roll-outs, we have been learning some crucial insights on the future of banking.

Here are some nuggets:

  • To say that banking is undergoing massive transformation because of digital would be stating the obvious. In the next 2-3 years, we are likely to witness a fundamentally different industry structure.
  • The banking industry stack may start to look more like the software industry stack, with some players becoming Infra as a Service (IAAS) players, some becoming Platform as a Service (PAAS) players and others becoming Software as a Service (SAAS) players. There will be behemoths who will try to do all three at the same time, the way Amazon does it in the retail / cloud space.
  • Banking is moving towards an open, API based system. Some upcoming regulations will require banks to open their data to third party fintech companies, based on customer consent. This may eventually lead to the “Uberization” of the banking industry.
  • Traditionally, banks have looked at processes from the following 3 lenses : Risk / Compliance, Customers and Profitability, with Risk and Profitability being the dominant lenses and the customer lens taking the back seat. That can’t work anymore in the digital age where customers are spoiled for choice. Banks need to find a way to put customers first without breaking the risk and profitability lenses.
  • “GAFA” might soon become the new competitor set for banks. GAFA = Google, Apple, Facebook, Amazon.

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KNOLSKAPE is a global leader in experiential learning with a mission to help organizations and employees become future ready. Using a large award-winning portfolio of simulations aligned with 100+ competencies and cutting-edge talent intelligence, KNOLSKAPE produces stellar outcomes for more than 375+ organizations across 75 countries. Driven by research and thought leadership, KNOLSKAPE offers its products and solutions in a flexible subscription model powered by omni-channel delivery.

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