Guide to Partnerships in Financial Services - How the current landscape can help Financial Institutions to grow
These “unprecedented” times demand businesses to know how to adapt, but we already know that. However, when we think about creating a strategy for thriving International Payments in the years to come, there are many other topics that Financial Institutions should consider to have a better picture of the current scenario and decide how to move forward.
Naming some of them:
– From a regulatory perspective, there is a long list of standards, such as PSD2, ISO20022, that produced changes that might require FIs to invest a considerable amount of time, money and resources.
– New players have appeared willing to revolutionize the world of international payments, and who have been positioning themselves as more accessible alternatives to services traditionally offered by banks.
– Technological innovation and market demand have left behind old proprietary models and silos. Banks are pushing towards an open-banking model that is flexible to new payment methods and allows information, products, services and functions to be shared through APIs.
– At the epicentre of these transformations are consumers, whose behaviour has also changed. Their experience with the digital world has transformed their expectations from banks and payment providers.
So, how are these changes in the regulatory landscape and technology helping smaller mid-size and small financial institutions to get a foothold in international markets?
To help FIs answer this question is why we developed our Guide to Partnerships in Financial Services. Download our guide to learn more about how financial institutions can leverage regulatory and technological developments to compete better and grow.