Moving to a digital-driven economy and an accessible ecosystem business model means shifting from a model where the value chain is fragmented to a centralized one. Now, different companies are partnering with each other to deliver a much richer and wider customer experience. This implies mainly two things:

Beyond Insurtech and Fintech companies, other businesses will start fulfilling the financial needs of people across different segments such as individuals, SMEs and corporates that banks and insurance companies cannot satisfy.
Financial services providers will move from a financial life management approach to serving customers in all aspects approach by offering innovative financial products and services and interacting with them in relevant life moments.
This transformation will not occur overnight, but instances of the transformation other industries have already witnessed towards an ecosystem model might give useful indications of what is to happen in the near future:

Daimler, a leading car manufacturer cars since 1924, recognized the shift from owning a vehicle to using a mobility service. It is now offering trips on more than 45,000 taxis to over 10 million customers via the MyTaxi app.
Amazon began as an e-commerce platform but moved into owning physical stores like Whole Food and Amazon Go and providing its technology services via Amazon Web Services.
Starbucks has been concentrating for years on creating a different coffee experience, but what is now setting it apart from others is its early investment in a combined payment/loyalty app that is now processing more than 30% of its payments.
ACI Infotech has identified five critical areas of transformation for banks to embrace an ecosystem world. Let’s have a look at those areas.

Experiential life needs

Banking institutions could play a more vital role in becoming the end-to-end orchestrator of ‘life moments’ in which banks have earlier played an important yet supporting role, like starting a family or improving health. This is a notable change in the financial services mindset, as we are placing the customer at the center. This is no longer about selling a mortgage but satisfying the need customers have to purchase a house. The value banks can add in this scenario is huge and goes beyond just offering a specific financial product or service. This requires partnership with real estate companies, solicitors, furniture retailers, relocation firms and more.

In today’s competitive world, where we gather on the fly the value chains to deliver life-relevant experiences, it is very important to have a holistic 360 view across physical and digital channels. The Salesforce CRM delivers exactly that solution and serves just the relevant information to bankers, partners and customers.

Experiential specialized propositions

The banking industry evolution to an ecosystem model unlocks the door to a more efficient collaboration between banking institutions and specialized players who can provide specific services serving market niches like startups, small merchants and agriculture. One important innovator is Fidor Bank, a German fintech company to re-establish the trust between consumers and banks. They have developed fOS, basically a Banking-as-a-platform solution which can be white labelled and used by third parties to offer banking services. To manage the customer interactions from a service, sales and marketing perspective, Fidor uses Salesforce CRM integrated into fOS to gain: