EpisodeSix: Winning Strategies to Deliver Digital Banking Customer Journeys

By Ian Kerr

The global pandemic has undoubtedly catalysed the drive to digitisation in  Financial Services. There was an increasing trend to move to digital banking  already, the pandemic has accelerated this by perhaps a decade, and across all  age groups. Traditional banks were already being challenged to step up,  under pressure from neobanks whose slick user experiences delivered  through mobile offerings raised customer expectations. Simultaneously, the  way that payments are made and transactions are settled is also changing  fast. The emergence of crypto-currencies as a mechanism to store and  transfer value also needs to be taken in to consideration by mainstream banks  who are typically constrained by legacy applications that were never designed  for this type of customer interaction and transaction processing. There is a real  and pressing need for banks to support digital customer payment journeys  using technology that capitalises on the capabilities and data bound into  legacy applications but insulates their deficiencies. This is where Episode Six’s  Tritium platform brings unrivalled value to help banks innovate digital  solutions.  

Our modern, cloud native platform delivers valuable key capabilities:  

A multi-asset class ledger and digital wallet management that enables the  transfer of value through a range of mechanisms – true multi- fiat currency,  crypto currency and other tokens such as loyalty and reward points Market leading configurable products, with a user-driven design tool so  business users can easily customise product attributes from their laptop such  as FX margins, fee structures, risk profiles and compliance safeguards all in real  time without waiting for lengthy development cycles 

This functionality is all accessible through an API framework for integration  with mobile apps, web portals and adjacent space applications and networks  such as card rails, payment gateways, KYC/AML and FX and liquidity providers. 

The E6 implementation approach, in the Cloud or on-premise, delivers  unmatched speed to market and ongoing innovation via a high degree of  configurability. Legacy applications have been the beating heart of banks for  many years, decades in some cases, and there is a reticence to make changes  that could have ripple effects across the organisation in terms of cost and risk.  E6 Tritium delivers a modernised, digital banking customer experience  working co-operatively with legacy applications without unnecessary  operational disruption. Banks can embark on digital transformation in timeframes that are not possible in evolving existing technology or starting  projects from scratch.  

There is a compelling business case waiting to be unlocked through  innovation, competitive differentiation, customer retention, growth and  acquisition. In fact, there is an urgent need for financial institutions to upgrade  existing payments infrastructure to meet changing consumer expectations  and regulatory requirements. There is a lot at stake here, too: $250 billion  worth of payments revenue could move to nonfinancial institutions by 2030 if  banks cannot keep up, according to IDC’s estimates. 

Mainstream banks can compete more effectively against neobank  challengers, with risk mitigated by adopting leading, proven technology.  Financial services propositions are developing faster than ever before, any  delay in moving forward leaves money on the table. 

Ian Kerr  

Ian Kerr is the Director of Business Development for Episode Six. Ian has over  30 years’ experience in financial technology in a range of organisations starting  with NCR and including IBM, payments and banking solutions providers. Prior  to joining Episode Six, Kerr was the CEO at Bolero, a Software as a Service  platform for global trade where he led new initiatives in digitisation, Supply  Chain Finance and logistics. Earlier in his career, Kerr was the COO at a  payments gateway company and led a payments focused testing solutions  division at Clear2Pay.

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