FinTech 2.0: The Evolution of Open Finance With AWS
In the past, customers were more or less locked into a single financial institution. But with recent advancements in technology and a shift in expectations, the financial landscape has changed dramatically.
Financial institutions are increasingly acknowledging that customer interaction needs are evolving. Individuals and businesses alike are looking for financial institutions to provide them with more choices and control, which provides an improved customer experience.
With the evolution of Open Finance, APIs function beyond regulatory requirements to meet customer needs. Financial institutions and fintech companies must cater to these changing customers who want seamless and simplified access, proactive personalised engagement, and more targeted innovative products for an overall better user experience if they hope to keep up with demand.
A recent webinar by Amazon Web Services (AWS), discussed the opportunities for financial institutions to build a strong ecosystem of digital capabilities. It described how financial institutions can rapidly develop and deploy best-in-class products that meet customer needs at scale while staying focused on their core competencies, particularly with an emphasis on Open Finance.
In this webinar, Paceline and Amazon Web Services discussed trends in financial services. They looked at how cloud-native technology is helping develop new products for companies like Railsbank who want to take advantage of scale while staying ahead with cutting edge offerings to set them apart from their competition.
It's not just technology that is changing, but also the way people think about it. As a result, Behavox and MongoDB also shared insights into how fintech innovators can develop new products while scaling their offerings to meet customer demands in an increasingly competitive marketplace
In conclusion, the evolution of Open Finance is a pivotal moment in the industry. Financial institutions and fintech companies must cater to the changing customer, who wants seamless and simplified access, proactive personalised engagement, and more targeted innovative products for an overall better user experience if they hope to keep up with demand. And AWS can help!
Don't worry if you missed the webinar. You may view it online here.