Banks are embracing the concept of open competition and accepting the need to work with external partners across the ecosystem to provide corporate customers with the best service.
With representatives from different sectors of the financial industry, the opening panel at #BFLondon explores how collaboration to innovate is the key to future success of the financial industry. #innovation https://t.co/1VfGapAARd pic.twitter.com/lTowpJgIhV
— SWIFT (@swiftcommunity) April 24, 2018
These are the main findings of a new white paper launched by Banking Circle today at the SWIFT Business Forum in London, an event where industry leaders are exploring how far and how fast the transformation of financial services will take place in the UK and beyond.
The study identifies four primary themes to help banks re-think the approach of their international banking and transactions businesses. They include:
1. Commitment over complacency
2. Simplicity over size
3. De-coupling over domination
4. Openness over obstruction
Anders la Cour, Co-founder and Chief Executive Officer of Saxo Payments Banking Circle said:
Banks will only benefit from the digital evolution if they are committed to providing an excellent service for their customers, coupled with the openness to internal disruption and the boldness to knock down legacy walls, in order to effectively meet changing market needs.
Find out more here.