Neobanks are dominating the customer interface. Traditional players design their digital opportunities primarily from their viewpoint, focusing on their banking products, and becoming financial superstores for customers. With open banking and open finance, financial institutions are now required to work more closely with non-banking players, often outside the world of finance. Digitization of key spheres of a customer’s lifestyle provides a plethora of opportunities for both banks and non-banks to create value services across shopping, housing, recreation, and healthcare. A winning strategy will be to surround end-customers with convenient digital services with easy access and the right pricing. Customer expectations are quickly adjusting to a digital world where products and services are recommended based on past behaviors and preferences, and where location-based offers are provided instantaneously on their mobile devices. Banks have powerful inherent advantages – they have their customers’ trust along with the data on their financials and spending patterns. Additionally, they have the brand recognition to attract partners to shape digital ecosystems. These ecosystems enable banks to embed themselves into their customers’ lives and influence behavior patterns – enabling them to buy their new home, next car, or shop for home appliances via their mobile.
It enables banks to explore the digital economy and ensure that they meet requirements in a customer’s daily life, delivering all products and services through E2E digital channels. Apart from banks, GDB can also be seamlessly adopted across diverse businesses like real estate, automobile, consumer goods, education, and travel and tours, among other business verticals. JMR Infotech has recently signed a strategic joint venture agreement with the Seed Group (UAE), a company of The Private Office of Sheikh Saeed bin Ahmed Al Maktoum, to enable value-based, technology solution offerings for banks and financial institutions in the MEA region. Key focus of the joint venture will be to create opportunities for banks and financial institutions to shape digital ecosystems for customer digital engagement and fulfillment journeys.