Over the years, the financial industry has evolved and transformed itself to adapt to new generations – generations that are more demanding and who have little in common with what some would call traditional. As Eduardo Farah, Principal Sales Consultant at Oracle, states: “The current path of banks is working together.”
Retail purchases, benefits for healthy people, the creation of 100% online corporate banking for new business and virtual appointments for home mortgages, are some of the examples that can be used to explain the context of what the financial industry has been facing and how it should adapt itself to clients who aren’t loyal if there are no benefits in return.
Thanks to the above-mentioned items, today one can perceive a hyper-connected bank which, through the service provided, allows a different construction of experience toward the client, and generates for the bank the possibility of entering the world of APIs to obtain the ability to interact with other industries and get relevant information in the process.
It is in this context that we understand why banking of the future is talked about today. A compliant, collaborative, certified and monetized bank, able to generate strategic partnerships and carry out personalized solutions tailored to its clients.

Banking of the future exists today
Banks have big challenges today, due to difficulties in customer retention, operational costs and new competition, the Neo Banks, in addition to the implications that the pandemic has left since 2020 and the accelerator that has been put on digital transformation. Because of this, Kamal Kishore, COE Sophos Solutions Director, indicates: “We can’t stay in the present, we should focus on the future.”

What is the path that banks can take to overcome these challenges?
Banking of the future occurs thanks to the mix of world-class solutions that provide agility and efficiency for the digital world; and talent, developed thanks to experience and business knowledge. Next, we will mention 4 fundamental parts to achieve this mix:
Strategy
Banks should take the path where the customer is first, in such a way that the data they obtain (their own or from third parties) can be used to make decisions in favor of their customers. In addition to this, it is necessary that they think opti-channel and don’t continue thinking omni-channel. This is in order to enrich the channels and offer different functionalities.
Technology
It is important to have a technological back-up to be able to overcome all these challenges, so it is necessary to have flexible, vertical and horizontal products, since these are the ones that come with the necessary functionalities for banking today.
Artificial Intelligence
It is fundamental to be able to overcome many manual activities still produced in banks. Digital credits, risk analysis, financial analysis, customer money origin revisions, among others, are some of the activities that can evolve thanks to artificial intelligence.
Customer Service
The moment has arrived in which banking should think of shared value, since values are not the same as they were before, and the old models will no longer work for the clientele. Hyper personalization and shared economy seem to be the correct path.

As a consequence of the needs, solutions have been made for this transformation and it has been found that they have compelling benefits. It is due to the above-mentioned that Sophos Solutions, together with AWS, Oracle, Bizagi, and Fintechs, have united to create Bank 4US, a product full of benefits:

-Better Time to Market
-Recovery of the business focus
-Minimizes initial investment
-Agile and efficient support
-Operation cost reduction
-Always updated

In addition, Bank 4US allows the acceleration of innovation processes around products and services (API), the implementation of new products and services parallel to its traditional CORE model, and the modification of service migration processes of the bank in the cloud, among others.
This product is primarily focused on 5 parts: environments, parameterization, migration and integration. Each part fulfills its goal for future banking and the new challenges that new generations pose: to be hyper connected and hyper personalized.

And you – do you now know a new way of telling digital banking’s story?